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