A recent study by Point2Homes has revealed a startling but all-too-common trend: all five largest markets in Florida have experienced a doubling of home prices in just six to eight years. In the last six years, home prices in Miami have exceeded the half-million mark, while Tampa’s homes have doubled in cost to exceed $400,000 in the same period.
Over the last six years, Miami witnessed an increase in home prices from around $290,000 in 2018 to $583,000, which made it the third fastest doubling in value among the 100 largest cities in the U.S. Tampa experienced a similar rise in real estate prices, with homes going from $213,500 to $430,000 in the same time frame.
Tampa tied with Miami for the third-fastest price rate doubling among the country’s largest cities. This rapid increase in home prices is not limited to Miami and Tampa. Other major cities in Florida, such as Jacksonville, Orlando, and St. Petersburg, have also witnessed a trend of rapid price doubling, with home prices increasing twofold over the past six to eight years.
