The home buyers are still here… they are now discovering different approaches to buying a home. Inventory shortages are loosening up. And mortgage rates are slowly, very slowly retreating. But one thing that hasn’t changed is buyer’s demand. People need a place to live.
With the integration of the work from home economy, buyers are finding greater flexibility when it comes to finding and buying a home. Virtual workers are now able to look for homes that they might not have considered before. Due to the high prices in most neighborhoods, affordability is bring out the buyers. Take, for instance, in Hudson County, New Jersey, new listings have increased by over 40%, year-over-year. And close sales in the month of April have increased by over 25%.
So buyers are discovering other areas where the cost of home ownership meets their budgets. Meet Rochester, NY. According to the National Association of Realtors, Rochester, NY is the strongest real estate market right now in the country. Actually, five out of the 10 strongest markets are located in the northeast of the country. According to the National Association of Realtors, Rochester’s strong seller market is coming in with bidding wars that matched some of the hysteria that accompanied the bull market that erupted as a result of COVID.
So buyers are able to come in, and aggressively bid for homes that work for them.
In these strong markets, according to the National Association of Realtors, homes are selling for 4.2% more than the initial asking price. In the very top markets, home sold for 9.2% above the asking price.
Here are the top 10 Hottest Markets:
Rochester, NY – Median price: $295,000
San Jose, CA. – Median price: $1,466,953
Manchester, NH. – Median price: $577,450
Kansas City, KS. – Median price: $422,000
Topeka, KS. – Median price: $255,000
Lancaster, PA. – Median price: $423,725
San Francisco, CA. – Median price: $1,026,500
Wichita, KS. – Median price: $324,900
Hartford, CT. – Median price: $406,125
Syracuse, NY. – Median price: $272,500
Look at this one Upstate NY house listed at $189.000. And what’s more is that the real estate taxes are only $2,353. That’s what most New Jersey homeowners pay a quarter.
