Last year at this time, the number of homes for sale in America hit a 20-year low.
There’s no denying that the Covid pandemic had a drastic effect on the value of homes and the number of prospective buyers. But as we start to put that behind us, certain markets are starting to recover faster than others.
Today, we’ll discuss some of the hottest housing markets in the country. No matter if you’re buying a house or selling a house, knowing where the best action is can help you decide on a course of action. Read on and get a better sense of where you stand.
Austin, TX
What makes Austin a desirable place to live? It’s a lot more than big city amenities and nice weather. Recently, it’s become home to a vast number of tech companies, which has really stimulated the economy.
The median house price in Austin is $620,000 – 4% above pre-pandemic levels. It takes just 46 days for a sale to go through, on average.
Tampa, FL
Tampa has been a hot real estate market for years, despite the annual risk of hurricane damage. Homes are generally affordable, as they are in many of Florida’s big cities.
The difference with Tampa’s real estate market has been in its job growth over the past few years. Since the start of 2021, Tampa has added thousands of jobs, mostly in the tech sector.
Nashville, TN
As with Tampa, Nashville has experienced a major resurgence in the last several years. Year after year, you find it on lists of the best places to live in America, and you can see why.
It’s got a top-3 job market in the country and the jobs are in a wide range of industries, from music to healthcare. The median house price in Nashville is about $430,000, which is 7% above pre-pandemic prices.
Raleigh, NC
Raleigh experienced major growth during the pandemic. More jobs and more flexible work opportunities brought more people to Raleigh and there are no signs of slowing down.
The problem facing this hot market right now is inventory. With so many new buyers over the last few years, the inventory has dropped off. Bad news for buyers, but great news for those looking to sell in Raleigh.
Other Markets to Watch…
Housing markets all over the country are booming, due mostly to economic growth and amenities. Here are a few more honorable mentions to keep an eye on:
- Denver, CO
- Phoenix, AZ
- Richmond, VA
- Charlotte, NC
- Pittsburgh, PA
- Philadelphia, PA
- Jacksonville, FL
- Kansas City, MO
- Atlanta, GA
- Dallas, TX
Are You In One of the Hottest Housing Markets?
Just because we’re in the middle of a resurgence isn’t to say that it’ll be easy to sell your house or find a new one at the right price. It can be tricky to navigate these markets, especially when you’re trying to keep costs down.
One way to subvert market challenges is to sell your home to a cash buyer. At ibuyhomes.com, we can give you a fair cash offer on your home in a matter of minutes. All you need to do is fill out our secure online form and you’ll be able to cut out realtor fees and maintenance costs, keeping more money in your pocket.
