AZ Big Media Metro Phoenix Ranks #2 in 10-Year Home Price Increase
Until a few months ago, home ownership seemed very feasible due to low mortgage rates. But, with rampant inflation, homebuyers’ hopes and dreams are crumbling, especially in the Phoenix metro area, which ranks #2 among major communities for home price increases in 10 year.
And now, with the housing market at a crossroads, we wanted to take a closer look at how single-family home prices have changed over the past decade and check which metros have seen the biggest and least price changes. houses.
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Below are some of the highlights of Arizona’s metros included in the study:
• With an increase of nearly 260%, Phoenix-Mesa-Scottsdale is among the 59 major cities included in the analysis along with Detroit and Atlanta, which have seen the most impressive percentage gains in home prices over the past 10 years ;
• Tucson is also among 60 metropolises to have seen single-family home price increases of more than 100% between 2011 and 2021;
• In the top 10 metro areas that have seen the largest increase in condominium prices since 2011, the Phoenix metro area came in 4e with an increase of 290.20%.
Here’s what our real estate editor has to say about the Phoenix market:
“In Phoenix, the situation is very similar to that of other metropolises: more and more millennials are reaching an age where they want and can afford to buy a home, but they must deal with low inventory and a slow pace. construction of new houses. However, a Time survey revealed another reason why homes in Phoenix had the second-fastest growth of any major metro in the country: More people chose to move here than almost anywhere else in the United States. »
Of course, some homebuyers have a lot more to worry about than others when it comes to house price increases: Compared to 2011, the median price of a single-family home has only increased 9% in Peoria, Illinois, and 19% in Bloomington. , IL, but jumped more than 300% in Detroit and Boise, ID and more than doubled in 69 other metros.
Below are highlights of our analysis of how median single-family home prices have changed in the 187 largest US cities over the past decade:
• In three California metropolises, the average owner of a single-family home has become a real estate millionaire in the past 10 years.
• In the second quarter of 2022, Honolulu joined San Jose, California; San Francisco and Anaheim, Calif., as the fourth metro where the median home price exceeded $1 million.
• Two metros – Detroit and Boise, ID – have seen single-family home price increases of more than 300% between 2011 and 2021.
• In nine other metros, prices jumped between 200% and 299%, while 60 other metros increased between 100% and 199%.
• Peoria, IL, and Bloomington, IL, recorded the smallest percentage increases in house prices, as well as two of the smallest net increases, along with Decatur, IL.
• At the other end of the spectrum, single-family home prices in San Jose, California have added $1 million over the past 10 years, translating to an average daily addition of $266.
• Condominium data revealed that nationally, prices have increased by 80% between 2011 and 2021. However, changes at the local level have been much more dramatic: by 544% in Atlanta and 430% in Reno, NV at a paltry 6% in Hartford, Connecticut.
Large metro data
Among the 59 major metros in the analysis, Detroit; Phoenix; and Atlanta saw the biggest percentage gains, but San Jose, CA; San Francisco; and Anaheim, Calif., saw the largest net increases.
Detroit – with Phoenix; Atlanta; Vegas; and Sacramento, Calif. — may have seen the most impressive percentage increases, but home prices in these areas still can’t compare to some of the more expensive cities and metros. For example, looking at net increases, San Jose, CA added an average of $266 per day. San Francisco, CA added $208 on average, while homes in Anaheim, CA; Los Angeles; San Diego, California; and Seattle each added more than $100 a day.
Top 15 for biggest home price increase in 10 years
View the full dataset revealing the 10-year evolution of single-family home prices in 187 US metropolitan areas here: https://www.point2homes.com/news/research/home-price-evolution-190-us-metros-10-years.html