Home prices tripled in some California cities. What happened after?
California’s insane housing market got even crazier when the Pandemic hit. Since 2000. The top six were in that class.
The past year was different. Interest rates have gone up and bidding wars have gone up as a result of the Fed trying to control inflation. The cooling market was starting to cause some California homes to sell.
What happened to the home prices in California cities that tripled in 20 years? Home prices there have largely been staying the same. They’re going down in one city.
In 2000 the home value in San Francisco was $356,800. It shot up to over a million dollars by the year 2022, nearly quadrupling.
Prices dropped by just a hair. The average home value in San Francisco is down 1.6% compared to this time last year according to Clever.
Home prices have grown from $161,000 in 2000 to $540,000 in the past year. Home values increased by 0.7%.
In the past few years, the biggest growth has been in Riverside. On average, the cheapest homes in the cities analyzed are in Riverside.
The chart shows how prices have changed in the California cities that saw home values triple from 2000 to 2022.
It is a different story on the other side of the country when it comes to home prices. The biggest increase of any major city in Florida was in Miami, where home values went up another 16%. The price went up another 12% in a year.
Jacksonville, Florida, Oklahoma City, Connecticut, Richmond, Virginia, Columbus, Ohio, and Nashville, Tennessee all had increases of 10% or more in a single year.
The national average has gone up over the course of a few years.
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