Housing Market Heat Shifts to Southeast
Metro areas in Georgia, Tennessee, Florida and North Carolina top the list of the country’s strongest seller’s markets, according to the results of Bankrate’s new Housing Heat Index. And though many United States markets are experiencing price declines, values of homes in the Southeast have remained steady. The area’s affordable prices are attractive to many buyers, and buyers are moving from expensive markets.
According to Bankrate, as the momentum in the housing market shifts from the West Coast and the Mountain West, the Southeast dominated the rankings: Fully 18 of the 20 hottest markets are located in the region. Lawrence Yun, chief economist at the National Association of Realtors, sums up the Sun Belt boom this way: “It’s all about job growth and affordability.”
The coldest markets in Bankrate’s survey, in contrast, are West Coast markets that experienced large run-ups in prices and Rust Belt regions struggling with job growth. No matter whether you’re in a hot market or a cold one, working with a local real estate agent is key for buyers and sellers.