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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.
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