Florida was neither first nor last in a study that showed how much home prices have shot up over the past five years. In fact, it was nearly 20% less than the state with the biggest increase. (That state was Idaho, with a 91.9% increase in home prices.)
Still, the fact that home prices in Florida have increased 73.5% over the past five years, according to Colorado real estate broker Boulder Home Source, analyzing Zillow data, is quite the feat. The median home sale price recorded by FloridaRealtors in August 2022 was $407,000 for the state. That came down slightly with January’s numbers showing $389,990.
The high home prices weren’t enough to stop an estimated 416,754 people from moving here between July 2021 and July 2022, according to the U.S. Census Bureau.
“The past five years has seen the housing market experience a lot of turbulence, leading to increases in house prices across America,” a spokesperson from Boulder Home Source says in a statement. “However, this study offers a fascinating insight into the states where prices are less likely to experience volatile increases and are more likely to remain relatively stable.”
The lowest home price increase included in the study was in North Dakota, having grown 22.7%. In addition to Idaho, five other states in the report posted bigger gains in home prices than Florida: Arizona, Tennessee, New Mexico, Georgia and Montana.
Source: Business Observer