Report: Home prices double in 6 years in Tampa, Miami

Home prices are doubling faster than usual, and the trend is more pronounced in the Sunshine State, according to a new study by real estate data company Point2.

Typically, home prices take about 10 years to double and have gone from about $200,000 to $400,000 nationwide, Point2 reports. In 68 of the largest 100 U.S. cities, the prices are doubling even faster, driven by inflation, tight supply and increased demand, its study shows.

While Detroit saw home prices double at the most rapid rate — it took 4.9 years there — Florida and Arizona are home to the most markets with rapidly rising home prices, according to the study.

Home prices in Miami and Tampa have doubled since 2018, the study shows. On par with these two cities are Baltimore and Spokane, Washington, which also saw prices double in the last six years, possibly driven by investor interest and urban revitalization efforts, according to Point2.

In Jacksonville, Orlando and St. Petersburg, prices have doubled within six to eight years.

Specifically, the prices of single-family homes are increasing faster than the overall housing market, according to the analysis. In Tampa, single-family home prices have doubled since 2019.

Where are prices increasing the slowest? That would be Anchorage, Alaska, where it took more than 21 years for prices to double, followed by Arlington and Chesapeake, Virginia, where it took over 19 years for prices to double as well.

Image via Point2 Marketing