These 7 Metro Phoenix cities see home prices double fastest
Home prices are reaching for the stars across the country. And Arizona isn’t simply riding this wave — it’s at the helm. Seven Metro Phoenix cities are among the Top 25 cities that have seen home prices double the fastest.
We looked at the largest U.S. cities to see where home prices doubled the fastest. With home prices rising in just 6-7 years, here’s what else we found about major Arizona cities:
- Scottsdale home prices doubled since the end of 2017, from $416,000 to $837,500. This rapid surge marks the 6th quickest doubling among the 100 largest U.S. cities
- Phoenix prices doubled in less than 7 years, also making the top 10 markets with the fastest-rising home prices. The city is facing a publicized housing shortage boosted by a strong economy and growing population
- Other big AZ cities echo this rapid doubling trend, with home prices in Gilbert, Mesa, and Chandler increasing two-fold to the half-million mark in the past 7 years.
Florida & Arizona Claim Most Markets With Rapidly Rising Rates
Homes doubled in price in Miami, FL, Tampa, FL, Spokane, WA, Baltimore, MD, & Detroit, MI since 2018-2019,
A common home appreciation theory is that residential properties tend to double in value in about 10 years. But this good news for investors spells bad news for buyers, considering that most of the country’s major cities had home prices double even faster than that.
For example, homebuying in Detroit, MI, used to be twice as feasible: At the start of 2019, you could buy a home in Detroitfor $40,000 — yes, really. Similarly, data shows that prices also doubled quickly in Spokane, WA, where not that long ago, in March 2018, a home cost just $184,500 as compared to $371,000 nowadays.
Across the country, home prices accelerated just as dramatically in Miami, as well as in Tampa, FL (a city building momentum for a while now): The past six years were enough for homes to double in cost and reach about half a million dollars in both cities. In fact, prices in all five of the largest markets in the state — including Jacksonville, Orlando, and St. Petersburg — have doubled in just six to eight years.
Arizona is in a similar position, with seven big cities doubling in price in just six to seven years. Here, prices increased twofold in booming Scottsdale, where the average home costs a whopping $837,500 compared to $416,000 at the end of 2017. Phoenix even made headlines about its surge in home prices — and local incomes can barely keep up. Some attribute this to the state taking inspiration from neighboring California, whereas others blame it on supply-and-demand math gone wrong.
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