Houses for Sale in the US: The Hottest States

Houses for Sale in the US: The Hottest States

Ever since the Great Recession, the U.S.’s real estate market continued thriving, leading to a decline in foreclosures and property values. In the past decade, markets continued to rebound, and property owners benefitted from higher prices and soaring interest rates. Keeping an eye on the markets where you can find houses for sale is important.

Ever since the Great Recession, the U.S.’s real estate market continued thriving, leading to a decline in foreclosures and property values. In the past decade, markets continued to rebound, and property owners benefitted from higher prices and soaring interest rates. Keeping an eye on the markets where you can find houses for sale is important.

However, the recent global pandemic slowed down the U.S. real estate market. There was a significant reduction in the listing, and buyers hesitated to invest in new properties. Fortunately, the housing market is now reviving to support the economic recovery of the country. As annual price growth reaches record highs, many U.S. states continue to be hot real estate markets in terms of homes for sale.

Houses for Sale: The Current Situation

The recent developments are a sign of the U.S. housing market’s resilience in the face of an ongoing economic disaster. The shortage of inventory and record-low mortgage rates are strengthening the U.S. real estate market concerning buyer demand.

The home selling and buying prospects showed significant improvements in September 2020. Homebuyers benefit from the current situation and locking in low mortgage rates to close a profitable home-buying deal.

As compared to the previous year, more homes are surfacing on the real estate market. Housing prices are surging to new records because of the growing demand. However, low mortgage rates are making it easier for homebuyers to offset the increasing costs. The future looks promising for homebuyers as housing mortgage rates are likely to stay at nearly 3% for the next one and a half years, making homes more affordable.

According to Realtor.com, the national median asking price in September 2020 was $350,000. Here is an overview of the hottest real estate markets in the U.S.

Hottest States in the U.S. for Buying Homes

Our rankings are based on the data from Realtor.com. We analyze the number of days properties sit on the market in a particular state and how frequently buyers viewed homes from April to June 20, 2020.

After analyzing Realtor.com’s data, we observe that the hottest real estate market across the U.S. was Colorado Springs, Colorado (ZIP code 80911). Homes for sale spend an average of 13 days on the market. The median listing price is $287,000. The zip code is very affordable, and there are plenty of things to do. The best part is the place gets 300 days of sunshine. With plenty of entertainment spots and pleasant weather, Colorado is selling more homes than any other state in the U.S.

Other booming markets for houses for sale are in the following states:

  • Ohio
  • New York
  • Massachusetts
  • Maine
  • Kansas
  • New Hampshire
  • Massachusetts
  • Virginia
  • North Carolina

Additional Information to Consider

Although there is a notable divergence between the West and East coasts, all the booming markets share some factors. These include access to outdoor space and amenities, affordability, and a strong economy. The current home-buying population comprises a large percentage of millennial homebuyers.

According to seasoned and professional real estate gurus, the millennial generation continues to accomplish milestones such as marriage, settling down, and parenthood. The need for affordable housing options and more space compels the millennial generation to skip urban areas such as Los Angles and Seattle. As homeowners continue spending more time at home, working from home and homeschooling their children, the home buying trends shift towards more prominent and affordable houses.

The housing market this year witnessed some notable changes compared to last year. The most significant shift is that people are making a move from large cities. The pandemic led apartment dwellers to seek big yards and more space to accommodate their family needs.

Homebuyers are looking for more homes in the Northeast because Western markets such as California struggled to build enough homes for keeping them affordable. Although the pandemic greatly affected the Northeast, its real estate market managed to survive because of the affordable housing market.

Final Thoughts

The current real estate market continues to flourish because of two major upcoming events: the second wave of the Coronavirus and the presidential elections in November. While both these events are likely to affect real estate and economic markets, nobody knows what the outcomes will be. Hence, now is the best time to benefit from the current real estate market trends to buy and sell a house.

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