Riyadh – Asdaf News:
The value of American homes has generally increased consistently over the past few decades. Yet, certain places, including Austin, Texas, have done much better than others.
Austin is ranked first out of 400 cities in terms of average home price growth since 1998, according to a recent SmartAsset research. Home values climbed on average by 154% across all metro regions from the first quarter of 1998 and the fourth quarter of 2022.
Nonetheless, over the last 25 years, property values in Austin have increased by 354%. Only eight cities, including this one, had property values rise by 300% or more throughout that time.
Austin, a burgeoning tech hub, was a popular destination for emigration at the height of the pandemic, although property values there had already been gradually increasing for more than ten years.
Bend, Oregon, a small mountain community well-known for its accessibility to outdoor pursuits like skiing and hiking, is next. The city’s expanding population has made an already-existing housing shortage worse, which has raised home prices.
When the epidemic was at its worst, Boise, Idaho, was a favorite migration destination. Nevertheless, like Austin, prices had been soaring for years before it gained notoriety as a “Zoomtown.” Despite a recent decline, home values in this market are still up 306% over the past 25 years.
California dominated the list overall, accounting for eight of the top 15 cities for home price growth. It’s hardly unexpected that unmet demand has raised prices for existing properties, notably in Los Angeles and the San Francisco Bay Area, given that the state has the biggest housing scarcity in the nation.
Florida’s home prices have increased significantly over the years, with Miami and Naples ranking among the top 15 cities in the nation for price increases.
Yet, not all homes have been moneymakers, particularly in states in the Rust Belt like Michigan, Illinois, Indiana, and Ohio. Just 80% or less on average have home values risen in some cities since 1998.
Montgomery, Alabama, ranked last on the list, with home values growing by an average of about 60%. –cnbc
