(NEXSTAR) – The cost of housing – like everything else – has increased dramatically over the past year. Low inventory levels and low interest rates have driven the median price of a home in the United States up nearly 20% in a single year.
But this latest leap is only an acceleration of what has been going on for 20 years. Most major cities have seen house prices rise significantly since 2000, with many seeing home values double or even triple.
In some cities, the value of a typical home has more than tripled. San Francisco, for example, had a typical home value of $356,800 in 2000, according to data analyzed by real estate broker Clever. In 2022, the typical value of a home is nearly $1.4 million, an increase of 290%, or almost four times the value of 22 years ago.
San Francisco is often touted as the most extreme example of a housing market going wild, but it’s not the only city that has seen home values rise astronomically. Clever analyzed the median home sale price in the nation’s 50 largest metropolitan areas and found that 13 cities have seen home values more than triple since 2000.
The 13 cities where home values have increased by more than 200% – that is, tripled – since 2000 are:
- San Francisco (290% increase)
- Los Angeles (280% increase)
- Riverside, CA (278% increase)
- San Diego (275% increase)
- San Jose, CA (261% increase)
- Sacramento, CA (237% increase)
- Seattle (235% increase)
- Tampa, Florida (223% increase)
- Miami (220% increase)
- Austin, Texas (209% increase)
- Portland, Oregon (207% increase)
- Phoenix (206% increase)
- Denver (204% increase)
According to Clever, several cities have experienced slower growth in home values:
- Cleveland (60% increase)
- Detroit (62% increase)
- Memphis, Tennessee (72% increase)
- Chicago (73% increase)
- Hartford, Connecticut (87% increase)
- Cincinnati (88% increase)
- Birmingham, Alabama (90% increase)
- Saint-Louis (98% increase)
Over the same period, the national average rose 156% — or about 2.5 times — from $127,215 to $325,677, according to Clever’s full report.
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