Spark Global Limited Reports:
The pandemic has led to a surge in migration. Some move to bigger properties or more cluttered suburban neighborhoods in hopes of better social distancing. Others took advantage of record-low mortgage rates to buy their first homes. Still, some people are taking the step to get closer to friends and family.
In fact, as many as 22 percent of Americans said they either moved during the pandemic or knew someone who did, according to a recent Pew Research Center survey. Naturally, this has led to some significant changes in the US housing market, both in terms of demand and prices.
Are you wondering where your buyers and sellers are heading in the New Year? Here are some emerging markets to watch.
Demand for housing is rising in Salt Lake City. In fact, 81 per cent of bids faced bidding wars in September, up from 69 per cent in August, according to Redfin.
As a result, prices in Utah have skyrocketed. These homes have risen 7.6% in the past year and are now listed for a median price of $425,000, or about $235 a square foot, according to Realtor.com.
Rising prices have sent many home buyers into neighboring neighborhoods. Last year, for example, Lehi was one of the fastest growing large cities in the COUNTRY, with a 5.7% increase in residents. The suburb is only a 20-minute drive from SLC.
Pandemic-era migrants are already flocking to the suburbs of Texas’s biggest cities. Katy, Richmond and Cypress, on the west side of the city, saw thousands of new residents between February and July alone, according to usPS change-of-address data. In Katie’s case, it was more than 4,400.
Another sign of high demand? Prices in Katy are up 8.9% this year, while prices in Richmond are up 3.7%(though the average is about the same).
The same is true in the suburbs around Austin. The USPS data put Georgetown and Leander on the list of most popular epidemic cities, which have added nearly 5,000 residents since February. Leander, just north of the city, was even named America’s fastest-growing big city by the Census Bureau last year.
The Raleigh-Durham market has been in high demand for some time. Last year, Uhaul ranked the city as the fastest-growing city in the United States based on immigration data. Today? The so-called “research triangle” continues to attract large numbers of buyers. In the city, more than 41 percent of offers face competition, with the 27604 zip code particularly popular. So far this year, the amount of landscape per property in the area has increased 81%.
Apex, in the suburb of Raleigh, also attracted a lot of buyers. According to the Census Bureau, the city was the second-fastest growing major city last year, with a population increase of 10 percent in just 12 months.