Home values ​​in Florida are skyrocketing

The average home value in Florida has doubled in six years. Tampa and Miami have the third fastest price doubling among major US cities.

Miami - The national median home price is twice what it was ten years ago. Molded by a storm of inflation, tight supply and rising demand, the average US home price has risen from $200,000 to $400,000, according to new research from Point2.

However, in Florida it took much less than a decade for home prices to double.

Average home values ​​across Florida have undergone a seismic transformation, doubling in value in the short span of just six years. That jump caused Miami's median home price to soar from around $290,000 in 2018 to the current median of $583,000. In Tampa, homes fell from $213,500 in 2018 to $430,000.

For their research, analysts looked at historical data to calculate how many years it took for home prices in the 100 largest US cities to double - Tampa and Miami had the third-fastest doubling rates among the nation's largest cities.

The trend of rapid price doubling has also extended to other major Florida cities, with home prices in St. Petersburg, Orlando and Jacksonville doubling in the past six to eight years.

Median house prices in St. Petersburg have doubled in 6.6 years. In Orlando, home prices doubled in 7.5 years - and Jacksonville took 7.9 years to see a two-fold increase.

The study notes that "changing mortgage rates, high property prices or supply deficits are not new challenges. But they have never unleashed such a swift attack on US home buyers as in today's housing market."

Orlando and Tampa have also secured spots among the 10 hottest markets in 2024, according to Zillow's latest report, which reveals they boast a combination of fast-selling homes on the market, an abundance of potential buyers, an expectation of stable home values ​​and job growth. in relation to new construction.

Among the top 10 states attracting new construction buyers, Florida draws significant attention, with one in eight new construction buyers choosing to purchase their homes in the Sunshine State. In November, the US Census Bureau reported that during the year, more than 1.5 million new residential construction projects broke ground across the country - a 9.3% increase from the previous year.

But across the country, which state doubled its median home price the fastest? It was Detroit, Michigan, where it took just 4.9 years for home prices to double. In early 2019, you could buy a home in the Motor City for $40,000 — but as of March 2024, the median home sale price there is $80,163.

Similarly, in second place, data shows prices have doubled quickly in Spokane, Washington, where as recently as March 2018, a home cost just $184,500 compared to $371,000 today.