The U.S. has seen a crazy year, and it isn’t over yet! Luckily, the real estate market has remained resilient during this tumultuous time and is supporting the economic recovery of the country in the wake of the pandemic. While housing prices have increased, mortgage rates have dropped, which leaves a fairly balanced market that many homebuyers are taking advantage of while they can. This leads to the question, "where to buy?" Here we will share the top 10 fastest growing real estate markets with you, some of which may come as a surprise.
#1: Boise City, Idaho
Boise sits proudly at #1! With its mild climate and easy access to outdoor activities, it has seen an influx of new residents from people leaving the big cities of Washington, Oregon, and California. Days on market:58 and median list price $367,000. With such an increase in home prices, there may be a little bit of sticker shock for some shoppers but that hasn’t stopped folks from flocking to Boise!
#2: McAllen-Edinburg-Mission, Texas
Affordable housing and a favorable tax environment are what placed McAllen as #2! Average days on market: 85; median list price $199,000; and average population growth of 4.7% between 2010-2018 for the area.
#3: Tucson, Arizona
Two types of homebuyers are making their way to Tucson, retirees looking for better weather and young adults looking to study and work, which led to Tucson being placed at #3! Days on market: 57 and the median list price is $288,000.
#4: Chattanooga, Tennessee/Georgia
Chattanooga county technically spans across the border of Tennessee and Georgia and has been bolster by new residents looking to move to a small yet growing city. Days on market: 77 and the median list price is $295,000.
#5: Columbia, South Carolina
Columbia scored in #5 due to its limited inventory. When a house goes up for sale, it is quickly snatched off the market! Days on market: 68 and the median list price is $227,000.
#6: Rochester, New York
It may come as a surprise that anywhere in New York is on this list. Still, Rochester has remained surprisingly affordable and is quickly becoming one of the hottest markets in the New England region. Days on market: 62 and the median list price is $200,000.
#7: Colorado Springs, Colorado
Colorado Springs is a hotspot for nature lovers with its endless outdoor activities and quaint town. Older generations love to live here, but, sadly, many entry-level buyers can’t afford a home here due to its high prices. It may end up getting bumped from the #7 spot before 2020 is over. Days on market: 60 and the median list price is $440,000.
#8: Winston-Salem, North Carolina
Like with Columbia, Winston-Salem is another low inventory city where houses get swooped up quickly! But affordable housing is still possible even with its low inventory. Days on market: 77 and median list price $275,000.
#9: Charleston-North Charleston, South Carolina
Charleston certainly isn’t a cheap place to live, but given its proximity to beaches, national forests, and city amenities along with its moderately competitive market, it made the list at #9! Days on market: 88 and the median list price is $415,000.
#10: Memphis, Tennessee
This prime state of music draws a unique crowd of individuals who love its city vibes and downhome roots, placing it at #10! Days on market: 68 and the median list price is $233,000.
Keep in mind that the fastest-growing real estate markets don’t automatically mean that it is a large or famous city. In all reality, many individuals and families are moving out of major hubs such as San Francisco, Los Angeles, and New York City in favor of more affordable living, especially as more and more jobs are turning remote. As the trend continues, the hottest markets will vary, but as of early 2020, this is what we found out.