The 2008 housing market collapse provoked a six-year decline that included rampant home foreclosures, defaulted mortgage loans, and unemployed property agents and brokers. Not even real estate transaction software could save realtor companies. Despite the tremors that shook the real estate market, five US real estate markets not only survived the financial collapse, but the markets continue to thrive as we move forward in 2014.
Here are the top 5 real estate markets in the US:
New York
Start spreading the news, New York lays claim to the top real estate market in the United States. Government and private sector investment in previously depressed areas of the city has led to a mini-housing boom that has pushed prices up across the board. After small annual declines from 2008 until 2012, New York experienced an impressive uptick in housing prices during 2013.
Washington DC
Pay no attention to the stories of the urban blight that plagues Washington DC. Yes, several neighborhoods remain under siege by crime and drugs, but the city has turned the corner on revitalizing several urban sections. Moreover, the growth of the federal government has created thousands of new jobs that attract workers from all over the country. More housing demand equals rising home prices.
Charlotte
Charlotte barely noticed the financial meltdown that led to the housing crisis. The city continues to attract young workers who earn six figures in varied industries, such as high tech and aerospace. The temperate climate, coupled with job growth, means you can expect Charlotte to continue leading the nation in supporting a vibrant housing market.
Portland
Portland has earned the moniker, “Silicon North,” for the creation of new high tech jobs that provide substantial income to workers. The city also has a solid health care employment base and as you know, the health care industry in the United States should remain recession proof. Portland housing prices skyrocketed shortly after the 2008 financial meltdown.
San Diego
Although over building hurt Las Vegas and Orange County, California, San Diego avoided the speculative bubble because of the conservative housing growth strategies implemented by government leaders. The dearth of new housing has not dampened the average home price in San Diego, especially along the coast. Expect San Diego housing growth to increase over the next few years.
Transaction management software for agents cannot predict which American cities will experience a booming housing market. The latest real estate transaction software does not include features that calculate housing growth. Real estate agents and brokers should stay abreast of housing trends in their communities by joining trade groups and civic organizations.
Booming Real Estate Market: The Top 5 Real Estate Markets In The US
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