These California cities saw home prices triple. Then what happened?

Home prices tripled in these California cities. What happened next?

California’s already insane housing market got even more crazy when the Pandemic hit. The triple has been in effect since 2000. The top six were in that class.

The past year has not been the same. Interest rates have gone up and bidding wars have gone up as a result of the Fed trying to tame inflation. The cooling market has caused some California homes to start to sell.

What happened to the home prices in California cities that tripled in 20 years? Home prices there have largely been staying the same over the last five years. They are going down in one city.

The home value in San Francisco was $356,800 in 2000. It shot up to over $1 million by the year 2022, quadrupling.

The prices dropped by just a hair. The typical home value in San Francisco is down 1.6% compared to this time last year.

In the past year, home prices in Sacramento have gone from $161,000 to $540,000. Home values increased by 0.7%.

In the last few years, the biggest growth has been in Riverside. The cheapest homes in the analyzed cities are inRiverside.

The chart below shows how prices have changed in the California cities that saw home values triple from 2000 to 2022.

Home prices on the other side of the country are not the same as in California. The biggest increase of any major city in Florida was in Miami, where home values went up by another 16%. In one year, prices went up another 12%.

Jacksonville, Florida, Oklahoma City, Connecticut, Richmond, Virginia, Columbus, Ohio, and Nashville, Tennessee all had increases over 10% in one year.

The national average has gone up over the last few years.

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