The U.S. housing market has cooled slightly over the past year, but prices have grown significantly in the past decade. Driven by factors such as the COVID-19 pandemic and the Great Recession, U.S. home values have risen by more than 95% during this period, according to data analyzed by Construction Coverage. Historically, home prices rise by an average of 33.6% over five years following a recession, but following the economic downturn in 2020, home prices rose by 40%.
Homebuyers are still facing high costs due to inflation and mortgage rates exceeding 6%, with some areas of the U.S. experiencing higher housing prices than others. Over the past 10 years, Idaho and Florida have seen the highest home price appreciation with median home prices rising by 155.5% and 132.2%, respectively, followed by states like Washington, Utah, Georgia, and Nevada, all exceeding 120% growth.
At the city level, locations in Florida notably stand out for their remarkable surge in home prices. For instance, in Pine Hills, FL, median home prices skyrocketed from approximately $74,000 in 2014 to over $281,000 today, marking a 280% increase. Seven Florida cities reported price increases of over 190%—roughly twice the national average—over the past decade. Read more
