Prices Soar 100% In Four Years
Miami’s housing market has been on a tear, with prices doubling since 2018.
The rapid rise is part of a larger trend across the country, but it’s been particularly pronounced in Florida. Experts point to investor interest and urban development projects as some of the reasons behind Miami’s booming housing market.
Other markets where home prices have doubled since 2018 include Tampa, Florida; Baltimore, Maryland; and Spokane, Washington.
While the surge in prices has been a boon to some, it’s made it more difficult for middle-income families to afford to buy a home in the city.
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“It’s unaffordable for people to own a home today,” real estate mogul Grant Cardone told Fox Business in December.
Cardone blames the Federal Reserve for killing the housing market with interest rate hikes.
“He [Fed Chairman Jerome Powell] has not controlled inflation,” Cardone said. “He has failed miserably. What he has actually done is created, and in the meantime stopped, the housing industry.”
Nationally, prices have doubled in less than 10 years in 68 of the country’s largest 100 cities, according to a report from Point2. Over the past decade, the average home price in the United States has ballooned from about $200,000 to $400,000. The dramatic rise is fueled by a perfect storm of factors: inflation, limited housing supply and skyrocketing demand.
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The situation is even more glaring in cities like Detroit, where as recently as 2019, you could buy a house for $40,000 — half of what homes cost now.
U.S. Cities Where Median Home Prices Doubled Fastest
|
Detroit |
4.9 years |
|
Spokane, Washington |
5.9 years |
|
Tampa, Florida |
6 years |
|
Miami |
6 years |
|
Baltimore, Maryland |
6.1 years |
|
Scottsdale, Arizona |
6.2 years |
|
Buffalo, New York |
6.4 years |
|
St. Petersburg, Florida |
6.6 years |
|
Jersey City, New Jersey |
6.8 years |
|
Phoenix |
6.8 years |
|
Gilbert, Arizona |
6.8 years |
|
Mesa, Arizona |
6.9 years |
|
Cleveland |
6.9 years |
|
Charlotte, North Carolina |
7 years |
|
North Las Vegas, Nevada |
7 years |
|
Chandler, Arizona |
7 years |
|
Cincinnati |
7 years |
|
Boise, Idaho |
7.1 years |
|
Milwaukee |
7.1 years |
|
Tucson, Arizona |
7.1 years |
Source: Point2
Home price increases were the least dramatic in Anchorage, Alaska, where it took more than 21 years to increase from $179,600 in 2003 to $359,200 today. It took seven other cities more than 19 years for home prices to double: urban Honolulu; Washington, D.C.; Corpus Christi, Texas; Brooklyn, New York; and Virginia’s Arlington, Chesapeake and Virginia Beach.
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This article Miami Housing Market Doubles Down: Prices Soar 100% In Four Years originally appeared on Benzinga.com
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