REVEALED: The US cities where home prices have DOUBLED the fastest – with one city seeing values rise twofold in less than 5 years

Home prices have doubled in less than a decade in 68 of the 100 largest U.S. cities, a sobering new study shows.

And in some major American cities, the cost of the average real estate has doubled in just five years.

In Detroit, home prices in 2019 were half of what they are today. facts from real estate marketplace Point2 reveals.

Home prices in Miami and Tampa, Florida have doubled since 2018, as have Baltimore, Maryland and Spokane, Washington.

Buyers in Irvine, California – the most expensive housing market in the study – have seen median home prices double from an already steep $750,000 to $1.5 million in just seven years.

A storm of high inflation and interest rates, tight supply and rising demand has caused the national average home price to rise to about double what it was a decade ago.

The cost of an average home in the US has risen from about $200,000 to about $400,000.

According to Point2, a common theory about home appreciation is that homes double in value in about a decade.

One of the reasons home prices in so-called “Motor City” Detroit have doubled in half this time is that they have been historically low compared to the national average.

Home prices in the city have been among the fastest growing in the U.S. in recent years as the city recovers from the mortgage crisis that has left some homes virtually worthless.

Less than 20 years ago, one in five homes in the city stood empty, as foreclosures soared and properties on deserted streets sold for $1.

The crisis and the demise of the major car manufacturers – which had previously turned Detroit into an industrial powerhouse – drove millions of people from their homes.

But as the auto industry – this time with an emphasis on electric vehicles – starts to get back up to speed, house prices have risen rapidly.

In early 2019, you could buy a house in Detroit for $40,000, according to Point2.

Now, according to the listing website Realtor.comthe median home price in the city is $89,900.

Despite the short-term price increase, Detroit still remains one of the more affordable major cities in the US.

Detroit lagged behind other cities in home price growth, according to Selma Hepp, chief economist at CoreLogic. So part of this growth is catching up.

Similarly, data shows that prices also quickly doubled in Spokane, where not long ago, in March 2018, a home cost just $184,500 — compared to $371,000 today.

Spokane has seen housing prices rise as Americans have moved to the city due to investor interest and urban revitalization efforts.

And some people who fled to so-called pandemic “boomtowns” like Boise, Portland and Austin later moved to Spokane in search of cheaper housing — further driving up prices.

According to Point2, home prices in Miami and Tampa have risen just as dramatically, amid a wave of new residents.

The past six years were enough to double home prices in both cities to about half a million dollars.

Prices in all five of Florida’s largest markets – including Jacksonville, Orlando and St. Petersburg – have doubled in just six to eight years.

Arizona is in a similar position, with seven major cities doubling in price between six and seven years.

Prices rose double in booming Scottsdale, where the average home costs as much as $837,500, up from $416,000 at the end of 2017.

Phoenix has also seen a rise in home prices, which local incomes are barely keeping up with.

Separate data shows that the US housing market has gained a massive $2 trillion in value in the past year alone, amid a historic shortage of homes for sale.

Rising mortgage rates mean many Americans locked into lower deals stayed put, leading to a significant inventory shortage.

This, in turn, has caused home prices to continue to rise, pricing many Americans out of the market entirely.

While mortgage rates slowly fell in the first months of this year, the average fixed interest rate with a term of thirty years is starting to creep up again.

After data released earlier this week showed inflation remains stubborn, the average 30-year mortgage agreement rose to 6.88 percent, according to government-backed lender Freddie Mac.