Whether you're a home buyer or home seller, we like to keep you up-to-date on what's happening in the housing market. We want you to know the best and worst places to live based on housing market trends. We want you to save money as a homebuyer and make money as a home seller, so let’s get started.
Best & Worst Housing Markets
A recent housing market evaluation revealed what is happening, for better or worse, across the U.S. First, the bad news. Florida may be headed for the worse housing market, with Illinois a close second. Houses in Fort Myers, FL are on the market for nearly twice as long (105 days on market) as the national average (66 days), making it unfavorable for home sellers. Homebuyers may favor Fort Myers as housing prices have dropped over the past two years. The median home price in Fort Myers is $299,999.
As a home buyer looking for affordable housing, you might lean towards Peoria, IL. Housing prices in Peoria have dropped 15.9% over the past two years. Foreclosure rates and the percentage of homes with underwater mortgages are well above the national average, which leads to more homes entering the market. Unfortunately for home sellers in the area, the average number of days on market and the percentage of homes with price cuts are above the national average. The median home price is $124,450.
Dayton, OH has seen a 16.5% increase in home prices, making it an excellent market for home sellers. Unfortunately, foreclosure rates and underwater mortgages are above the national average in the area. The median home price in Dayton is $67,000.
Strongest Emerging Housing Markets
According to the Emerging Housing Markets index, home buyers' most robust emerging housing markets are in Elkhart-Goshen, IN, and Rapid City, SD. The index considers various factors, including the state of the housing market, quality of life, and economic vitality, to predict which areas are likely to see home price growth in the upcoming months. Jobs are growing in these markets, and the cost of living is low, making it even more appealing to homebuyers.
Photo by Brandon Griggs on Unsplash
Good News for Homebuyers
You have a lot to look forward to in 2022 when buying or selling a home. A recent Inman article mentioned homeowners are staying in their homes for fewer years, which translates to more houses going on the market more often. 8 years is now the median length of time homeowners stay in their homes, compared to 10 years over the last decade.
8 years is now the median length of time homeowners stay in their homes, compared to 10 years over the last decade.
More good news for those looking to buy a home, Dr. Yun Chief Economist of the National Association of RealtorsⓇ predicts that 2022 will come with more housing inventory. This inventory will be in the form of new construction and homeowners selling because of the end of the mortgage forbearance program. Although there will likely be more housing activity in the early part of 2022, Dr. Yun expects the housing market to normalize next year.
Good New for Homesellers
Dr. Yun says home sales are the best we've seen in 15 years, and we will continue to see high sales prices during the early part of 2022. Homesellers can look forward to home sales continuing to outperform pre-pandemic levels. Mortgage rates are still relatively low, which pushes homebuyers to buy now. Homebuyers who were reluctant to purchase during the peak of the high-priced housing market are now flocking to the market in droves.
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