Re:The housing market needs more condos
by seanmcdirmid on Sunday February 13, 2022 @12:48AM
(#30319601)
If you looked at appreciation over 20 years in those cities (sans Mountain View), it might come out to less than 2.5X even if the last 5 years it was, especially when inflation is accounted for. Phoenix in particular:
This graph only goes up to 2019, so it is probably higher now, but that is one heck of a drop.
Also, it isn't strange that a lower cost market appreciates faster than a higher price one. If say houses were $100k in Phoenix after the crash in 2008, now they are $400k, that is 4X! At the same time, a $1 million dollar house in Boston after the crash is only $1.4 or 1.5 million now, only 1.5X.
https://i0.wp.com/arizonarealestatenotebook.com/wp-content/u...
This graph only goes up to 2019, so it is probably higher now, but that is one heck of a drop.
Also, it isn't strange that a lower cost market appreciates faster than a higher price one. If say houses were $100k in Phoenix after the crash in 2008, now they are $400k, that is 4X! At the same time, a $1 million dollar house in Boston after the crash is only $1.4 or 1.5 million now, only 1.5X.