What makes the ideal housing market depends on who is looking for information. While someone is primarily focused on where to get a cheap home, others may have their eye on the highest possible selling price. Especially when buying real estate, you want to feel safe as the value increases and your investment pays off.
But how do you know which property markets will lead to better investments? US News has explored some of the key data points and broken down the group’s top 10 real estate markets for 2021.
To get a better picture of the markets, which are experiencing significant price growth, faster sales, and more sustainable housing stock in the market, the U.S.
News pulled in the latest available data from real estate news company Zillow. We looked at the average home sales price for November 2020, the last available month, and compared it to the average price for November 2019.
To mitigate the risk of a price spike due to out-of-stock levels that are currently occurring in many parts of the US, we also examined the markets with the lowest stock drop, based on data for December 2020 (last month). available for these dates) compared to December 2019.
Finally, we researched buyer interest and activity by looking at Zillow’s data on the average number of days in the market until the property is marked continuous sale for each market in December 2020.
We rated 96 metropolitan areas for which Zillow provides data in each category, then found the markets that ranked best in all three categories to identify the top 10 residential real estate markets right now.
Here are the major real estate markets in the United States
- Seattle.
- Tucson, Arizona.
- Sacramento, California.
- Cincinnati.
- Boston.
- San Francisco.
- Wichita, Kansas.
- Columbus, Ohio.
- San Jose, California.
- Ventura, California.
- Average home price: $ 565,710
- Price growth over one year: 16.19%
- Inventory growth compared to the previous year: -8.36%
- The average number of days waiting in the market: 21
Seattle
Seattle hasn’t been viewed as an affordable housing market for a while, but you can bet that interest in the metropolitan Pacific Northwest isn’t going to wane anytime soon. The median home price in November 2020 was $ 565,710, up 16.19% year over year.
Given the available inventory of homes for sale, the number is down more than 8% in December 2020 from December 2019. However, in many other metropolitan areas in the United States, that number means more sustainable housing supplies.
Although working from home has become the norm for many office jobs in the COVID-19 pandemic, rest assured that living in the Seattle area remains extremely high for the many people who want to work at corporate headquarters is desirable. From Amazon, Microsoft, or Starbucks.
Ventura, California
Located on the edge of the greater Los Angeles Common Metropolitan Area, Ventura is a great place for many who want to live in the dense parts of Los Angeles County.
The Ventura metropolitan area, which includes cities like Ventura, Oxnard, and Thousand Oaks, has more space at a lower average price than Los Angeles County and Orange County’s Los Angeles area, which averaged $ 726,501 in November.
The supply of available homes in Ventura has shrunk significantly year over year – by around 26% in December – meaning new buyers in the market must prepare for more competition.
The average number of days a property was on the market to be identified in Zillow was December 27, which can be a difficult buying environment right now compared to other property markets.