The Covid-19 global pandemic has invigorated the American housing market to such an extent that housing inventory is currently relatively low in many areas of the country. Individuals and families wishing to escape the confines of city living have increasingly moved to the suburbs and rural areas in an attempt to secure both space and stability during a period of intense turmoil. Some cities remain more popular than others, however, and here is a look at the hottest markets in real estate:
San Diego, California: With its temperate climate and abundance of outdoor activities, people flock to San Diego. In 2020, San Diego had the nation’s third-fastest rising home prices. Low supply and low-interest rates indicate that San Diego will continue to be a hot market.
Miami, Florida: On the opposite coast, Miami attracts an international clientele primarily interested in luxury condos because of the shortage of single-family homes. In November 2020, total home sales grossed $4.3 billion across the Miami metro area.
Rochester, New York: As New York’s third-largest metro area, Rochester is an affordable city located on the shores of Lake Ontario. The median list price for a home is $175,000. With a reputation as a growing climate haven, the housing market in Rochester will likely remain stable.
Washington, D.C.: The nation’s capital continuously has a stable housing market. However, the lack of luxury homes in the District has created a scorching market for wealthy politicians, diplomats, and government officials looking to settle down here.
Denver, Colorado: Outdoor lovers are drawn to beautiful Denver and its suburbs. The housing market in the Denver metro area continues to be very strong, with Zillow listing the average Denver home price at almost $500,000.
Nashville, Tennessee: Best known as the home of country music, Nashville and its surroundings are also home to rolling mountains full of farms. The housing market is particularly strong in Nashville of late, with July 2020 seeing the lowest inventory in five years.
Phoenix, Arizona: Sun worshippers from near and far have flocked to Phoenix the last few years. As a result, the housing inventory in 2020 is the lowest it has ever been. With people continuing to relocate to Phoenix, the market is expected to be even more challenging.