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There’s that “bubble” word. If you’re looking to buy or sell a house right now you know what’s been going on with the Fort Myers, and really all of the Southwest Florida, real estate market. Honestly, I thought Naples was bad, especially when I saw this:

A nearly 1.5-acre beachfront property in Naples sold April 6 for $36 million, making it the highest sale this year in...

Posted by Tim's In the Know on Tuesday, April 26, 2022

 

An 8.9 million dollar increase in 5 months. That’s one hell of a 5 month return. But here’s the crazy part. Percentage wise, The Fort Myers real estate market is seeing a higher increase in prices. According to Zillow, 12 US markets have seen an increase of 50 or more percent in home values over the past 2 years. Of those 12, four of them are in Florida. I keep hearing people say they are waiting for the bubble to pop, like in 2000, or ’08. But what if it never does? What if instead of a quick drop, there’s a slow decline or even a flat trend? And what if people continue to migrate to select areas, which is what’s happening right now. I know enough builders to know that part of the problem is they can’t build fast enough because they can’t always get the materials they need. If you can’t get trusses, you can’t build a roof….

So with list, it’s pretty clear where people are moving to. It’s not just inflation pushing up prices, it’s supply and demand. The average US home value increase over the past 2 years is 34%. That seems like a lot, and it is, but:

Here’s the 12 US housing markets with a 50% or more increase in average home values over the past 2 years (3/2020 – 3/2022).

  • Spokane, WA

    $290,495  (3/2020) to $434,526 (3/2022) a 50% increase

  • Salt Lake City, UT

    $394,245 (3/2020) to $589,622 (3/2022) a 50% increase

  • Provo, UT

    $379,755 (3/2020) to $569,027 (3/2022) a 50% increase

  • Raleigh, NC

    $289,088 (3/2020) to $433,065 (3/2022) a 50% increase

  • Port St. Lucie, FL

    $243,320 (3/2020) to $371,155 (3/2022) a 53% increase

  • Tampa, FL

    $230,727 (3/2020) to $352,962 (3/2022) a 53% increase

  • Ogden, UT

    $337,072 (3/2020) to $524,514 (3/2022) a 56% increase

  • Phoenix, AZ

    $288,922 (3/2020) to $453,110 (3/2022) a 57% increase

  • Fort Myers, FL

    $244,284 (3/2020) to $386,694 (3/2022) a 58% increase

  • Sarasota, FL

    $284,654 (3/2020) to $451,167 (3/2022) a 59% increase

  • Boise, ID

    $324,242 (3/2020) to $515,926 (3/2022) a 59% increase

  • Austin, TX

    $345,047 (3/2020) to $589,627 (3/2022) a 71% increase