Shopping for a Home in One of These Hot Markets? Get Ready for Competition
The hottest housing markets probably aren’t where you think they are.
According to the latest data from Realtor.com, America’s home buying hotspots aren’t major metros or huge, urban cities like most of us would assume. For the most part? They’re suburban markets — largely scatted across the West, Northeast, and Midwest parts of the country.
Are you currently on the hunt for a house? If your city’s on this list, you might be facing some stiff competition.
Colorado Springs, Colorado
Colorado Springs is the No. 1 hottest market in 2020, according to Realtor.com. Listing views in the city have jumped 38% over last year, and homes go under contract in a mere 13 days on average. The 80911 ZIP code is particularly hot.
Ohio’s Reynoldsburg is next on the list. Located just outside of Columbus, the city’s 43068 ZIP code has seen listing views rise nearly 70% over the year. The average price in the city is a mere $204,000.
Rochester, New York
With a median price point of $162,000, it’s no surprise that homes in Rochester sell in just 18 days. Views are up 44% over the year in the city’s 14617 ZIP code.
Homes in Springfield aren’t cheap, but they certainly do sell fast. In the 22152 ZIP code, the average house goes under contract in just one week. Listing views have jumped 41% for the year.
Views on Topeka listings have increased by almost 100% since last year, and homes are selling in a mere 19 days. The median list price in the area is just $184,000 — well below the national average.
Some other cities that made Realtor.com’s hottest markets list include:
- Melrose, Massachusetts (02176 ZIP code)
- South Portland, Maine (04106 ZIP code)
- Hudson, New Hampshire (03051 ZIP code)
- Springfield, Virginia (22152 ZIP code)
- Raleigh, North Carolina (27604)
If you’re considering buying a home in one of these (or any other) highly competitive market, make sure you get pre-approved for your mortgage loan first. Doing so can give you a leg up on other buyers, as well as give sellers more confidence in your offers.
Are you ready to get pre-approved and start your home search today? Get in touch with Embrace Home Loans now.