Are “For Sale” signs popping up (and coming down) all over your neighborhood? Do you see a moving van rumble past your house every few days?
No, it’s not your imagination. In many places across the U.S., the real estate market is on fire. Prices have been up an average of about 6.5 percent for the past five years, according to S&P CoreLogic Case Schiller. In some of the hottest locales, open houses draw swarms of would-be buyers and vicious bidding wars.
Predictably, some of the most blazing real estate markets are on the coasts (think: San Jose, California, and Boston). But other areas like upstate New York and northern Texas are getting in on the action, too.
Plentiful jobs and a high quality of life are attracting young professionals and families with children alike to these four areas.
If you’re looking for both big city excitement and suburban coziness, trot on over to the Dallas/Fort Worth metro area. There, cosmopolitan delights include world-class painting and sculpture at the Dallas Art Museum and the historically significant Sixth Floor Museum. And local football games under the (Friday night) lights are just the casual thing to check out with friends and neighbors. Above-average wages and good schools make this city even more appealing.
It’s not all hipsters and bike lanes. In fact, the City of Roses boasts a thriving economy, with wages up 20 percent over the last two years, driven largely by the technology, engineering and finance sectors. Also attracting residents? Its microbreweries and nature trails that put the quality in quality of life. With an influx of new arrivals, housing is becoming tighter (and more expensive), but still a better value than what’s available in the Bay Area or New York City.
Buffalo, New York:
Bidding wars may be common in California, New York and Washington, D.C., but Buffalo is just getting used to them. Recent college grads are flocking to this once-grand Rust Belt city. They’re finding an economic resurgence fueled by the health care sector and dirt-cheap, stately homes just ripe for historic preservation.
If you love live music, there’s no better place to reside than Music City. Known for its country singers, Nashville draws some of the biggest music names, as well as up-and-comers trying out their acts. Aside from the tunes, newcomers are greeted with well-paying tech jobs and low taxes (there’s no state income tax). So it’s no wonder that the area’s numerous colleges are churning out grads that refuse to leave this Southern charmer. One problem: It’s hard to choose which hip, bustling neighborhood to call home.
Whether or not you’re home-shopping within a “hot” market, the location you settle on is just as important as the house itself. You want to find a neighborhood and community that suits your lifestyle – one that you can vibe with! Our short Neighborhood Vibes quiz can help you identify exactly what to look for in the right neighborhood.
Note that all figures listed above are as of October 19, 2018.