Real Estate Markets are crazy all over the country; but homes are selling the fastest in 10 key markets as follows:
Ogden, Utah; Manchester, New Hampshire; Colorado Springs, Colorado: Reno, Nevada; Vallejo, California; Columbus, Ohio; Elkhart, Indiana; Austin, Texas; Topeka, Kansas and Rochester, New York.
In these markets homes are sold within a week or two and often above list price in bidding wars. No doubt, there is little inventory in these markets so supply and demand is driving quick sales at high prices. These location are probably hot for different reasons. States like Utah, New Hampshire, Colorado, Nevada, Texas and Indiana are attracting buyers usually moving from high cost high tax states. These particular inbound states have thriving businesses so they are growing.
Columbus, Ohio is a great university town with a good quality of life. Not sure why markets are hot in Topeka or Rochester. Vallejo, California is less expensive than closer in Bay Area cities. But here we are. Could be people downsizing, or maybe first time home buyers since homes in Topeka or Rochester would be relatively inexpensive.
Many believe we have about 14 more months of crazy real estate markets. However, we need 4 million more homes to fill demand, which could takes several years to achieve. In any case, right now it is a great Seller's Market. Not so good if you are a buyer. Be prepared to pay above list price to win a bidding war. It is happening all over the country.
