Six Florida cities are among the top 10 in the U.S. when it comes to the fastest-rising home prices.
AgentAdvice, which describes itself "for agents, by agents and a real estate school and media company," analyzed Zillow data on median home listings between June 2019 and May 2024 in 200 of the most-populated metropolitan areas in America.
Then the areas were ranked based on the highest percentage of price increases over the last five years.
"The East Coast appears to be the hotspot for fast-rising home prices, with eight of the 10 metro areas with the highest percentage increases found there," a spokesperson from AgentAdvice said about the findings.
"Florida dominated the ranking, with prices skyrocketing at national highs in six cities. With low supply, great weather, and national and international interest, the state has seen property prices soar as supply fails to meet demand in the Sunshine State."
Here's what AgentAdvice found:
Naples, Florida ranks No. 2 in US on fastest-rising property prices. See median home price
"Naples, Florida, claimed second spot in the ranking and is one of six metro areas in the state to feature in the top 10," AgentAdvice said.
"The median listing price of homes in Naples was $612,038 in May 2024, rising by 75.17% in five years from $349,393. The price peaked in March 2024 at $614,793.
Ocala, Florida, ranks No. 4 in US. See median home price
"Ocala has seen the fourth-highest rise in home prices, with the median listing price reaching $279,543 in May 2024.
"This figure represents an increase of 70.84% from June 2019," according to AgentAdvice.
Tampa, Florida, ranks No. 5 in US. See median home price
"Tampa followed just behind in the fifth spot, with prices soaring by 70.26%.
"May 2024's median listing price was $382,802, which has shot up by $157,964 within the last five years. "
Port St. Lucie, Florida, ranks No. 6 in US. See median home price
"Port St. Lucie took sixth. Since June 2019, the median listing price in Port St. Lucie has skyrocketed by 70.18% to $404,048."
North Port, Florida, ranks No. 7 in US. See median home price
North Port took seventh place for the fastest-increase in home prices over five years. "Since June 2019, the median listing price in North Port rose by 68.46% to $455,626."
Miami, Florida, ranks No. 9 in US. See median home price
Miami was the sixth Florida city in the top 10, ranking No. 9 among the metro areas with the fastest-rising home prices.
"While prices sat at $292,261 in June 2019, the city has seen this soar to $490,088 in May 2024, a 67.69% increase. May 2024's median listing price is also the highest in the area over the last five years," AgentAdvice said.
Top 10 metro areas where property prices have risen fastest over past 5 years
1. Knoxville, Tennessee
- Median listing June 2019: $189,483
- Median listing May 2024: $347,303
- Percentage difference from June 2019: 83.29%
2. Naples, Florida
- Median listing June 2019: $349,393
- Median listing May 2024: $612,038
- Percentage difference from June 2019: 75.17%
3. Atlantic City, New Jersey
- Median listing June 2019: $204,897
- Median listing May 2024: $355,387
- Percentage difference from June 2019: 73.45%
4. Ocala, Florida
- Median listing June 2019: $163,631
- Median listing May 2024: $279,543
- Percentage difference from June 2019: 70.84%
5. Tampa, Florida
- Median listing June 2019: $224,837
- Median listing May 2024: $382,802
- Percentage difference from June 2019: 70.26%
6. Port St. Lucie, Florida
- Median listing June 2019: $237,427
- Median listing May 2024: $404,048
- Percentage difference from June 2019: 70.18%
7. North Port, Florida
- Median listing June 2019: $270,462
- Median listing May 2024: $455,626
- Percentage difference from June 2019: 68.46%
8. Fayetteville, Arkansas
- Median listing June 2019: $201,873
- Median listing May 2024: $338,645
- Percentage difference from June 2019: 67.75%
9. Miami, Florida
- Median listing June 2019: $292,261
- Median listing May 2024: $490,088
- Percentage difference from June 2019: 67.69%
10. Hickory, North Carolina
- Median listing June 2019: $152,342
- Median listing May 2024: $255,426
- Percentage difference from June 2019: 67.67%
Where were lowest increases in home prices?
"The three metropolitan areas with the lowest property price increases were found in Louisiana," AgentAdvice said.
"The median listing price in New Orleans, Lafayette, and Shreveport only went up by 8.67%, 8.69%, and 11.39%, respectively. "
Methodology used to find median home prices
AgentAdvice said it used the following methodology:
- The median list price was found for America's 200 most populated metropolitan areas on June 31, 2019 and May 31, 2024.
- The percentage increase in list price was found between both dates.
- The metro areas were then ranked based on the highest percentage increases over this period.
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