It has been a tumultuous decade for the housing market. From the Great Recession to the GSEs, and now the recovery, housing has been through a lot over the past 10 years.
On that note, Redfin released a report studying the markets that changed the most over the past decade.
Home Price Increase
Florida was among the states most impacted by the foreclosure crisis and experienced some of the biggest declines in home values leading up to 2010. Recovery is evident in recent years, as Fort Lauderdale, Florida, reported average home prices increased 161% from $106,000 at the beginning of 2010 to $278,000 a the end of 2019.
The median home price has more than doubled in the decade in Orlando (127%) and Miami (106%).
Biggest Contract Between Home-Price Increases and Declines in Incomes
Las Vegas, Nevada, saw incomes fall during the Great Recession and while yet not fully recovered, reported the largest difference between home prices and incomes.
Average home prices in Las Vegas increased by an annual rate of 14.1% over the decade and median incomes fell by a rate of 0.4%. Homeownership rates in Las Vegas fell from 59% in 2010 to 52% in 2016, although rising to 53% in 2017.
Biggest Dollar Value Jump in Home Prices
California was home to eight of the nation’s top-10 metros for home-price increases in dollar values. Among those, San Francisco was home to the highest value increase, growing from $698,000 in 2010 to $1.4 million at the end of 2019.
A growing job market a lack of supply were two reasons cited by Redfin for the growth in values. San Francisco was home to an unemployment rate of 3.7% in 2015 when the nation’s was 5.3%. The city’s unemployment rate in October 2019 was 1.9%.
Largest Drop in Home Supply
Salt Lake City, Utah, reported the number of homes for sale fell by 77% from 2010. A main reason for the drop is due to homeowners living in their homes longer. The average Salt Lake City homeowner had spent 23 years in their home in 2019, compared to 15 in 2010.
Overall, the number of homes for sale decline in 95% of the markets studied.