(NEXSTAR) – When the pandemic hit, California’s already insane housing market somehow got even crazier. By 2022, at least 13 major U.S. cities had seen home values go up by more than 200% – i.e. triple – since 2000. The top six of that batch were all in California.
But the past year has been different. As the Fed has worked to tamper inflation, interest rates have gone up (and up and up), and the over-asking bidding wars may have reached a ceasefire. Some California homes were even starting to sell below asking price (gasp!) amid the cooling market.
What happened in those California cities that saw their home prices triple in just about 20 years? Real estate brokerage Clever checked back on the data in 2023 and found that home prices there have largely been staying pretty flat. In one city, they’re even going down.
San Francisco, for example, had a typical home value of $356,800 in 2000. It shot up to $1.4 million in 2022 – nearly quadrupling.
But from 2022 to 2023, prices dropped by just a hair. According to Clever’s analysis, the typical home value in San Francisco is down 1.6% compared to this time last year.
Sacramento, where home prices grew from around $161,000 in 2000 to $540,000 in 2022, has also had a pretty cool market the past year. Home values have only increased by 0.7%.
The biggest recent growth has been in Riverside, where prices jumped about 6% in 2023. Of the cities analyzed, Riverside still has the cheapest homes on average.
Check out the chart below to see how prices have been changing in the California cities that saw home values triple from 2000 to 2022:
|City||Typical Home Value in 2000||Typical Home Value in 2022||Typical Home Value in 2023||% Increase 2000 to 2022||% Increase 2022 to 2023|
|San Francisco, CA||$274,120||$1,113,873||$1,096,477||290%||-1.6%|
|Los Angeles, CA||$216,288||$824,093||$855,851||280%||3.9%|
|San Diego, CA||$207,925||$781,965||$822,400||275%||5.2%|
|San Jose, CA||$354,864||$1,343,798||$1,385,816||261%||3.1%|
While home prices may be going down or staying pretty flat in the California cities that previously saw home prices more than triple, it’s a different story on the other side of the country. In Florida for example, Miami home values shot up another 16% from 2022 to 2023, the biggest increase of any major city. Tampa also saw prices jump another 12% in one year.
Mid-sized cities around the country like Jacksonville and Orlando, Florida; Oklahoma City; Hartford, Connecticut; Richmond, Virginia; Columbus, Ohio; and Nashville, Tennessee all had increases topping 10% in just one year.
The national average has gone up by 8.7% between 2022 and 2023.