Which markets have the most available homes right now?

St. Louis metro area | mortgage rate news

Which three metro areas have the most plentiful home inventory in the US?

While most housing markets are struggling with inventory, there are a few markets in the country that have available housing. According to recent data from Bank of America, three major metro areas in particular are a bit colder than most right now, and may offer an opportunity to buy into.

The markets highlighted were St. Louis, Detroit, and Miami. When asked about these metro areas and housing availability, Bank of America economist Anna Zhou said, “While home price appreciation remains elevated in Miami so far, longer term downside risks could be growing if such exodus trends are sustained. This is especially the case given that new construction has also increased at a much faster pace in Miami than in St. Louis and Detroit, leading to a rapid rise in housing stock.”

Which Jersey Shore towns rank among the hottest real estate markets?

While it’s been a warm summer in New Jersey, it’s still not as hot as the real estate market on the shore. In tracking the most popular zip codes for real estate in the country, two zip codes local to the Jersey Shore are among the hottest in the country. Margate City came in as the 16th hottest market in the country for real estate, and Wildwood is 30th.

Margate City has seen property values increase by 80% on average and 7% in the last year alone. While the average cost of a home in Wildwood is up 78% over the past five years, and 5% in the last year.

Surrounding towns have also seen an impressive bump in property value. What’s driving the buying frenzy? Low inventory and nice weather. Jersey Shore is home to some of the nicest beachfront property on the East Coast, and inventory has been a challenge for the market.

Construction begins on The Farm in Allen, TX

The next phase of development for an ambitious mixed-use project in Allen, TX kicked off this past week. The Farm, a 135-acre, mixed-use development, will have office, housing, retail, and entertainment constructed within the new complex.

“We designed FarmWorks One for a post-COVID world, incorporating numerous features that will create a great environment for companies looking to improve efficiencies and teamwork as their employees return to the office,” Bruce Heller, president of The Farm’s developer JaRyCo.

When completed, the entire Farm development will include 1.6 million square feet of office space, 142,000 square feet of retail, a 150-room hotel, 60,000 square feet of restaurants, 112 townhomes and 2,400 urban residential units. The development will have a 1.5-acre lake with boardwalk restaurants, more than 2.5 miles of hike and bike trails, a 16-acre greenbelt and additional park areas.

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