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Sticker shock: Home prices doubled in under 7 years in these major U.S. cities

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Sticker shock: Home prices doubled in under 7 years in these major U.S. cities

(NEXSTAR) – Stunned by skyrocketing home prices? You’re not alone.

In 68 of the largest U.S. cities the average price has more than doubled in less than 10 years, a recent study by Point2Homes found.

“A common home appreciation theory is that residential properties tend to double in value in about 10 years,” the study notes. “But this good news for investors spells bad news for buyers, considering that most of the country’s major cities had home prices double even faster than that.”

Recent buyers in Spokane, Tampa, and Buffalo, for instance, may look back wistfully to 2017 when the average price was less than half of what it is now.

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As recently as 2019, homes in Detroit, where prices have doubled the quickest, were half what they are now, the study found.

Looking at home prices in recent years may be the most painful for new homeowners in Irvine, California, however, which was the most expensive housing market on the list, jumping from $750K to $1.5 million in seven years.

In terms of overall highest prices, eight of the top 10 most expensive U.S. cities in the fourth quarter of 2023 were in California, led by San Jose-Sunnyvale-Santa Clara ($1,750,300), San Francisco-Oakland-Hayward ($1,251,000), Salinas ($993,900) and San Diego-Carlsbad ($931,600), according to National Association of Realtors data.

See the top 20 cities when it comes to home prices doubling in the shortest amount of time:

Rank City Years It Took To Double
1 Detroit, MI 4.9
2 Spokane, WA 5.9
3 Tampa, FL 6
4 Miami, FL 6
5 Baltimore, MD 6.1
6 Scottsdale, AZ 6.2
7 Buffalo, NY 6.4
8 St. Petersburg, FL 6.6
9 Jersey City, NJ 6.8
10 Phoenix, AZ 6.8
11 Gilbert, AZ 6.8
12 Mesa, AZ 6.9
13 Cleveland, OH 6.9
14 Charlotte, NC 7
15 North Las Vegas, NV 7
16 Chandler, AZ 7
17 Cincinnati, OH 7
18 Boise, ID 7.1
19 Milwaukee, WI 7.1
20 Tucson, AZ 7.1
(Credit: Point2Homes)

In February, 2024 home prices across the country were up 6.4% year-over-year, according to Redfin, with an average sale price of $411,887.

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Cleveland, Ohio led all metros in growth last year (25.5%), followed by Birmingham, Alabama (24.4%); Boca Raton, Florida (22.5%); Richmond, Virginia (19%); Fort Wayne, Indiana (18.6%); Dallas, Texas (16.9%); Miami Beach, Florida (16.7%); Cincinnati, Ohio (15.9%); Meridian, Idaho (15.6%); and Lexington-Fayette, Kentucky (15.5%).

“Homeowners have benefited from housing wealth accumulation. However, many homebuyers have been shocked at high housing costs, with a typical monthly mortgage payment rising from $1,000 three years ago to more than $2,000 last year,” said NAR Chief Economist Lawrence Yun.

Amid persistently high prices, prospective home buyers have at least one source of hope this year, thanks to a bombshell legal settlement.

In March, the National Association of Realtors announced that it had agreed to pay $418 million to settle lawsuits over commissions traditionally tacked onto the home-buying transaction.

The new rules also allow home buyers and sellers to negotiate lower agent commissions instead of the typical 5-6% of the sale that is currently split by brokers on both sides of the deal.

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Changes to the rules will take effect in mid-July.

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Los Angeles, Ca

11-year-old to graduate from Southern California college, break record

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11-year-old to graduate from Southern California college, break record

Eleven-year-old Athena Elling will graduate from Irvine Valley College this week and become the youngest to do it, breaking her own brother’s record.

Athena, whose family is from San Juan Capistrano, is set to graduate with an associate degree in liberal arts on Thursday.

When she does, she will be about six months younger than her brother Tycho Elling was when he set the school’s record last year.

  • Athena Elling is seen in an image provided by Irvine Valley College.
  • Athena Elling is seen in an image provided by Irvine Valley College.

Athena said it was because of her brother that she began taking classes at the college.

“So I chased my brother, who I am very competitive with, all the way into calculus because he really liked math,” she said.  

Math was not Athena’s favorite subject but she found plenty of other courses that captured her interest.

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“I just started taking classes … There is so much variety and since I really liked acting I can take all the really fun classes to help me with that,” she said.

