One of the unexpected real estate trends stemming from the pandemic has come from the ability to telecommute and work from home. As so many businesses are no longer gathering in corporate office spaces, employees are realizing they are not tied to living in the same city or state in which their employer is located.
This has led to accelerated rates of growth in a few markets, and for a variety of reasons. While the market remains strong nationwide, certain markets have certainly seen the pace of sales and the price of homes slow. Not Nashville.
Top 5 Hot Markets
Since employees no longer have to live near work, people are choosing to live in warmer climates that feature affordability, family-size homes, culture, no state income tax, and a lower overall cost of living. The Sun Belt definitely dominates this list, but there are a couple of towns on the rise that get all four seasons.
Topping the chart is Austin, Texas. (Despite highly unusual February snowstorms.) Austin was predicted to be the hottest market in the nation on last year’s survey of realty experts. The Texas capitol proved them right. The median list price in December 2020 was up over 23.6% for the Austin metro area year-over-year. This marked the largest rise in the top 50 U.S. markets. With its fun, quirky, personable, and family-friendly vibe, along with a pleasant climate, Austin is expected to be number one again.
The 2021 survey predicts the other hottest markets will be Phoenix, AZ; Nashville, TN; Tampa, FL, and Denver, CO. These sunny cities have seen real estate boosts because of other factors, such as record-low mortgage rates, the desire for larger living space, and the surge of first-time homebuyers.
While the real estate markets are not expected to recede, the increase of prices in some markets is likely to slow. Coastal cities with tiny living spaces are at the coldest end of the spectrum. Decreasing pace of growth is predicted to be most notable in New York City, NY; San Francisco, CA; Los Angeles, CA and Philadelphia, PA. Many are leaving the extraordinary expense of these major metropolises in exchange for more bang for the real estate buck. Lower cost and more space? Less traffic and still amazing options for weather, food, and enjoyable activities? Yes, please!
Relocating? Warren Bradley Partners Can Help.
Whether you are new to the Nashville area or just looking for a first or new home, the experts at Warren Bradley Partners are ready to help you find your next home. Warren Bradley Partners can also help with the sale of your existing home. With more than 30 years of experience, Warren Bradley Partners understands the market, the trends, and can help you find the right home for you.