Which region has the best real estate market in the country right now?

Frisco, TX cityscape | mortgage rate news

North Texas dominates list of best real estate markets

According to recent data from WalletHub, North Texas cities were the hottest in the country so far in 2023. McKinney, TX and Frisco, TX took the top two slots on the list that ranks cities by 17 key indicators. Ranking factors include market attractiveness and economic strength.

In addition to the first two spots on the list, Denton, TX came in fourth and Austin, TX came in eighth, giving the great state of Texas four of the top 10. Fort Worth, Plano, and Richardson were also among the top 30 cities on the list.

Which housing markets are among the most fragile?

While North Texas is red hot, other areas of the country are seeing concerns with price stability. There aren’t any experts predicting a crash, there are markets that could see a correction to the downside in home prices.

CoreLogic did a deep dive into housing data, and deduced that South Florida may be an area of concern.

Selma Hepp, chief economist for CoreLogic, stated, “Home prices have risen relatively more in south Florida than elsewhere since the start of the pandemic. This increases the risk of price declines to bring local prices more in line with local incomes. Our CoreLogic Market Risk Indicator, a monthly update of the overall health of housing markets across the country, predicts that Cape Coral-Fort Myers, Florida, is at very high risk, with more than a 70% probability of a decline in home prices over the next 12 months.”

Sonoma County approves housing plan for new developments

Despite a deadline passing almost seven months ago, the Sonoma County (CA) Board of Supervisors voted to approve a housing development plan. The plan will add 3,824 housing units to the area over the next decade. The plan did see a few alterations before passing unanimously, but it could work to solve the area’s housing challenges. The plan will now move to the State Department of Housing and Community Development for review before adoption.

Adoption of the plan means that the county would be eligible to receive state funding for affordable housing projects. Of the 3,824 units, 1,024 must be very low-income units, 584 must be low-income, and 627 can be moderate income.

If approved by the state, the plan would average adding 1.3 units to the area per day for eight years.

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