Redfin Highlights Most-Changed Housing Markets of This Decade
row of houses in San Francisco

Redfin Highlights Most-Changed Housing Markets of This Decade

With all the talk about how the end of the year is near, it’s easy to forget that we’re also approaching a new decade: the 2020s. Given the milestone, the real estate site Redfin has released a new report looking at which cities and markets have seen the greatest changes since 2010.

It probably won’t surprise many to learn that the price of homes in San Fransisco has increased sharply over the past decade. Nevertheless the fact that the median has more than doubled since 2010 is still staggering. While the median price for a home in Northern California city was “just” $698,000 at the beginning of the decade, it’s now a whopping $1.4 million. That $711,000 increase marks the largest dollar value jump according in the study.

As for the city with the largest price increase percentage-wise, that crown goes to Fort Lauderdale. In 2010 the median cost was $106,000. However that increased by 161% throughout the decade to reach $278,000. Meanwhile other Sunshine State markets Orlando and Miami also saw triple-digit rises, growing 127% and 106% respectively.

Elsewhere Redfin also highlighted some interesting yet less obvious stats about certain markets. For example Salt Lake City took the title for “steepest drop in home supply” With the average SLC resident staying in their home for 23 years, the market there has grown more competitive as the number of listings has declined. As a result one-third of homes in the Beehive State capital now sell for more than list price compared to one-in-four in 2010.

Also notable is the market of Las Vegas where Redfin has observed a major contrast between home prices and incomes. In “Sin City,” the median home price has increased by an average annual rate of 14.1% since 2010. Sadly the median income in the city has declined at an average annual rate of 0.4% during the same timeframe. This caused homeownership rates to drop midway through the decade and, while they’ve rebounded slightly, the current 53% is still below the 59% it started the decade off with.

Commenting on the housing evolution seen in the past 10 years, Redfin chief economist Daryl Fairweather said, “The housing market is ending the decade in a vastly different place than it began. In 2010, the market was in the middle of its greatest downturn in history: Home values were plummeting and the share of mortgages in delinquency was at an all time high.” In contrast, Fairweather notes, “Heading into 2020, home values have recovered along with the economy, and now many parts of the country are grappling instead with new challenges like high home prices and a lack of homes for sale.”

There’s no doubt that the housing market is in a much different place at the end of 2019 than it was at the beginning of 2010. Still it’s interesting to see where in America the largest changes have occurred. Of course, with economic uncertainty ahead, perhaps the report compiled in 2029 will tell another story for these cities and many more.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...