(NEXSTAR) — When the pandemic hit, the line on the graph of ever-increasing home prices suddenly moved into a steeper trajectory. by 2022, At least 13 major US cities have seen home values rise by more than 200%. – Any trilogy – since 2000.
But last year was different. As the Fed has messed with inflation, interest rates have gone up (and higher and higher), and excessive bidding wars He may have reached a cease-fire.
What happened to those cities that have seen their home prices triple in just 20 years? Intelligent real estate brokerage He reviewed the data in 2023 and found that house prices in most major cities remained flat. In one city they even hold back.
In San Francisco, for example, the typical home value was $356,800 in 2000. It rose to $1.4 million in 2022—nearly four times as much.
But from 2022 to 2023, prices fell by just one hair. According to Clever’s analysis, the value of a typical home in San Francisco is down 1.6% compared to this time last year.
Whereas, housing prices may decrease or remain fairly constant in major cities Previously witnessed housing prices more than tripledThere are two big exceptions, both in Florida. Home values in Miami rose another 16% from 2022 to 2023, the most of any major city. Tampa has seen prices rise another 12% in one year.
Check out the graph below to see how prices have changed in the 13 cities that have seen home values triple from 2000 to 2022:
| city | Typical home value in the year 2000 | Typical home value in 2022 | Typical home value in 2023 | % increase from 2000 to 2022 | % increase 2022 to 2023 |
| San Francisco, California | $274,120 | $1,113,873 | $1,096,477 | 290% | -1.6% |
| Los Angeles, California | $216,288 | $824,093 | $855,851 | 280% | 3.9% |
| Riverside, California | $132,937 | $505,925 | $537,523 | 278% | 6.3% |
| San Diego, California | $207,925 | $781,965 | $822,400 | 275% | 5.2% |
| San Jose, California | $354,864 | $1,343,798 | $1,385,816 | 261% | 3.1% |
| Sacramento, California | $161,410 | $539,913 | $543,529 | 237% | 0.7% |
| Seattle, Washington | $218,784 | $670,668 | $689,866 | 235% | 2.9% |
| Tampa, Florida | $94,444 | $321,430 | $361,065 | 223% | 12.3% |
| Miami, FL | $104,445 | $380,664 | $441,390 | 220% | 16% |
| Austin, Texas | $166,604 | $464,601 | $481,739 | 209% | 3.7% |
| Portland, OR | $169,499 | $513,434 | $524,593 | 207% | 2.2% |
| Phoenix, Arizona | $139,281 | $418,967 | $433,926 | 206% | 3.6% |
| Denver, Colorado | $189,693 | $556,083 | $570,262 | 204% | 2.6% |
Outside of the major cities, the data tells a different story. midsize cities like Jacksonville and Orlando, Florida; Oklahoma City; Hartford, Connecticut; Richmond, Virginia; Columbus, Ohio; And in Nashville, Tennessee, increases have exceeded 10% in just one year.
The national average increased by 8.7% between 2022 and 2023.
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