Now sheвЂ™s hearing from people who want to flee from high-tax states, like California-which she says is an area of the country that more of her customers are coming from, a shift from traditional origins like Canada, the United Kingdom or other parts of Florida. Usually, Lefevre would get calls from buyers вЂњhysterical after big snowstormsвЂќ desperate to escape more harsh winters. Not only are higher prices turning heads, but the type of buyers (and why theyвЂ™re buying in Naples) is also a departure from times past.

But thereвЂ™s so much demand that sellers can ask for cash-only and theyвЂ™re getting it,вЂќ Lefevre says.ДЇor buyers who want to take advantage of todayвЂ™s low-interest rates while keeping their cash on hand, they often buy with cash and then refinance into a mortgage later. вЂњItвЂ™s not uncommon for a sellerвЂ™s listing to have remarks that state вЂcash-only.вЂ™ The newer agents have never seen this side of the market, they think itвЂ™s weird that sellers will only take cash. In fact, LefevreвЂ•whoвЂ™s been selling real estate in Naples for almost two decadesвЂ•says thereвЂ™s so much action in the local real estate market, not only is cash king, itвЂ™s often the only deal sellers will take. Wood Properties in Naples, has seen competitive markets in the past, she describes the current surge in buyers and offers as вЂњbreathtaking.вЂќ It shot up to 15.6% in June 2021, according to analysis from the American Enterprise Institute.ДЄlthough Shannon Lefevre, PA, a broker associate at John R. This is a huge return on investment, especially when you consider that since 2013 overall home price appreciation has bounced between 4% and 7.7%. Although the area is home to just under 400,000 residents, the population has been steadily increasing over the past two decades.ДЇolks who bought homes in 2019 at the median sales price in the Naples-Immokalee-Marco Island area saw a $171,000 equity boost in just two years. Miami-Ft Lauderdale-W Palm Beach (Florida)Д¬ash-only for Area With Fastest Growing Home PricesДЄccording to data from the National Association of Realtors, the metro area with the highest growth in YOY median sales price from 2019 to 2021 was Naples-Immokalee-Marco Island in Southwest Florida. Riverside-San Bernardino-Ontario (California) The results speak for themselvesвЂ•while price gains differed by area, each one experienced significant growth. To find out just how much wealth homeowners accrued over the past couple of years, we looked at the median home prices of single-family homes in 20 of the fastest-growing metro areas. вЂњTodayвЂ™s buyers are paying over $100 more each month than they would have at this time last year,вЂќ Hale said in the report. While mortgage rates are lower than they were last year, itвЂ™s not enough to offset the rising home prices, says Danielle Hale, chief economist at. Just last week, we saw double-digit price growth for the 50th consecutive week, signaling one of the strongest home price appreciation years on record, according to вЂ™s Weekly Housing Trends Report for the week ending July 24.ДЄnd in April, which is traditionally before peak homebuying season begins, the year-over-year (YOY) growth rate hit 17.2%, the largest gains since 2013, when began tracking the data.

If you held onto a house you bought in 2019, you probably saw the value soar.

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