Changes In U.S. Home Prices Over The Last Year
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House prices across the United States have skyrocketed in 2022, and the shifting state of the housing market can be seen more apparently by comparing the change in average home costs year-over-year.
Reddit user Oapish used Zillow and Bright Data to visualize how average American house prices changed, by county, between July 2021 and July 2022.
This increase in house prices is mainly because of internal migration. Florida, Texas, Arizona, Tennessee, North and South Carolina top the list for net internal migration from June 2021-June to 2022, and all saw significant boosts in home prices that outweighed the national average during the same period (which was still a crazy 15%, or 6% above inflation even after two years of similar increases).
Of all the U.S. states, the most drastic increase in average home prices can be seen in Florida, where the house cost has risen by at least 28% in most U.S. counties.
From the population numbers, it’s a combination of internal migration, of which Florida has been the top destination since 2020, and international migration, of which Florida is a major destination for immigrants from Cuba, Venezuela, and other Caribbean, Central, and South American nations. Florida has increased by over 2.7 million new residents since 2010, making the state the 3rd most populous after California and Texas. Home to over 21.5 million people, Florida’s population increased by 14.6% compared to one decade earlier. Over the next few years, Florida will gain 845 new residents per day.
Florida’s housing market also has a history of larger booms and busts than elsewhere, even independent of net migration. The 2008 bubble was particularly enunciated in parts of Florida, with similar events as far back as the 1920s. The 1920s land boom in Florida helped develop almost all the state’s major cities.
During the pandemic, house price changes sped up so much because people could work from home or be fired, leaving them less tied to their home state. As a result, home prices in the top cities with the fastest-growing homes rose by over 1 million dollars over the last 12 months.
Top 10 cities with the fastest-growing home prices in Florida
| City | Metro Area | Typical home value | 1-year price change | 5-year price change |
|---|---|---|---|---|
| Jupiter Island | Port St. Lucie | $8,321,638 | +$2,285,082 (+37.9%) | +$3,539,628 (+74.0%) |
| Golden Beach | Miami – Fort Lauderdale – West Palm Beach | $5,854,937 | +$1,337,016 (+29.6%) | +$1,728,942 (+41.9%) |
| Manalapan | Miami – Fort Lauderdale – West Palm Beach | $4,237,312 | +$1,324,061 (+45.4%) | +$1,972,046 (+87.1%) |
| Boca Grande | Cape Coral – Fort Myers | $3,488,848 | +$1,147,081 (+49.0%) | +$1,833,499 (+110.8%) |
| Jupiter Inlet Colony | Miami -Fort Lauderdale – West Palm Beach | $3,331,776 | +$1,135,273 (+51.7%) | +$1,788,264 (+115.9%) |
| Lake Buena Vista | Orlando – Kissimmee – Sanford | $4,491,342 | +$1,042,625 (+30.2%) | +$1,778,835 (+65.6%) |
| Fisher Island | Miami – Fort Lauderdale – West Palm Beach | $3,749,845 | +$938,315 (+33.4%) | +$834,291 (+28.6%) |
| Golf | Miami – Fort Lauderdale – West Palm Beach | $2,761,354 | +$897,271 (+48.1%) | +$1,284,496 (+87.0%) |
| Gulf Stream | Miami – Fort Lauderdale – West Palm Beach | $2,651,937 | +$852,487 (+47.4%) | +$1,229,733 (+86.5%) |
| Anna Maria | North Port – Sarasota – Bradenton | $2,322,598 | +$801,624 (+52.7%) | +$1,263,698 (+119.3%) |
