Buying a home has been a pricey proposition in Florida since the turn of the century. Four of the state’s cities are ranked among the top 20 when it comes to home prices increases in the largest U.S. metropolitan areas since 2000.
Clever Real Estate, a data and real estate analysis company, completed a study of the nation’s 50 biggest cities and home price increases in those large metro areas. Miami came in with the greatest increase in home prices in the U.S. so far this century, with a 299% jump in home values.
In 2000, the typical home value in Miami was $118,450. That figure skyrocketed to $472,711 in 2023, the biggest percentage increase in the country, according to the Clever Real Estate report.
Other Florida cities in the top 20 in terms of biggest percentage increases include:
— Tampa was ranked fifth with an increase of 254% in home prices compared to 2000, with a jump from $105,392 to $372,746 in 2023.
— Orlando came in eighth in home price increases, as that city’s home values spiked by 217%, from $121,519 in 2000 to $384,720 in 2023.
— Jacksonville was ranked 15th in the country for biggest home price increases since 2000, going from $118,209 to $305,615 in 2023.
Several California cities rounded out the top 10, with Riverside, Los Angeles, San Diego, San Jose and San Diego, respectively, finishing out the chart of most expensive homes.
Cleveland, Ohio, was the city on the list with the least increase in property values among major markets. Cleveland had a 24% increase in the price of a house, going from $119,097 in 2000 to $211,496 in 2023.
Florida, in general, ranked fifth among all states for the biggest increase in housing values since the turn of the century. Florida saw a 248% increase in home values across the state since 2000, jumping from the typical price of $111,863 to $389,325 in 2023.
Hawaii was ranked No. 1, followed by California, Idaho and the District of Columbia for the biggest state increases in home values.
Data for the Clever Real Estate analysis was drawn from a combination of Zillow online home value listings, information from the U.S. Federal Reserve and Freddie Mac mortgage rate figures and inflation numbers from the consumer price index compiled by the U.S. Bureau of Labor Statistics. Population figures were drawn from the U.S. Census Bureau.