There are several California cities where home prices have tripled since 2000. Home prices have increased dramatically in recent years. In the past year, low-interest rates and low inventory have pushed up the average price of a home by nearly 20% in the U.S.
Nevertheless, this latest surge is just an acceleration of what has been happening for the past two decades. Since 2000, home prices in most California cities have doubled or tripled.
Based on an analysis of the median home prices in 50 of the biggest metropolitan areas, Clever found that 13 cities saw their home values more than triple since 2000. Among the list, the top six top cities were all in California.
A typical Riverside or Sacramento home spent under $200,000 about two decades ago. Riverside’s median house value currently stands at $544,000, according to Clever. In Sacramento, It’s $583,000.
In 2000, San Diego homes cost on average $231,000, just slightly higher than today. In this day and age, that same house might be worth $858,000. The median home value in Los Angeles in 2000 was $231,000.
In 2022, that number will jump to $878,000, a 280% increase. Over the same period, the average home value in San Jose increased from $437,000 to nearly $1.6 million.
Below are The 13 cities in America which have seen home values surge by 200% since 2000.
- San Francisco (290% increase)
- Los Angeles (280% increase)
- Riverside, Calif. (278% increase)
- San Diego (275% increase)
- San Jose, Calif. (261% increase)
- Sacramento, Calif. (237% increase)
- Seattle (235% increase)
- Tampa, Fla. (223% increase)
- Miami (220% increase)
- Austin, Texas (209% increase)
- Portland, Ore. (207% increase)
- Phoenix (206% increase)
- Denver (204% increase)
According to a Clever analysis, several cities around the country saw much slower growth in home values, as reported by KTLA.
Clever also discovered cities in the United States in which home values experience slower growth
- Cleveland (60% increase)
- Detroit (62% increase)
- Memphis, Tenn. (72% increase)
- Chicago (73% increase)
- Hartford, Conn. (87% increase)
- Cincinnati (88% increase)
- Birmingham, Ala. (90% increase)
- St. Louis (98% increase)