How is housing affordability reshaping migration trends?
Where are folks moving to in 2023 and 2024? According to a recent featured article from CNBC, people are heading to metros and areas that they can afford and areas that have job growth. Southern and Midwestern cities continue to gain in popularity and see homebuyers looking to move.
Orphe Divounguy, a senior economist at Zillow, stated, “Housing affordability has always mattered…and you’re seeing it across the country. Housing affordability is reshaping migration trends.”
In 2023, states like Florida, South Carolina North Carolina, Tennessee and Texas had a strong migration inflow. While metros like Chicago, Boston, New York City, and Detroit were among the top outbound movers.
Areas in the Sun Belt and Midwest have seen an increase in new home builds, and that’s helped them gain in popularity. “That’s why you’re seeing these relatively more affordable Southern, Midwestern markets rise to the top of the list,” Divounguy said.
Where are real estate investors making markets better?
Housing markets can often have contentious relationships between families looking for a home and real estate investors. However, Yahoo Finance did a deep dive into markets that investors are actually improving. There are certain markets that are being helped out by home flippers and landlords increasing activity.
An increase in investor activity could lead to higher quality properties hitting the market, especially if older homes are getting rehabbed.
The top spot on the list? Houston, TX has seen investor activity up 32% from the first half of 2023 to the second half. Traditional home sales are actually down 31%.
What are a few design trends to watch for 2024?
Which amenities are homebuyers looking for in 2024? According to a recent article, folks in the market for single-family homes have been seeking out properties that have pickeball courts, accessory dwellings, remodeled basements home offices and unique outdoor spaces.
When it comes to design trends, organized shelves, walk-in pantries, and kitchen islands are very popular right now.
Additionally, homebuyers are seeking properties with EV charging stations, solar-panel-ready homes, and native plants in backyards.
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