Since the recession and 2008 housing market crash that came before that, the economy has recovered and is enjoying steady growth. People have now gone back to being interested in hearing about the hottest real estate markets out there.
The start of 2012 marked the beginning of low-interest rates, an improved job-market and lower new-home construction rates. This then resulted in the demand of housing outpacing the supply, causing an increase in the cost of homes countrywide.
Despite cool down worries, however, the housing markets are still holding on strong. Let’s take a look at some of the hottest areas in the country today.
The Central Valley of California houses a place known as Visalia, which happens to be among the state’s most affordable cities. The prices of homes in this part of town are much lower than compared to what you’ll find in San Diego, Los Angeles and the Bay Area.
In fact, a lot of young families usually go back to Visalia after they’re through with college to look for homes they can afford to buy. The recent growth of the city comes with plenty more amenities that are, in turn, helping attract new residents as well as helping encourage the old ones to stay put.
- Median List Pricing: $270,200
- One-year list price change: 5.5%
- Sale-to-list price ratios: 97.5%
- Average inventory age: 63days
Tucson, the southeast desert town in Arizona was one of the places that the 2008 recession hit really hard. Housing prices plummeted in this region badly. However, a robust job market alongside steady growth in the area has managed to give the real estate market a breath of new life.
Several large employers (the likes of Raytheon Missile Systems, Davis-Monthan Air-Force Base, the University of Arizona and such), a substantial rental population that comes seasonally and a large student population, have greatly contributed to strengthening the real estate market in Tucson
- Median List Pricing: $254,500
- One-year list price change: 4.4%
- Sale-to-listing price ratio: 97.5%
- Inventory’s average age: 57days
Northern Utah has several cities that have experienced both home prices and large population growth in the past couple of years and Provo happens to be one of these cities. The city is situated forty-five miles from Salt Lake City towards the south and it has been flanked to the west by the Utah Lake and to the east by the Wasatch Mountains
Families that are in pursuit of active lifestyles are enticed by how conveniently one can access outdoor recreational activities. Simultaneously, academics continue to get attracted to Brigham Young University, which is responsible for bringing a wide array of cultural functions and events to the region.
- Median list pricing: $358,105
- One-year list change price: 2.7%
- Sale-to-listing price ratio: 101%
- Inventory’s average age: 50days
Killeen’s metro area in Central Texas happens to be one of America’s fastest-growing cities, thanks a lot to Fort Hood, a local army base. This metropolitan flaunts a robust and growing economy, much of which typically revolves around the said local military base.
Killeen is known to play host to a wide range of recreational and cultural opportunities, including outdoor parks, farmers’ markets, theaters, and museums. Fortunately for those that live in Killeen, this particular town’s living costs are way lower as compared to those of their neighboring town, Austin.
- Median list pricing: $190,700
- One-year list price change: 9.4%
- Sale-to-listing price ratio: 99.5%
- Inventory’s average age: 65days
A lot of millennials are moving away from the expensive cities such as Portland, Seattle and San Francisco, and opting for the much more affordable midsize metropolitans the likes of Boise. The recent increase of new residents has resulted in high demand for housing resulting in many sellers selling a house for cash.
Good schools, abundant recreational activities and low crime rates are the biggest things that help attract the new resident that seems to not be able to handle the high cost of living of the larger, higher-priced metro regions.
- Median list pricing: $324,233
- One-year list price change: 9.1%
- Sale-to-listing price ratio: 99.4%
- Inventory’s average age: 47days
Grand Rapids, Michigan
Grand Rapids is Michigan’s second-largest city and it has the fastest-growing metro area in the region, according to the information provided by the Census Bureau. The large millennial population found in this metropolitan is a sign of how many potential first-time owners there are in the area.
Furthermore, Grand Rapids’ growing and healthy economy helps make the area generally a very attractive place to both live and purchase a home.
- Median list pricing: $256,970
- One-year list price change: 7.4%
- Sale-to-listing price ratio: 96.5%
- Inventory’s average age: 66days
In recent years, the Pacific Northwest has witnessed a steady increase in home prices, and Salem is one of the areas where this is happening. Although home prices are much higher than what they were a couple of years back, Salem still remains to be way cheaper than nearby Seattle and Portland.
The relative affordability of this capital city helps make it an extremely attractive alternative to the millennial and young family looking to settle down and finally purchase a home they can all live in.
- Median list pricing: $320,100
- One-year list price change: 5.5%
- Sale-to-listing price ratio: 97.7%
- Inventory’s average age: 56days
Finding the Hottest Real Estate Markets
Finding out where the hottest real estate markets are can sometimes be very hard to figure out. It takes a lot of time, research and expertise to determine the most lucrative places one can invest in and that’s why we’re here today.
Affordability has always been, and will still continue to be, the motivating factor that’ll lead to most people being interested in a particular housing market. Hopefully, this article has helped show you why.