Orlando was among the top markets for home-price gains during the 2010s, with prices more than doubling, according to research by Redfin.
According to Redfin, the median home price in Orlando increased 127%, from $114,369 at the start of 2010 to $259,723 at end of 2019.
While the home value growth was great news for homeowners in Orlando, it presents a major challenge for people looking to purchase their first homes here because income growth has not kept pace with home values. According to Redfin, annual median income growth was 127% in Orlando over the past decade.
"The housing market is ending the decade in a vastly different place than it began," said Redfin chief economist Daryl Fairweather. "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. 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."
Other markets around the nation with big gains in median home price over the 2010s include Fort Lauderdale (161%), Atlanta (103%), Las Vegas (137%), Oakland, California (122%), Phoenix (121%), San Francisco (102%), San Jose, California (111%), and Warren, Michigan (145%).
The highest median home price in 2019 was $1.41 million in San Francisco.
Markets with sluggish growth in median home prices during the 2010s include Baltimore; Buffalo, New York; Chicago; Cleveland; Hartford, Connecticut; Nassau County, New York; New Brunswick, New Jersey; Oklahoma City; Philadelphia; and Rochester, New York.