Remember when the average home price was about $300,000? It was only a decade ago — and in many markets, prices have grown at an even faster clip to reach today’s highs.
A recent analysis by real estate marketplace Point2Homes found that in just a few years, prices have doubled in most of the 100 largest cities in the U.S. In fact, home prices have risen more quickly in recent years than ever before thanks to the era’s challenging market conditions.
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It’s no secret that inflation, limited supply and fierce buyer competition have pushed home prices to record-breaking highs since the pandemic. In 2020, a homebuying frenzy created unprecedented demand, leading to intense bidding wars between buyers.
Then inflation began to surge in mid-2021, and the Federal Reserve subsequently kicked off a series of interest rate hikes, which indirectly sent mortgage rates soaring. Today, the national median home price is $424,900, according to March data from listing site Realtor.com, and the average rate on a 30-year fixed-rate loan is hovering near 7%.
Supply remains limited as many would-be sellers stay locked into their current rates. Unsurprisingly, a lot of wannabe homebuyers have been pushed out of the market by the lack of affordable options.
A whopping 68 big U.S. cities have seen the prices double in under 10 years as a result of these conditions. In Spokane, Washington, the median home price has climbed from $184,500 in 2018 to $371,000 now, according to Point2 analysts.
Median home prices have also doubled in five of Florida’s largest markets in only six to eight years. And in Arizona, prices in seven big cities are twice what they were six to seven years ago.
10 cities where home prices doubled the fastest
These are the major U.S. cities where home prices have doubled at the greatest pace, according to Point2:
- Detroit, Michigan
- Spokane, Washington
- Tampa, Florida
- Miami, Florida
- Baltimore, Maryland
- Scottsdale, Arizona
- Buffalo, New York
- St. Petersburg, Florida
- Jersey City, New Jersey
- Phoenix, Arizona
More from Money:
Housing Market Predictions: What Buyers and Sellers Can Expect This Spring
The 10 Top Cities for First-Time Homebuyers, According to Zillow
Homes Worth $1 Million or More Are Now the Standard in 550 Cities
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