The Housing Markets That Changed The Most This Decade
August 26, 2020
A Decade In Review
Housing in a Decade
As the calendar turns to 2020, home values recovered for nearly all of the U.S., and many parts of the country are now seeing higher home prices and a lack of homes available for sale.
But there are few markets that stand out above the rest in terms of how much they changed in the last 10 years.
Ft. Lauderdale Housing Market
The highest percent increase in home prices over the last decade, according to Redfin, was in Fort Lauderdale, Florida.
Per Redfin’s report, Fort Lauderdale was impacted severely by the foreclosure crisis, and saw one of the biggest declines in home value in 2010.
But from there, home prices more than doubled over the next 10 years. Median home prices in Fort Lauderdale increased 161% from $106,000 at the beginning of 2010 to $278,000 at the end of 2019.
Housing Market in the US
Redfin says the biggest contrast between an increase in home prices and decline in incomes was Las Vegas, which also took a hit during the recession.
Here, the median home price increased at an average annual rate of 14.1% throughout the decade, while the median income declined at an average annual rate of 0.4%.
As incomes fell, residents could no longer afford to own a home, which in turn caused a decline in the homeownership rate from 59% in 2010 to 52% in 2016, followed by only a marginal increase to 53% as of 2017.
San Francisco saw the largest dollar value jump in home prices.
The median home price in San Francisco increased $711,000 from $698,000 at the beginning of 2010 to $1.4 million by the end of 2019. The booming job market and fewer homes for sale are to thank for that.
Housing Market Declines
Salt Lake City had the steepest drop in home supply, with the number of homes for sale declining 77%. Much like the latest Baby Boomer trend, Salt Lake City homeowners are not moving, with the typical Salt Lake City homeowner had spent 23 years in their home in 2019. In 2010, homeowners stayed in their home for 15 years.
The largest decline in days on the market is Long Island’s Nassau County. In Nassau County, the median time it takes to sell a home dropped by about four months – 124 days – over the course of the decade. At the beginning of 2010, it took about 180 days to sell a home, but now it takes just 56 days.