The Fastest and Slowest Cities for Home Price Growth

May 8, 2024 - 3 min read

Surging property values

Whether driven by job growth, a supply-demand imbalance, or a market getting hot, home prices can surge.

While a decade is the standard industry measure for property values doubling, some cities recently experienced that in only a handful of years, according to Point2Homes.

See which places saw the fastest and slowest property value appreciation among the country’s largest metropolitan areas.

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Where housing values grew rapidly

Owning property in a blossoming housing market can make you a great return on your investment and quickly build equity.

Spikes in demand, a booming job landscape, and relative for-sale availability can spur an influx of house hunters to an area. This, in turn, can cause housing values to explode.

For its report, Point2 analyzed the 100 largest U.S. cities (with New York City separated into its five boroughs) and determined how long it was since homes sold for half the median price from February 2024.

While the typical barometer for home prices to double is 10 years, some metros saw that happen in nearly half the time.

Due to its recent upswing, Detroit paced all markets by doubling its median price in the last 4.9 years. Spokane, Wash., came next at 5.9 years, followed by the Florida tandem of Miami and Tampa at 6 years.

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“As home prices continue to rise across various U.S. cities, while interest rates remain volatile, prospective home buyers should approach their property search with careful consideration and strategic planning,” said Doug Ressler, business intelligence manager at Yardi Matrix. “Understanding their exact needs in terms of size, location, and amenities, as well as budgeting wisely, are crucial steps in finding the right home. For anyone prospecting the market to buy a home, staying informed about current market trends, especially property values in their desired area, is also essential.”

The table below shows the top 24 U.S. housing markets where single-family home prices doubled the fastest, according to Point2.

RankCityYears to double in priceRankCityYears to double in price
2Spokane, Wash.5.914Charlotte, N.C.7
3Tampa, Fla.615North Las Vegas, Nev.7
4Miami616Chandler, Ariz.7
6Scottsdale, Ariz.6.218Boise, Idaho7.1
7Buffalo, N.Y.6.419Milwaukee7.1
8St. Petersburg, Fla.6.620Tucson, Ariz.7.1
9Jersey City, N.J.6.821Irvine, Calif.7.1
10Phoenix6.822Las Vegas7.1
11Gilbert, Ariz.6.823Glendale, Ariz.7.2
12Mesa, Ariz.6.924Orlando, Fla.7.5

Housing markets with the slowest price growth

Although we’ve seen high-paced home price acceleration overall, break-neck speed hasn’t been universal.

Some housing markets tend to be less active or have such high starting price points that it hampers the rate of growth. In these places, it’s taken nearly two decades for values to grow twice over.

Perhaps fittingly, the coldest market was Anchorage, Alaska, where it took over 21 years for a single-family home to double in value. Next up were two places in Virginia, with Arlington needing 19.9 years and Chesapeake needing 19.8.

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Below are the 12 cities with the longest time frames of doubled home prices.

RankCityYears to double in price
1Anchorage, Alaska21.1
2Arlington, Va.19.9
3Chesapeake, Va.19.8
4Urban Honolulu, Hawaii19.7
5Virginia Beach, Va.19.6
6Washington, D.C.19.4
7Corpus Christi, Texas19.2
8Brooklyn, N.Y.19.1
9El Paso, Texas19
11Manhattan, N.Y.18.5
12Lubbock, Texas18.4

Advice for home buyers

While affordability is a challenge in many places, borrowers have tricks they can follow to avoid being house poor and financial assistance to potentially leverage.

Getting preapproved for a mortgage can provide a clearer pathway to financing options and strengthen the buyer’s position when dealing with sellers,” Ressler said. “Additionally, thinking long-term about a property’s potential for appreciation and resale value is key. While negotiation is part of the process, it’s also important to know when to walk away if the terms aren’t favorable.”

If the time is right for you to become a homeowner, reach out to a local mortgage lender today and get the ball rolling.

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Paul Centopani
Authored By: Paul Centopani
The Mortgage Reports Editor
Paul Centopani is a writer and editor who started covering the lending and housing markets in 2018. Previous to joining The Mortgage Reports, he was a reporter for National Mortgage News. Paul grew up in Connecticut, graduated from Binghamton University and now lives in Chicago after a decade in New York and the D.C. area.
Aleksandra Kadzielawski
Reviewed By: Aleksandra Kadzielawski
The Mortgage Reports Editor
Aleksandra is the Senior Editor at The Mortgage Reports, where she brings 10 years of experience in mortgage and real estate to help consumers discover the right path to homeownership. Aleksandra received a bachelor’s degree from DePaul University. She is also a licensed real estate agent and a member of the National Association of Realtors (NAR).