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Metros Where Housing Prices Have Doubled in Less Than 10 Years

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Housing Markets

Metros Where Housing Prices Have Doubled in Less Than 10 Years

Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities

 


April 19, 2024
Aerial view of Detroit metro where housing prices have doubled
Image: Leonid Andronov / stock.adobe.com

A commonly held theory regarding home appreciation is that residential properties tend to double in value in around 10 years. But it turns out most major U.S. cities have seen home prices double faster than that, according to analysis of historical data by online real-estate marketplace Point2.

Detroit is one such example: At the beginning of 2019, you could buy a home in Detroit for $40,000. But in 4.9 years, that price had doubled. Similarly, in Spokane, Wash., a home you would have paid $184,500 for in March 2018 would now cost you $371,000.

Florida and Arizona lead as the states that have the most markets with rapidly rising rates. In Florida's case, homes in Miami and in Tampa have doubled in cost over the past six years. In fact, prices in all five of Florida's largest markets—including Jacksonville, Orlando, and St. Petersburg—have doubled in just six to eight years. 

Median home prices may have doubled at a neck-breaking pace, but historical data reveals that, in some cities, single-family dwellings doubled way faster than the overall housing market. To put things into a bleak perspective, single-family homes in Tampa, FL, are now twice as expensive as they were in 2019. Similarly, as recently as 2020, single-family homes in Detroit were half of today’s prices.

In 45 of the country’s 100 major cities, the median price for single-family dwellings has doubled faster than that of all residential property types combined.

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