Top 10 Hottest Housing Markets in The United States
So the housing market is in the dumps, is it? These 10 communities in the country are telling a completely different story as housing costs are going up. Never forget that while there are macro trends in real estate they do not affect all communities equally. The media will lump this nebulous concept of real estate into 1 big bucket because it makes things easy for them, but do not get sucked into their malaise.
Every real estate market is different, and in each real estate market you will have hundreds of micro trends. If the people in Salt Lake City were listening to the media they would be giving their homes away, but instead they are enjoying a 21 percent increase in value.
You should take that as a lesson and find out exactly what is happening in your town or city before listing, you maybe surprised that the bleak news coming from your television bears no resemblance to the reality of the realty market.
Top 10 Hottest Housing Markets in The United States
- Salt Lake City, Utah
- Median Home Price: $233,100
- One-Year Increase: 21.9%
- Binghamton, N.Y.
- Median Home Price: $111,200
- One-Year Increase: 19.8%
- Salem, Ore.
- Median Home Price: $227,900
- One-Year Increase: 16.7%
- Farmington, N.M.
- Median Home Price: 201,900
- One-Year Increase: 14.0%
- Allentown-Bethlehem-Easton, Pa.-N.J.
- Median Home Price: $274,500
- One-Year Increase: 12.8%
- Beaumont-Port Arthur, Texas
- Median Home Price: $127,700
- One-Year Increase: 11.8%
- Reading, Pa.
- Median Home Price: $157,800
- One-Year Increase: 11.2%
- Glens Falls, N.Y.
- Median Home Price: $175,700
- One-Year Increase: 10.7%
- Spokane, Wash.
- Median Home Price: $197,700
- One-Year Increase: 10.4%
- Cumberland, Md.-W.Va.
- Median Home Price: $109,300
- One-Year Increase: 9.3%
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Comment by Robert Coté on 12 November 2007:
SLC +21%? BS.
http://www.housingtracker.net/askingprices/Utah/SaltLakeCity/
http://housing-watch.com/regionview.aspx?city=Salt-Lake-City&pct=50&g=m
Kool-Aid.
Comment by deansguide on 12 November 2007:
Tom or Tommy?
The significance of this list is that these are mostly small market towns, regional in demographic nature where most of the people are native to that region.
In seems to give hope or add to fear depending upon your take on this list.
Hope would come in the idea that if the Spokane, Washingtons of the world can see solid appreciation and growth then the rest of the hotter markets may come back sooner than expected.
On the other hand, fear might be in order when you consider how far down the real estate food chain of property value we have to go for any signs of positive movement.
dean
Comment by Mike on 17 November 2007:
Lived in Binghamton for nearly 12 years back in late 80s early 90s. That’s about when the “boom” went bust. Houses were as much as 30% over inflated at that time then IBM, Singer Link and others pulled out after their govt contracts shriveled up.