This year, the COVID-19 pandemic has caused many changes across the country. While the strict quarantine and social isolation rules are restrictive and difficult, the housing market has managed to enjoy a silver lining.
Due to the pandemic, the Federal Reserve has dramatically lowered interest rates to protect consumers during the economic crisis facing the nation. This action has many homebuyers taking full advantage of the situation, and this has created several surprisingly hot housing markets.
Five hot housing markets this year:
1. Boise, Idaho
Boise, Idaho continues to be a draw for people looking for better paying jobs, less crime and lower housing prices. This year, the pandemic has moved this region up to the top 5 locations currently experiencing greater growth trends in both price and number of housing transactions. It is possible to purchase a beautiful house that boasts a high home value for bargain basement prices.
2. Provo, Utah
The metro area of Provo, Utah is again experiencing significant growth in home sales this year. An interesting phenomenon of the lowered interest rates is that more families are deciding to move to areas that are seeing a surge in home sales like this region of Utah. The average time a home sat on the market in recent years has been about 40 days. This year, that average number is drastically lowered at just 14 days on the market.
3. Ogden, Utah
Following closely behind Provo is another same state location of Ogden, Utah. The prices for homes here have soared in recent times, and more homebuyers searching for that idyllic place to settle down are moving in massive numbers to this scenic area. The current average number of days that a home stays on the market is at an all-time low of just 11 days according to realty experts.
4. Killeen, Texas
Just a bit north of Austin, the Killeen metro area has recently become one of the state's and nation's hottest housing markets. Home values here are steadily increasing, and the average price of a home located in Killeen has increased greater than 18% in just two short years.
Even though housing prices are on the rise here in this thriving Texas locale, the overall average costs of a home here is still a great bargain compared with other similar sized urban outskirt cities across the United States. In a recent survey, most homes for sale in Killeen remained on the market for just 15 days in the vast majority of cases.
5. Tulsa, Oklahoma
Another region undergoing a dramatic housing boon is Tulsa, Oklahoma. Home prices here have increased by up to 33% compared to similar homes that were listed just two years ago according to top real estate professionals.
Since many homeowners in this section of the country typically stay in their homes for a lifetime, there are fewer homes available to buy making the homes that are on the market that much more valuable. This competition is attributed partly to higher sale prices seen at the current time.
In the last few years, more Americans are relocating to the midsection of this country and are avoiding cities along the coasts. This is due partly to the high costs of living in these mega urban coastal regions that can be found on both the east and west coasts.
As more industries move towards less populated areas in the mid-western and central states, often considered America's heartland, these cities will continue to be among the hottest housing markets moving forward.