There’s no doubt about it, housing costs are rising rapidly. The cost of buying a home has skyrocketed in the past few years, and it’s happening faster in some real estate markets than others.
Many large cities have seen their home prices double in a short amount of time because of less inventory, high demand, and inflation.
According to Point2Homes, these are the large U.S. cities that have seen their housing prices double the fastest.
Detroit, Michigan
The real estate in Detroit is out of control. Buying a home is very quickly becoming harder and harder for residents of the Motor City. It has taken just 4.9 years for housing prices to double.
Spokane, Washington
The lovely, green city in the Pacific Northwest has had its share of housing demand. And, it’s having a hard time keeping up with it. For homes to double in price, it took just 5.9 years.
Tampa, Florida
Hey, people love to live near the water. However, that doesn’t mean there are enough homes there. In Tampa, the clamoring for housing near the beach has led to the home prices here doubling in six years.
Miami, Florida
In a different area of Florida, the lively city of Miami is also feeling the real estate heat. Inflation and other factors have led to prices rising steadily and quickly. To double in price, it took these homes just six years.
Baltimore, Maryland
This is a place that has a lot of demand and not enough homes on the market to buy. The doubling of housing prices here took only 6.1 years, making buying a home extremely difficult.
Scottsdale, Arizona
This is just the first of many appearances of Arizona cities on this list. Scottsdale is a popular place to retire, and people are retiring in droves. Its homes doubled in price in 6.2 years.
Buffalo, New York
Inflation has hit New York hard, and Buffalo is feeling the effects on its real estate prices. Today’s economy and demand for housing made these homes double in just 6.4 years.
St. Petersburg, Florida
This is another large city in Florida that’s seeing its share of housing inflation. Getting that great property with access to the beach will cost you a lot more now. The median price of homes has doubled in 6.6 years.
Jersey City, New Jersey
The housing market in the Northeast has been hard hit by inflation and other economic impacts. In Jersey City, buying a home is much different than it was just a few years ago. It took just 6.8 years for the prices to double.
Phoenix, Arizona
Arizona has a lot of housing demand and not enough houses on the market in many key areas. This has contributed to prices getting steeper quickly. The median price doubled in 6.8 years.
Gilbert, Arizona
People in Arizona are having a hard time buying homes these days. With the median prices of homes doubling in just 6.8 years, it’s getting more difficult to afford a home of your own.
Mesa, Arizona
As a peaceful and beautiful area of Arizona, demand for homes here has gotten high. Home buyers have had to seriously change their home budgets, with prices doubling in only 6.9 years.
Cleveland, OH
Cleveland rocks, or so they say. What doesn’t rock is how quickly home prices have been climbing. If you’d bought a home there just 6.9 years ago, you’d have paid half the price that you’d pay today.
Charlotte, North Carolina
Charlotte is a charming city with a lot to see and do for its almost 900,000 people. The problem is that living there doesn’t come cheap. Demand has sent prices rising so quickly that they doubled in seven years.
North Las Vegas, Nevada
North Las Vegas has lovely mountain views and plenty of golf courses. It’s a slower pace of life than in Las Vegas. To get that lifestyle, you’ll pay double what you’d pay for a home just seven years ago.
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