Home prices have doubled in less than ten years in 68 of the 100 largest cities in the US, a sobering new study shows.
And in some major American cities, the cost of the average property has doubled in as little as five years.
In Detroit, home prices were half of what they are now as recently as 2019, data from real estate marketplace Point2 reveals.
Home prices in Miami and Tampa, Florida, have doubled since 2018, as they have in Baltimore, Maryland, and Spokane, Washington.
Buyers in Irvine, California – the most expensive housing market in the study – have seen average home prices double from an already steep $750,000 to $1.5 million in just seven years.
A storm of high inflation and interest rates, tight supply and surging demand has meant that the national median home price has yo-yoed toward around twice what it was a decade ago.
The cost of the average home in the US has gone up from around $200,000 to around $400,000.
According to Point2, a common home appreciation theory is that residential properties tend to double in value in about 10 years.
Read the full story in the Daily Mail.
