A year ago, the median price of a home in Florida was $1.3 million.
Today, that number is $1,933,926, according to the latest available data from the Real Estate Board of Florida.
A little over half of Florida’s homes are now priced between $600,000 and $1 million, up from around 36 per cent a year ago.
It’s still cheaper than the national average of $2,874,500, but it’s not quite the same.
A year on from the financial crisis, the state’s median home price is up just over 3 per cent from its peak of $1 billion a year earlier.
That’s because Florida is booming again, according a recent report from the real estate website Zillow.
This year, the average price for homes in the Sunshine State is up a little over $700,000, which is about a 25 per cent increase from last year.
But Florida still has a lot of room to grow.
Zillows latest report shows the median home sale price in Florida rose 5.5 per cent to $1m in June.
In comparison, the national median home sales price was up just 4.9 per cent, but that’s still a pretty significant jump.
And the median prices of homes in other states are up as well, from $3.1 million to $4.4 million in June, which means Florida homeowners can expect to pay far more this year.
“The average Florida home is currently priced at $1mm higher than the average American home.
That is an extraordinary level of disparity,” said Rebecca Hahn, senior research fellow at Zillowers, the real-estate website.
“Florida has been experiencing record-breaking prices for years and the price disparity is only getting worse.”
And while Florida has been enjoying record high prices for the past few years, many people still don’t have the money to buy a home.
The median price in June was $3,857,500 in Orlando, a city with one of the most expensive real estate markets in the country.
The next-closest price was $2.5 million in Jacksonville, and in Miami-Dade, it was $4 million.
The cheapest spot in Florida, meanwhile, was in Jacksonville at $500,000.
The average cost of a house in the state is $929,000 per month, but the median is $664,500.
It is still well above the national price of $826,000 in June 2016.
“If Florida is going to remain in the same price range of $500k-$600k, it’s going to take a lot more than that to sustain a growth in the economy,” Hahn said.
The number of people with mortgages is also up.
The Florida rate of home mortgage delinquency is at an all-time high, and the median debt for first-time home buyers is almost $1million, according the Mortgage Bankers Association.
The foreclosure rate is also high, with about half of the state foreclosing on homes every month.
“A lot of people are struggling,” said Hahn.
“They’re still paying their mortgage on time, but they’re getting behind on paying down debt.”