The real estate prices have gone up considerably in 2020, and they are still rising. The average home value in the United States is roughly around $269,000. This is due to the help of low interest rates. The average home price went up about 22.2% compared to 2019, and the existing home sales reached their highest level since 2006. Candea Development knows this is a good time to be a homeowner, but not a great time to be a home buyer, especially in some real estate markets. New statistics reveal that these cities are predicted to be among the hottest housing markets in 2021. This translates to higher prices, bidding wars, and a slim inventory to choose from. It is a seller’s world. So, if you already own a property in these 15 metropolitan areas, you will have an easy time selling, however if you are trying to buy in any of these areas these will be some of the hardest areas to buy a home.
15. Minneapolis, Minnesota– Typical Home Value $308,000
14. Seattle, Washington– Typical Home Value $813,000
13. Las Vegas, Nevada– Typical Home Value $310,000
12. Houston, Texas– Typical Home Value $204,000
11. San Diego, California– Typical Home Value $689,000
10. Miami, Florida– Typical Home Value $389,000
9. Riverside County, California– Typical Home Value $474,000
8. Washington, D.C.– Typical Home Value $672,000
7. Atlanta, Georgia– Typical Home Value $311,000
6. Dallas Fort-Worth, Texas– Typical Home Value $273,000
5. Denver, Colorado– Typical Home Value $498,000
4. Tampa, Florida– Typical Home Value $281,000
3. Nashville, Tennessee– Typical Home Value $316,000
2. Phoenix, Arizona– Typical Home Value $310,000
1. Austin, Texas– Typical Home Value $454,000
Candea Development says it is a sellers’ market, yet many homeowners are hesitant to put there house up for sale, especially during the pandemic. No need to risk moving if there is still a pandemic going on out there, many homeowners are saying. With low inventory across much of the nation, buyers are making concessions to convince sellers to accept their offers. To secure deals in hot markets, some buyers are offering free leasebacks, mainly allowing the seller to live in the house for free for a short period after the closing. Word of advice for those who are in search for a home in a hot market, “find a great real estate agent who can guide you through the process but be prepared for the emotional ups and downs.”