Athena’s father is a software engineer and her mother was a high school chemistry teacher who became a children’s author.

“I am both proud and a little bit in awe of my own children. That they’ve already developed so well,” Christina Chow said. “I wish I could say what the secret sauce is and I feel like I don’t know … I feel very blessed to have these children.”

Tycho is now a junior at UC Irvine but Athena is planning to remain at Irvine Valley College and complete a second associate degree. 

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Los Angeles, Ca

Gunman flees deadly shooting in Rowland Heights neighborhood

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Gunman flees deadly shooting in Rowland Heights neighborhood

Deputies are searching for at least one gunman after a man was found dead in a Rowland Heights neighborhood in an unincorporated area of Los Angeles County overnight.

The shooting was reported around 10:20 p.m. Tuesday in the 2500 block of Doubletree Lane.

Deputies responding to the residence near the end of a cul de sac found a man suffering from a gunshot wound to his neck, the Los Angeles County Sheriff’s Department stated in a news release.

Deputies investigate a fatal shooting in Rowland Heights on May 21, 2024. (KNN.News)

The unidentified victim was pronounced dead at the scene.

The suspect, or suspects, fled the location in an unknown direction.

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Authorities have not announced a motive for the shooting.

Andres Arevalo, who lives nearby, said that news of the shooting in his neighborhood surprised him.

“This is a little bit shocking … Kind of scary because I’ve got my kids here so we’re definitely going to be locking the doors,” Arevalo said.

Several surveillance cameras located in the neighborhood may help with the investigation.

Anyone with information was asked to call the Sheriff’s Department at 323-890-5500. Those who prefer to remain anonymous can contact Crime Stoppers at 800-222-8477.

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Mini-bikers busted after Hollywood Boulevard brawl with actor Ian Ziering

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Mini-bikers busted after Hollywood Boulevard brawl with actor Ian Ziering

Two people have been arrested in connection with a brawl on Hollywood Boulevard that involved actor Ian Ziering, best known for his role in “Beverly Hills 90210,” on New Years Eve last year, authorities announced Tuesday.  

The fight broke out near Hollywood Boulevard and Highland Avenue at around 3 p.m. after a confrontation between Ziering and a member of a minibike gang over possible damage to the actor’s vehicle.  

Much of the chaotic confrontation was captured on cellphone cameras with video of the brawl involving the “Sharknado” actor first being released by TMZ.  

The footage showed Ziering confronting and shoving one of the minibike gang members who was blocking his vehicle before three to four additional bikers jumped into the fray, one of them throwing a punch that appeared to hit the actor in the face. 

“One of the minibike riders is captured swinging an object at the victim, nearly striking him,” the Los Angeles Police Department said in a news release. “After the assault, the minibike riders vandalized the motorist’s vehicle while his 10-year-old child remained in the front seat.”  

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In another video, Ziering is seen consoling his daughter in the street when the group eventually backs off and leaves the scene. 

Neither Ziering nor his daughter were injured during the incident, police added.  

Ian Ziering shared details about his Hollywood attack. (Instagram/ianziering)

On Jan. 1, the now 60-year-old actor addressed the incident on social media.  

“While stuck in traffic, my car was approached aggressively by one of these riders leading to an unsettling confrontation,” Ziering posted to Instagram. 

He went on to describe the incident as “hooliganism” and called for “effective law enforcement” to help solve what he thinks is a larger issue. 

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“We must address the underlying issues that lead to such disruptive behavior and ensure that our streets are safe for everyone. I urge city officials and law enforcement to take decisive action against such lawlessness and provide the necessary resources to prevent future occurrences,” Ziering stated. 

During their investigation, detectives with LAPD’s Hollywood Division used the video and additional information gathered from witnesses to identify two of the suspects, now identified as 20-year-old Rosemead resident Jacob Esteban Hernandez and 40-year-old L.A. resident Angie Teresa Guizar.  

Both were taken into custody at around 6 a.m. on May 21 after officers with the LAPD’s Metro Division served warrants at two separate residences.  

Hernandez was booked for felony vandalism, with bail set at $50,000. Guizar was booked on assault with a deadly weapon, with bail set at $30,000.  

Anyone with information about the incident is urged to contact LAPD Detective Douglas Hall at 213-927-2971. Those wishing to remain anonymous can call L.A. Regional Crime Stoppers at 800-222-8477 or leave tips online at www.lacrimestoppers.org.  

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