Fort Lauderdale/Broward County Leads the Nation in Home Value Growth Over the Past Decade
A research done by Redfin placed Fort Lauderdale/Broward County as the nationwide leader of in-home price growth over the past decade, against all major regions of the United States.
In 2010, home values in South Florida were in the landfills, mostly as a consequence of the Great Recession between the years of 2007 to 2009, which ended in low prices and scores of foreclosures across the area. Nevertheless, buyers who bought a residence at that time in South Florida, particularly in Broward, should be delighted right now.
The median home price in Broward increased by 161%, from $106,000 at the start of 2010 to $278,000 at the end of 2019, the study shows. In Miami-Dade County, the median home price blasted up 106%, from $153,000 in 2010 to $314,000 by 2019. Median home prices grew 79.1% in Palm Beach County, from $160,000 to $286,000 during the same period.
Unfortunately for locals looking to purchase their first home, the income growth has not kept speed with home values, since annual median income growth was only 0.9% in South Florida over the past decade, says Redfin.
“The housing market is ending the decade in a vastly different place than it began,” told Redfin chief economist Daryl Fairweather. “In 2010, the market was in the middle of its greatest downturn in history: Home values were plummeting, and the share of mortgages in delinquency was at an all-time high. Heading into 2020, home values have recovered along with the economy, and now many parts of the country are grappling instead with new challenges like high home prices and a lack of homes for sale.”
Other markets around the nation with significant gains in median home price over the 2010s include Atlanta (103%), Denver (109%), Las Vegas (137%), Oakland, California (122%), Orlando (127%), Phoenix (121%), San Francisco (102%), San Jose, California (111%), and Warren, Michigan (145%).
Markets with slow growth in median home prices during the 2010s include Baltimore; Buffalo, New York; Chicago; Cleveland; Hartford, Connecticut; Nassau County, New York; and others.