Which markets have avoided a housing market slowdown?
When comparing year-over-year data, homes are actually selling slightly quicker than they did at the same time last year. Nationally, the median home listing on the market in the first week of October was 49 days. That’s actually lower than it was at the same time last year. However, there are markets that are seeing homes sell remarkably faster in the current environment than they did last year.
According to a recent report from Realtor.com, homes listed in the Buffalo, NY metro area are selling 13 days faster now than they did last year. That’s the biggest improvement in the nation. Tied for first is the Phoenix, AZ metro area, and coming in third at 11 days faster than last year was Oxnard, CA.
While the current environment is a challenge, people still need homes and there are markets that are offering opportunities right now.
Traverse City updates zoning to accommodate housing
In an effort to add additional housing units in Northern Michigan, city commissioners in Traverse City have updated zoning ordinances to accommodate additional builds. For example, the construction of accessory dwelling units, or small apartments built into or around existing homes, has been allowed. They’re also allowing larger plots of land to be split or add a duplex in an area that was zoned for single-family homes.
The Traverse City area needs about 2,000 units, either homes for purchase or rental units, to accommodate population growth and the need for rental properties during tourist season. The changes passed on Monday should help ease some of the burden and facilitate construction.
Where are 4 of the 5 most expensive, non-coastal metros?
It’s hard to say what makes a neighborhood cool. For some places it’s the unique shops, for others it’s the local flavor, for others it’s a trendsetting community. Travel website Love Exploring put together a list of the coolest neighborhoods in the U.S. They didn’t divulge their formula. That would be uncool. They also didn’t rank them. Rankings are also uncool.
Neighborhoods on the list ranged from the iconic Mission District in San Francisco to ‘Bed-Stuy’ in Brooklyn. They also highlighted art districts like RiNo in Denver and cultural icons like the Little Five Points in Atlanta.
Are you looking for a home in a cool neighborhood? Let Guaranteed Rate help you afford it. Apply for a pre-approval to get started on your journey to living in one of the coolest areas in the country.
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.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
