If you’ve been paying attention to real estate trends, you’ve probably heard that many markets are slowing. Some experts even predict a housing recession beginning in 2020, thanks to rising interest rates and monetary policy. However, many American markets are still seeing record growth. We’ve uncovered the ten hottest real estate markets in the first part of 2019 according to Realtor.com, and you might be surprised to see which cities make the list.
Grand Rapids, MI
Look out, California: there’s a new leader in the housing market game! Grand Rapids claimed the top spot, becoming the hottest housing market in America during the first quarter of the year. New and varied businesses are moving into Grand Rapids, creating a booming economy and an influx of new residents. Home prices are on the rise, but the typical home in Grand Rapids costs only $171,942, well below the national average. Affordable living and a booming business economy make Grand Rapids the top market for homebuyers.
Michigan isn’t the only Midwestern city seeing massive real estate growth. Omaha continues to enjoy economic prosperity thanks to low unemployment rates and tech sector growth, among other factors. The city’s housing market has been steadily increasing for six years straight, with homes being on the market an average of just 16 days before selling. Plus, Omaha homebuyers pay less than the national average for a home with median prices just shy of $237,000.
As is the case in many growing real estate markets, home prices in Boise are rising faster than wages. Many would-be homebuyers find themselves in a bidding war against other interested parties. But with so many financing options available to home buyers, homeownership is still an affordable option in the Idaho capital. Those looking to call Boise home spend $267,600 on average, about 9% below the national median home price.
Settled along the shoreline of Lake Ontario, Rochester is popular among Gen-Xers looking to buy a home. The Upstate New York city boasts excellent schools, low property taxes, and easy access to outdoor activities. Rochester is a hidden gem, and while population growth is causing more demand than supply in the housing market, it’s still one of the most affordable locations on the list. The average price of a home is just over $120,000, 59% lower than the rest of the country.
With its proximity to both downtown Boston and the Atlantic coast, Weymouth is popular among East Coast families. Weymouth Town residents saw a 4.3% increase in the job market last year, and an unemployment rate below the national average. While median incomes are higher in Weymouth, the housing prices are higher as well. The typical family home costs $374,900, 27% more than average.
Situated just outside Kansas City, Shawnee’s housing market is flourishing. Professionals and families love the small-town feel of Shawnee, where schools are highly-rated, parks are abundant, and restaurants and nightlife are just a short drive away. Houses in Shawnee are on the market for less than a month on average, selling for about $198,000.
The most populous city in North Carolina, Charlotte is an important financial center; only New York City has more banks than Charlotte. Charlotte is also home to several Fortune 500 companies and diverse businesses and industries. The economy and real estate markets are thriving in Charlotte. The median listing price for a home in Charlotte is $201,067, 32% below the national average.
Grand Prairie, TX
Everything is bigger in Texas, except housing prices. Grand Prairie, located between Fort Worth and Dallas, features low unemployment rates and a prosperous economy. Its proximity to two large metropolitan areas makes the city a popular spot for Texans to own a home and raise a family. Houses are on the market just 24 days on average, selling for a median price under $232,000.
Colorado Springs, CO
Colorado has seen a massive increase in the jobs market over the past few years, leading to an influx of workers and their families. Located about an hour south of Denver, Colorado Springs is enjoying a boom of its own. Industries like cybersecurity, aerospace, sports industry, and a significant military presence contribute to a thriving economy. Finding a home in Colorado Springs can be difficult; houses are on the market just six days on average. The average home in Colorado sits below the national median price at $264,867.
Detroit is enjoying a rebirth, and the suburban town of Livonia is prospering as a result. Coming in at 10th on the Realtor.com housing market list, Livonia is a popular location for Millennials looking to get a piece of the American Dream. With housing prices nearly 20% below the national average, Livonia offers first-time homebuyers the opportunity to purchase a home, build a career, and still have access to all Detroit has to offer.
As more residents move away from expensive coastal cities, Central and Midwestern states are enjoying unprecedented economic prosperity. Housing prices continue to rise across America, but rising interest rates are causing a slight slowdown in home purchases. Now is the time to find a Realtor and buy a home of your own.