Courtesy of: Denver Business Journal
The Fort Lauderdale/Broward County market led all major regions of the United States in home price growth over the past decade, according to research by Redfin.
Denver was among the top markets for home-price gains during the 2010s, with prices more than doubling.
According to Redfin, the median home price in Denver increased 109%, from $202,896 at the start of 2010 to $424,051 at end of 2019.
While the home value growth was great news for homeowners in Denver, it presents a major challenge for people looking to purchase their first homes here because income growth has not kept pace with home values. According to Redfin, annual median income growth was 2.8% in Denver over the past decade.
"The housing market is ending the decade in a vastly different place than it began," said 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 li
ke high home prices and a lack of homes for sale."
Other markets around the nation with big gains in median home price over the 2010s include Atlanta (103%), Las Vegas (137%), Oakland, California (122%), Orlando (127%), Phoenix (121%), San Francisco (102%), San Jose, California (111%), and Warren, Michigan (145%).
The highest median home price in 2019 was $1.41 million in San Francisco.
Markets with sluggish growth in median home prices during the 2010s include Baltimore; Buffalo, New York; Chicago; Cleveland; Hartford, Connecticut; Nassau County, New York; New Brunswick, New Jersey; Oklahoma City; Philadelphia; and Rochester, New York.