These cities saw home prices triple. Then what happened?

(NEXSTAR) – When the pandemic hit, the line on the graph of ever-increasing home prices suddenly shot up to an even steeper trajectory. By 2022, at least 13 major U.S. cities had seen home values go up by more than 200% – i.e. triple – since 2000.

But the past year has been different. As the Fed has worked to tamper inflation, interest rates have gone up (and up and up), and the over-asking bidding wars may have reached a ceasefire.

What happened in those cities that saw their home prices triple in just about 20 years? Real estate brokerage Clever checked back on the data in 2023 and found that home prices in most of the major cities have been staying flat. In one city, they’re even going down.

San Francisco, for example, had a typical home value of $356,800 in 2000. It shot up to $1.4 million in 2022 – nearly quadrupling.

But from 2022 to 2023, prices dropped by just a hair. According to Clever’s analysis, the typical home value in San Francisco is down 1.6% compared to this time last year.

While home prices may be going down or staying pretty flat in the major cities that previously saw home prices more than triple, there are two big exceptions, both in Florida. Miami home values shot up another 16% from 2022 to 2023, the biggest of any major city. Tampa saw prices jump another 12% in one year.

Check out the chart below to see how prices have been changing in the 13 cities that saw home values triple from 2000 to 2022:

Outside of major cities, the data tells a different story. Mid-sized cities like Jacksonville and Orlando, Florida; Oklahoma City; Hartford, Connecticut; Richmond, Virginia; Columbus, Ohio; and Nashville, Tennessee all had increases topping 10% in just one year.

The national average has gone up by 8.7% between 2022 and 2023.