Although we’ve been seeing a gradual softening of the overall housing market, not every metro in the US is willing to slow down. In fact, there are surprising booms in cities across the country that don’t usually make the list of the hottest markets.
Bowling Green, KY
The Kentucky metro (pictured above) has not been as quick to recover as nearby Nashville, TN, where home prices average about $100,000 more. But as people get priced out of Nashville, they’re turning their sights to Bowling Green. The median listing price there is now around $260,000—a 20.9% hike from the same time last year.
Battle Creek, MI
Battle Creek has long been a central player in the industrial manufacturing sector. That means the housing market is closely tied to how well the local employers are doing. Things have turned around for the Rust Belt city, and major employers are cranking out auto parts and other manufactured goods. Home prices accordingly shot up about 20%, with the median list price hovering at $140,000.
Terre Haute, IN
The dramatic 21.8% housing price increase in Terre Haute, IN, is mostly due to the gradual recovery of the area after the recession. Unemployment in Terre Haute topped out at 12.5%, and the housing market went into freefall after the bubble burst. With home prices below $100,000 for many properties, there’s still a long way to go. In fact, parents of Indiana State University students buy homes for their kids since a mortgage is cheaper than paying for a dorm!
Homosassa Springs, FL
Unless you’re a local, you probably haven’t heard of Homosassa. But the Florida town is a Mecca for both Snowbirds and manatees. Although home prices rose over 22% last year, it remains one of the most affordable areas of Florida. Retirees love it, and thanks to a major natural gas plant in the works, the town is also attracting younger families.
Wichita Falls, TX
Over the span of a year, home prices in Wichita Falls skyrocketed over 27%. The median list price is still a relatively affordable $140,000, making it an appealing alternative to people looking to escape Dallas. The boom is due in part to the end of the devastating drought in the area along with a strong manufacturing industry.
Odessa, TX
In Odessa, TX, home prices rose almost 35% over the last year. With a jobless rate of 2.7%–one percent lower than the national average—and a major bump in the local oil industry, things are looking good for the West Texas city. The median list price is currently just over $270,000, and industry experts predict that number will only keep going up.
