As followers of this News section will know, property prices in the US have risen sharply over the last year. The largest metros in the country regularly post double-digit upticks every quarter. For example, Tampa house prices went up by 33.65% in the year to February.
However, the increase is much more noticeable when you consider the last two decades. According to recent research, in 13 of the 50 largest metros in the US, property prices have tripled since 2000. Two Florida metros feature in the table, with Tampa in 8th position and Miami in 9th.
Tampa house prices tripled
Figures released by the real estate portal Clever found that prices for homes in Tampa have risen by 223% in just over two decades. They currently stand at a median of US$360,000 for single-family properties and at US$252,000 for condos and townhouses.
Miami, the other Florida metro in the triple price ranking, has seen prices go up by 220% since 2000. The market in Miami is slightly cooler than Tampa, although homes have still experienced sharp rises in prices. For instance, in February, single-family properties went up by 19.1% and condos by 26.7%.
San Francisco property steepest climb
Despite more than tripling in two decades, Tampa house prices had a relatively small increase compared to other metros in the US. San Francisco stood at the top of the table, well ahead of its nearest competitors. Real estate in the city has seen a 290% rise in value since 2000.
Californian metros dominated the table, occupying the first six positions. Behind San Francisco were Los Angeles and Riverside, up by 280% and 278%, respectively. San Diego, San José and Sacramento made up the sextet.
National prices more than double
While the upticks in house prices at national level were lower than those in San Francisco, in Tampa and Miami, for example, they have still surged over the last 20 years. Countrywide, they have gone up by 156%, almost two and half times.
While the median price for real estate in the US stood at US$127,215 in 2000, it now sits at US$325,677. And all despite the housing crisis during the Great Recession in 2020 when home values in many parts of the US plummeted.
On the cards for 2022
Consolidated demand and short supply mean that the upward pressure on house prices looks set to continue throughout 2022. Rising mortgage rates may tamper demand slightly over the next few months, but there’s little sign of more listings appearing on the market.
In addition, Tampa is earmarked for some of the best real estate investment opportunities in the country this year. As a result, in sought-after metros such as Tampa, house prices will continue to go up during 2022.
(Source: Florida Realtors)