The California cities where home prices have more than tripled since 2000

The cost of housing – much like everything else – has gone way up over the past year. Low inventory and low interest rates have pushed the median price of a home in the US up by nearly 20% in a single year.

But this latest jump is just an acceleration of what’s been happening for 20 years – especially in California. Most California cities have seen home prices increase substantially since 2000, with many seeing home values ​​double or even triple.

In some cities, the typical home value has more than tripled. San Francisco, for example, had a typical home value of $356,800 in 2000, according to data analyzed by real estate brokerage Clever. In 2022, the typical home value is nearly $1.4 million – a 290% increase, or nearly quadruple the value 22 years ago.

San Francisco is often held up as the most extreme example of a housing market gone wild, but it’s not the only California city that has seen home values ​​rise astronomically. Clever analyzed the median sale price of homes in the 50 largest metro areas around the country and found 13 cities saw home values ​​more than triple since 2000. The top six cities were all in California.

About two decades ago, the typical home in Riverside or Sacramento was easily valued under $200,000. Now, according to Clever, the median home value in Riverside is $544,000. It’s $583,000 in Sacramento.

San Diego was just a bit more expensive in 2000, with an average home costing $231,000. Fast forward to present day, and that same home might be worth $858,000.

Los Angeles’ median home value in 2000 was around $231,000. That number has jumped to $878,000 in 2022 – a 280% increase.

San Jose’s typical home value went from $437,000 to nearly $1.6 million in the same time period.

The 13 US cities where home values ​​have gone up by more than 200% – ie tripled – since 2000 are:

  1. San Francisco (290% increase)
  2. Los Angeles (280% increase)
  3. Riverside, Calif. (278% increase)
  4. San Diego (275% increase)
  5. San Jose, Calif. (261% increase)
  6. Sacramento, Calif. (237% increase)
  7. Seattle (235% increase)
  8. Tampa, Fla. (223% increase)
  9. Miami (220% increase)
  10. Austin, Texas (209% increase)
  11. Portland, Ore. (207% increase)
  12. Phoenix (206% increase)
  13. Denver (204% increase)

There are several cities around the country that saw much slower growth in home values, according to Clever:

  1. Cleveland (60% increase)
  2. Detroit (62% increase)
  3. Memphis, Tenn. (72% increase)
  4. Chicago (73% increase)
  5. Hartford, Conn. (87% increase)
  6. Cincinnati (88% increase)
  7. Birmingham, Ala. (90% increase)
  8. St. Louis (98% increase)

Over the same time period, the national average increased 156% – or increased by roughly 2.5 times – from $127,215 to $325,677, according to Clever’s full report.

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