Houses for sale in the United States have been moving quickly. The housing inventory is at a low that hasn’t been seen in the United States since the 80s. When the housing inventory is low, it can mean a headache for buyers in the market. Sellers love it. There isn’t enough inventory to meet to demand so sellers are often receiving multiple offers from different buyers and many times they end up getting more than their asking price. While the numbers across America are similar, there are some places where the real estate market is hotter than others.
The Phoenix area tops the list according to most real estate experts. The reason for the Phoenix boom is due to its rapid growth. During the past year home values rose 24% and are projected to rise even more.
The real estate market in Las Vegas is also on fire this year. Sin City made an impressive comeback from the recession. Home values are on the rise and went up an impressive 7% in the last quarter. Part of the success of the Las Vegas housing market is thanks to local job growth. The unemployment rate in the area is now 9.8%. While that is higher than the national average, it is a significant improvement from their previous unemployment rate of 12.1%
Another real estate market burning up is the one in Austin. Similar to the rest of the country, Austin is experiencing a low housing inventory. In addition to that, many people are moving from outside Texas to the Austin area thanks to the quality of life that the city provides. Homeowners in Austin are very happy, some recent real estate transactions ended with them receiving $10,000 to $20,000 more than their asking prices.
Austin isn’t the only Texas city experiencing a strong real estate market. Houston’s real estate market is also standing out in the nation. Houston has reported two straight years of positive sales. Home sales have increased nearly 30% within the past year. In addition to increased home sales, home prices are also on the rise. Last month the single-family home median price reached a historic Houston high at $188,000.
Houses are also moving quickly in Portland. So much so that real estate agents in the area have to actively look for listings. They have started to engage in cold calling in order to beat their competition to desirable property. Portland has a low housing inventory that it hasn’t seen since 2006 and over the past year the average sale price rose 7.5%.
No matter where you are looking to buy in the United States, it’s important to act quickly. Most real estate markets are low on quality properties for sales so if you find something you like, don’t hesitate. If you are a seller, the world is your oyster. You could experience the national trend of making a significant amount of money on your home sale.