5 Best Home Selling Markets Right Now
While it’s true the housing market has taken a big hit in recent years due to a dwindling economy, many places are now seeing an increase in housing prices and home sales as of late. In many cases, homes with “for sale” signs are selling in under a month, often for more than the asking price. If you’re trying to sell your home in one of these areas, you’re in luck. If you’re looking to buy, speed is of the essence, because these properties aren’t staying on the market for very long.
Oakland boasts one of the fastest growing housing markets today. According to Realtor.com, houses placed for sale only stay on the market for an average of two weeks before selling, and often sell for more than the asking price.
Competition is fierce in Oakland. The selection of houses for sale in this area is small, which means sellers have the upper hand. Multiple offers means they have a choice, and can sell to the highest bidder.
Lasting on the market for an average of just three weeks, homes in California’s capital are going fast. Demand to purchase a home in Sacramento is high, pushing home prices up an average of 40 percent in just the last year.
An influx of first-time homebuyers in Sacramento frees up sellers of entry-level homes to purchase bigger, more expensive houses, and the market is seeing its first sales of million dollar homes in years.
Foreclosure has been a bad word in Stockton for several years. This area was hit hard by the collapse of the housing market, and many people lost their homes. Today, foreclosures seem to be on the decline and there’s light at the end of the tunnel.
List prices are up more than 16 percent in the last year, which means homebuyers won’t find rock-bottom deals as before, but all signs point to an improving housing market. Homes in Sacramento stay on the market for an average of 23 days.
San Jose, CA
Cash is the name of the game in San Jose, California. The housing market has remained strong over the last year due to big tech profits, and people aren’t afraid to spend some dough. Cash sales make up about 10 percent of home purchases, with most others being 40-60 percent cash down payments. The average list price rose 29 percent in the last year to just over $600,000.
If you’re looking to live in San Jose, you may find yourself competing for a home. Supply is limited – this area has one of the smallest inventories of unsold homes in the country, and homes generally only remain on the market an average of 25 days before being sold.
If California isn’t your thing, Denver, Colorado just might be. The housing market suffered little during the economic downslide, and has been rising ever since – a steady 8 percent over the last 12 months.
Because the market is stable, and with a prospective oil boom in the area, the demand for homes is increasing. There’s little competition for sellers, and homes sell on average in just 28 days.