Which metro areas have seen changes in market value?
Since June 2022 the U.S. housing market has gained $1.1 trillion in total value due, in part, to new housing starts and existing home appreciation. The most valuable metro area in the country? New York City, of course. The Big Apple added $171.8 billion in market value over the past year and has a total property value of $4.238 trillion.
Only one market in the top five saw a decrease in market value. San Francisco is still home to $1.816 trillion in total value, but saw a decrease of $176.1 billion in the past year.
New York City was the biggest gainer in total value, but Miami-Ft. Lauderdale saw the largest percentage increase. Miami-Ft. Lauderdale added $100.5 billion in value since June 2022. That’s an 8.6% increase in market value.
Which markets could see retirees start to sell?
Retiring homeowners often sell their homes for several reasons. They could want to downsize from a larger home to a more manageable property. They could want to move to be closer to family or for financial reasons. They could also want to find a home closer to necessary medical services.
Based on demographic data, there are several metro areas that have greater potential to see an increase in retirees looking to sell.
Santa Fe, NM could see 17.6% of properties list in the next year and has seen home values increase by 0.6% year-over-year. This could end up as one of the hotter markets if it trends as expected.
Several markets in Florida made the list. Cape Coral-Fort Myers, North Port-Sarasota-Bradenton, Sebastian-Vero Beach, Punta Gorda, Homosassa Springs, and Naples-Marco Island are all metro areas that have the potential to see increased mobility of retiring homeowners.
Hot Springs, AR made the list and is expected to see 21.3% of its properties list in the next year. Eli Pasternak, a real estate agent with Liberty House Buying Group, stated, “Hot Springs is becoming a hot market for sellers for its waterfront properties. The median home prices of homes also increased in the past year. More people are moving there and buying property for a good lifestyle. That’s why retirees are selling their homes in this city.”
Could Drake make the move to Houston?
According to recent reports, Drake could make a move to the Houston area. At a recent concert at the Toyota Center in Houston, the Canadian hip hop star claimed he would be spending a lot more time in Texas and may have a place lined up.
Drake is known for his music, but his real estate purchases have made headlines in recent years.
Three years ago, he completed construction of an estate in Toronto that’s called “The Embassy”. The property has 50,000 sq. ft. of space and is described as part club, part resort, and rapper’s delight. It’s constructed with precious metals and exotic woods and features a recording studio and a regulation-size indoor basketball court.
Drake also owns multi-million dollar estates in Hidden Hills and Beverly Hills.
The team at Realtor.com was able to find three estates in the Houston area, all priced over $13 million, that could meet Drake’s standards for homes. The most impressive is a property priced at $15.5 million and features the high-quality materials and high ceilings Drake is known to like in his homes, but also offers eight bedrooms, 14 bathrooms, and an additional home that could be converted into a studio space.
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