As more of us are
becoming part of the WFH Movement (working from home) during the COVID
pandemic, the real estate landscape is undergoing some fundamental changes. The
big cities no longer occupy the top of anyone’s hottest housing markets list.
In fact, it’s the smaller, more affordable parts of the country topping the
list of the country’s most desirable real estate markets.
But it’s not just
affordability that’s upending the real estate landscape. Buyers are looking for
mature local economies, larger homes, access to the outdoors, and quality of
life not offered in the larger metro areas.
Recently, Realtor.com
compiled a list ranking the hottest U.S. markets for real estate by tracking
metropolitan areas where homes are selling the fastest and where the most
potential buyers are clicking on virtual property listings. And the list might
surprise you, especially since the average median home list price in the 20
hottest markets, spread out across 17 states, was just $299,000. And that was
21.4% lower than the national median price tag of $380,000.
Take Burlington,
North Carolina, which occupies the top spot in the latest list. Besides
offering plenty of high-tech jobs, the median price in Burlington was just
$290,000. And for less than $190,000,
you could find a 3-bedroom, 2-bath house on about a quarter of an acre. But the
competition is heating up, as homes for sale in Burlington received 2.5 times
more page views than other places. And most homes in Burlington sold in less
than 18 days.
The Hottest List
|
Metro |
Rank |
Median Listing |
|
Burlington, |
1 |
$290,000 |
|
Manchester, NH |
2 |
$405,000 |
|
Jefferson |
3 |
$199,000 |
|
Johnson City, TN |
4 |
$300,000 |
|
Rochester, |
5 |
$228,000 |
|
Fort Wayne, IN |
6 |
$245,000 |
|
Elkhart, |
7 |
$222,000 |
|
Eureka, GA |
8 |
$430,000 |
|
Raleigh, |
9 |
$425,000 |
|
Rapid City, SD |
10 |
$372,000 |
If you’re thinking
of moving and you can go anywhere, you might want to check out some of the
areas on the hottest list. But if you’re thinking of moving and changing jobs,
make sure you make a plan to weigh the benefits and drawbacks ahead of time.
And make sure you really pay attention to your new employer’s benefits,
especially since COVID has also fundamentally changed benefits packages too.
Advice from a Financial
Professional
Almost all of us need to save more, manage our money better,
follow a financial plan and view our entire life from a more holistic perspective.
This is especially true if you plan to move to another city and take a new job.
Your financial professional can help create a personalized
roadmap specifically tailored to your hopes and dreams – with far less worry
than if you go at it alone.
