Florida Real Estate Markets Had Biggest Price Increase Rates

Out of 179 major US metro areas, 12 FLORIDA metro real estate markets posted the biggest growth rates in the median prices of single family homes sold in the last quarter of 2015, based on data from the National Association of Realtors (NAR).

 

With a growth rate of 25.2%, the Jacksonville, Florida metro area posted the biggest rate of increase over the year, with five other Florida metro areas occupying the top ten places in growth rates. All in all, 12 Florida metro real estate markets posted double-digit rates in price increases.

Nationally, price increases also were predominant as 145 of the 179 markets posted increases in median prices. This represented 81% of all metro markets studied.

Here’s a list of metro areas where the biggest rate of year-over-year price increases occured in the last quarter of 2015:

 

Rank Metro Area Rate of Increase in
Median Sales Price
1 Jacksonville, Florida 25.2%
2 Toledo, Ohio 21.2%
3 Punta Gorda, Florida 20.7%
4 Palm Bay-Melbourne-Titusville, Florida 18.7%
5 Topeka, Kansas 18.5%
6 Salem, Oregon 17.5%
7 Cape Coral-Fort Myers, Florida 16.1%
8 South Bend-Mishawaka, Indiana 16.0%
9 Port St. Lucie, Florida 15.7%
10 Ocala, Florida 15.6%
11 Deltona-Daytona Beach-Ormond Beach, Florida 15.2%
12 Boulder, Colorado 14.6%
13 Charleston-North Charleston, South Carolina 14.3%
13 Sebastian-Vero Beach, Florida 14.3%
14 Orlando, Florida 13.9%
15 Naples-Marco Island, Florida 13.4%
16 Palm Coast, Florida 13.3%
17 Denver-Aurora, Colorado 12.3%
18 Panama City-Lynn Haven-Panama City Beach, Florida 11.7%
19 Des Moines, Iowa 11.5%
19 Mobile, Alabama 11.5%
20 Elmira, New York 11.4%
21 Chattanooga, Tennessee-Georgia 11.3%
22 San Diego-Carlsbad-San Marcos, California 10.9%
23 Nashville-Davidson-Murfreesboro, Tennessee 10.7%
24 Raleigh-Cary, North Carolina 10.6%
25 Fargo, North Dakota-Minnesota 10.3%
25 Phoenix-Mesa-Scottsdale, Arizona 10.3%
25 Portland-Vancouver-Beaverton, Oregon-Washington 10.3%
26 Florence, South Carolina 10.1%

How Has the Tampa Bay Metro Real Estate Market Performed?

The TAMPA-St. Petersburg-Clearwater metro area also performed well, posting a year-over-year increase of 9.4% in median sales price.

Median Price 4th Quarter 2015 $175.10
Median Price 4th Quarter 2014 $160.00
Median Price 3rd Quarter 2015 $175.00

What About the Other Florida Metro Areas?

All other Florida metro areas studied posted good growth rates:

Tampa-St. Petersburg-Clearwater 9.4%
Lakeland-Winter Haven 9.2%
Miami-Fort Lauderdale-Miami Beach 7.9%
Pensacola-Ferry Pass-Brent 7.9%
Crestview-Fort Walton Beach-Destin 5.7%
Gainesville 3.2%
Tallahassee 1.2%

 

Affordability of Tampa Bay Homes

In the 3rd quarter of 2015, the Tampa Bay real estate market was the 85th most affordable market among the 179 major metro areas studied by NAR. In the 4th quarter, because of the big improvement in sale prices, the Tampa Bay metro area moved down to No. 91.

Compared to other FLORIDA metro areas, the Tampa Bay residential real estate market is the 6th most affordable housing market, based on fourth quarter 2015 home prices:

Rank Metro Area Median Price
1 Ocala $121,000
2 Deltona-Daytona Beach-Ormond Beach $152,000
3 Pensacola-Ferry Pass-Brent $164,000
4 Palm Bay-Melbourne-Titusville $165,000
5 Tallahassee $172,000
6 Tampa-St. Petersburg-Clearwater $175,100
7 Punta Gorda $178,000
8 Palm Coast $180,200
9 Gainesville $180,600
10 Crestview-Fort Walton Beach-Destin $185,000
11 Port St. Lucie $187,500
12 Panama City-Lynn Haven-Panama City Beach $189,900
13 Sebastian-Vero Beach $190,000
14 Orlando $205,000
15 Cape Coral-Fort Myers $220,500
16 Jacksonville $235,000
17 Sarasota-Bradenton-Venice $244,500
18 Miami-Fort Lauderdale-Miami Beach $286,000
19 Naples-Marco Island $423,500