These were the craziest housing markets of the 2010s

Pricing and demand have grown dramatically over the last decade in Fort Lauderdale, the Bay Area and Las Vegas

National /
Jan.January 04, 2020 08:00 AM
Fort Lauderdale and Las Vegas were among the housing markets that saw the biggest changes in the last decade (Credit: iStock)

Fort Lauderdale and Las Vegas were among the housing markets that saw the biggest changes in the last decade (Credit: iStock)

The last decade has been one of extremes for the U.S. housing market.

Take Fort Lauderdale, for example. No other city in the U.S. saw a more dramatic increase in home prices on a percentage basis between 2010 and 2019, according to Redfin data cited by Mortgage Professional America. The median home price in the city is now 160 percent higher than in 2010, increasing from $106,000 to $278,000. Orlando and Miami saw 127 percent and 106 percent increases as well.

San Francisco saw the largest dollar value increase in the country. The median home price in the notoriously expensive city is now $1.4 million up from $698,000 at the start of the decade.

A strong tech-driven Bay Area economy has helped push up prices across Silicon Valley. Tech companies often blamed for the housing crisis there have been compelled to offer land for development and financing for housing.

Long Island’s Nassau County experienced the most significant reversal in days on market over the past decade. It took an average of 180 days to sell a home in there in 2010. A decade later, homes sell after an average of 56 days on the market.

Inventory fell most dramatically in Salt Lake City, decreasing 77 percent over the last ten years. Redfin found that homeowners in the city were staying put longer than they once did.

Growth in itself isn’t necessarily always a good thing. Las Vegas saw the disparity between home prices and incomes grow more than anywhere else. While prices rose an annual average of 14.1 percent, wages dropped an average of 0.4 percent each year. [MPA Magazine] — Dennis Lynch


Related Articles

arrow_forward_ios
(Getty; Illustration by The Real Deal)
Agents: Life is good under 7%
Agents: Life is good under 7%
Coach Realtors' Mary Alice Ruppert (Coach Realtors Associate, Getty)
Sellers relent: Long Island home price cuts at 3-year high
Sellers relent: Long Island home price cuts at 3-year high
(Getty; Illustration by Kevin Rebong for The Real Deal)
Investor home purchases plummet 30%
Investor home purchases plummet 30%
From left: Peter Hungerford, Shai Segev, and Michelle Haruvi (Getty, LinkedIn, Zillow)
She wanted a piece of the Haruvi empire. She got an eviction notice instead
She wanted a piece of the Haruvi empire. She got an eviction notice instead
Home sales plummet in October
Existing home sales sink for ninth straight month
Existing home sales sink for ninth straight month
Housing Market, Residential Real Estate, Home Builders
Housing starts continue to fall amid mortgage rate peak
Housing starts continue to fall amid mortgage rate peak
Homeward CEO Tim Heyl (Homeward, Illustration by The Real Deal with Getty)
Power buyer Homeward cuts another 25% of staff
Power buyer Homeward cuts another 25% of staff
(Getty, Americasroof/CC BY-SA 3.0/via Wikimedia Commons)
Amagansett leads U.S. in home price appreciation
Amagansett leads U.S. in home price appreciation
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...