The real estate sector is constantly evolving, with price trends offering invaluable insights into economic changes, local demand, and wider market dynamics. The dramatic shifts during the COVID-19 pandemic particularly impacted the housing market, with a rush for homes that is still felt today. The Port St. Lucie metro area in Florida exemplifies these changes. Although increased mortgage rates have somewhat slowed the market, certain areas are witnessing substantial price variations.
Using data from Zillow, this analysis dives into the cities experiencing rapid changes in home prices within the Port St. Lucie metro area over the past five years.
#10. Jensen Beach, FL
Jensen Beach has seen a remarkable increase in average home values of 56.6% over five years, reaching $441,582. However, the last year recorded a decline of 3.4%, equating to a $15,706 decrease in value.
#9. Sewalls Point, FL
Home prices in Sewalls Point have surged by 77.4% over the last five years, with current values typically at $1,299,886. This past year has seen a slight 0.9% decrease, amounting to a $12,451 reduction.
#5. Hobe Sound, FL
With a home value of $512,442, Hobe Sound experienced a 1.5% decrease, a reduction of $7,889 last year, but it’s important to note the 63.9% growth over five years.
#3. Fort Pierce, FL
Fort Pierce’s average home value stands at $267,151, with a 1.5% drop last year ($4,151). Over five years, however, it shows a strong increase of 66.3%.
#2. Port Saint Lucie, FL
The city of Port Saint Lucie saw a 0.9% annual decline ($3,668), but boasts a tremendous five-year increase of 65.2%, bringing home values to $391,763.
#1. Jupiter Island, FL
Leading the list, Jupiter Island experienced an astounding 73.7% rise over five years, with typical home prices now at $9,399,460. Interestingly, it’s the only area with gains last year, albeit a modest 0.1% ($10,372).
While the U.S. has experienced moderate growth, the average home value reaching $356,776—an annual increase of 2.6%, the Port St. Lucie metro area’s diverse outcomes underline a complex interplay between persistent demand and the cooling influence of increased mortgage rates. For insights on current home buying trends, explore how Port St. Lucie attracts buyers from major metros. Additionally, those keen on real estate could benefit from understanding the most expensive homes currently for sale in the area.
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