Today, as they once did a hundred and fifty years ago, people are heading west. Midwest, to be specific. The Heartland and the Rust Belt are seeing a major housing boom. Read on to get the scoop on the hottest housing markets in the country.
West Coast on the Decline
The new California Gold Rush is all but over. People are getting priced out of Portland and Seattle. As prices continue to skyrocket across the region, more and more people are looking inland. It helps that many of the same people who were drawn to the tech-heavy cities on the coast are able to work remotely, making location less of a factor.
In Search of More Affordable Housing
Right now, demand outweighs supply in the housing markets for almost every region. People are looking to buy, but they also need to find property they can afford. That’s simply not possible in many coastal cities on both sides of the country. Even new construction can’t keep up the pace—or the price point—to compete with the Midwest. Many of those coastal markets continue to emphasize high-end or luxury housing, leaving everyone else out in the cold.
Backed Up With Data
7 of the 20 slots on realtor.com’s July hottest markets reports were taken up by Midwest cities; 5 were in California. The report looks at the median days on market. The ones who make the list moved 2-4 weeks faster than the rest of the United States. These markets also had higher numbers of views—1.8 times the national average—up 16 percent from this time last year.
Which Cities Made the List?
The top market is Midland, Texas, an oil town that has dominated the housing market for 4 months straight. The boom has led to homes selling in under a month. Other hot markets include Fort Wayne, Indiana, and Boise City, Idaho. Columbus, Ohio, made the list, as did Colorado Springs, Colorado. Racine and Janesville-Beloit, Wisconsin, are up there too.
And if you’ve been keeping up with realty news, you know that the Rust Belt has rebounded in a big way. The Michigan cities of Detroit, Warren, and Dearborn were all but dead after the bust of 2008, but now the housing shortage and deeply affordable prices of the former auto building capital of the US have given the region new life. There’s also something of an arts renaissance happening in Detroit, making it more appealing to younger buyers.
Strike While Its Hot
Of course, a boom like this is frustrating for buyers. According to the U.S. Department of Housing and Urban Development, there are 10 times more buyers in search of housing than homes for sale in Boise right now. With homes being snatched up in under a month, prospective buyers will need a savvy agent to help them find the property of their dreams. Sellers, on the other hand, should expect to get premium prices for their homes—at least for the foreseeable future. Best of luck navigating the hottest housing markets in the country!