5 Hottest Real Estate Markets
It’s no secret the U.S. housing market has not performed as well this year as many hoped it would. Sharp drops in refinances of existing loans was expected, but the market for purchase money loans have not improved as strongly as forecasted.
But as the real estate industry likes to point out, all real estate markets are local, and there are some metropolitan areas where the average new home on the market will find a buyer in less than 60 days.
1. Oakland, Calif.
2. San Jose
As the long standing capital of the U.S. technology sector, San Jose has a hot job market that can sustain long-term housing demand. According to Trulia’s research, 69% of homes put on the market in San Jose sold in less than 60 days and prices rose 13.4%, year over year, from March 2013 to March 2014.
3. San Francisco
San Francisco regularly leads hot real estate market lists, so its inclusion on this one came as no surprise. According to Trulia, 68% of homes put on the market in San Francisco sold in less than 60 days, and prices rose 15% year over year.
According to Trulia, 62% of Denver homes put on the market sold in less than 60 days, and average prices moved up 9% year over year.
5. San Diego
Situated on the Southern California coast with a strong military and university presence, it’s no wonder San Diego has had a rapidly moving real estate market. According to Trulia, 59% of homes put on the market in San Deigo found a buyer in less than 60 days, and prices rose 14% from March 2013 to March 2014.