Treasure Coast city ranked No. 3 nationwide for home price increase over past decade

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Treasure Coast city ranked No. 3 nationwide for home price increase over past decade

Port St. Lucie ranked No. 3 out of 122 mid-sized U.S. cities in the largest increase in home prices over the last decade, according to a Construction Coverage study.

The city saw a 175.9% increase in home prices from 2014-24, substantially out-growing national averages and standing out against other Florida cities in the real estate market, according to the

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The median home price increased by $251,491, from $143,013 in 2014 to $394,504 in 2024, while the median household income was $74,928.

Port St. Lucie was one of eight Florida cities that saw over 190% price increases — about double the national average. That put Florida No. 2 among 15 states, with a 132.2% increase.

Pine Hill ranked No. 1 with a 280% increase from $74,000 in 2014 to over $281,000 today.

The study compared each city’s median home value over the decade and calculated the percentage change in median home price over those 10 years, then ordered the cities by their percentage change, among other criteria.

Oak Ridge Ranches: County has approved over half the developments

Three Corners:

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The coronavirus pandemic dramatically accelerated home price growth, That’s because housing demand surged as remote work became more prevalent and people sought more spacious living environments.

Simultaneously, supply chain disruptions and labor shortages constrained new home construction, further driving prices upward.

Meanwhile, the Great Recession of 2008 devastated housing values. The subsequent recovery and the pandemic’s unprecedented economic effects created a perfect storm for home price increases.

Here’s the percentage of the top 10 price increases:

A rental apartment complex in Port St. Lucie.

1. 183.5: St. Petersburg, Florida

2. 182: Hialeah, Florida

3. 175.9: Port St. Lucie, Florida

4. 175.2: Buffalo, New York

5. 164.5: San Bernardino, California

6. 163: Bellevue, Washington

7. 162.7: Paterson, New Jersey

8. 162.6: Tacoma, Washington

9. 160.8: Grand Rapids, Michigan

10. 159.4: Boise City, Idaho

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is TCPalm’s general assignment reporter. Contact her at *****@*****.tld.

This article originally appeared on Treasure Coast Newspapers:

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