2020 has brought many unexpected twists and turns to the financial and real estate markets. Due to the uncertainty created by the coronavirus pandemic, the U.S. economy and world economy at large have suffered severe losses. However, it’s not all doom and gloom in the U.S. real estate market. In fact, there are many real estate bright spots in American cities. Thanks to the Federal Reserve reducing interest rates to the lowest they’ve ever been, mortgage rates are at an all-time low — and homebuyers are snapping up property at an unprecedented rate, especially in the hottest housing markets.
If you’re a homeowner considering selling your house, find out whether you’re located in one of the hottest housing markets across the U.S. right now.
Overall, the Utah housing market has been steadily booming for several years now; however, the Provo metro area, in particular, is experiencing substantial growth. If you want to grab a home in Provo, you better be ready to move quickly — according to Zillow, the average home spends just 14 days on the market!
In addition to the fast-moving inventory, the area has seen a 7.9% increase in median home value in the past year alone. In fact, home sales in Provo have grown by 20.3% in the past two years. From an average sales price of $375,800 in September 2018 to a jump of $452,154 in September this year! This is all good news for homeowners in Provo!
Fueled notably by Californians looking for affordable housing and more square footage, the Boise metro area is one of the hottest real estate markets in the U.S. right now. The price for a single-family home in the Boise area has surged by $80,000 in the past two years alone. Increasing the median sales price by 20%, to $430,000.
Not only has the sales price increased exponentially, but the inventory of available homes has dropped significantly. As of September 20202, the Boise metro area had just 462 homes for sale! If you’re a seller in Boise, your home is in high demand.
Tulsa’s housing market has experienced a whopping 33% increase in the median sales price over the last two years. From $219,833 in September 2018 to just over $290,000 as of September 2020. Not only are home prices in Tulsa increasing, but they aren’t staying on the market long either! In 2018, single-family homes spent an average of 36 days on the open market, compared to just 11 days in September 2020.
Located just north of Austin, the Killeen metro area housing market is extremely hot right now. With single-family homes increasing in value by 18% over the past two years, it’s a great place to be a seller right now. It’s also a good option for buyers, too, with a median list price of just $252,540, making it one of the most affordable major markets.
However, if you want to grab a bargain in the Killeen real estate market, you have to move quickly. As of September 2020, the median number of days on the open market was just 15 days!
As many other major Pennsylvania metro areas have been experiencing population declines, Allentown has seen substantial growth. In Allentown, home prices have been steadily rising over the past few years, with a 20% increase in the past two years alone.
While the home values have been going up, the inventory has been experiencing steep declines. In fact, since 2018, the available home inventory has decreased by a whopping 62.2%! If you want to bag your dream home in Allentown, you need to be quick off the mark!