Where Are the Hot Markets?
We know that the real estate market across the country, on average, is down considerably. Some places have home values that date back to 1998, while some go back even to the 1980’s. That’s a huge drop, and in some areas, the fall isn’t close to bottom yet.
But, this isn’t the case everywhere. In fact, there are several parts of the country that are actually looking up – a product of buyers buying properties at incredible discounts and taking advantage of dirt-cheap interest rates that will probably never again be this low.
One place to look is – surprisingly – Florida. Florida is one of the states at the epicenter of the housing crisis, but believe it or not, there are parts of the Sunshine State that are recovering. Fort Myers is one of these places. In the last year, home prices actually increased by more than 24%. That is by far the biggest leap we’ve seen in the nation, which is a great thing for investors and homebuyers who got ahead of the curve.
Another rising area is Dallas. Dallas has been the scene of hot real estate for years now, and today is no exception. Homes are staying only around 100 days on the market on average – far below the national average – and prices are only down 10%. They’re actually close to leveling out, only down 1% from a year ago.
A third area to consider is in another hard-hit state, California. San Diego’s real estate prices are only down about 1.5% or so, and have shown strong signs that they are on the right track to recovery.
These three areas and others like them are primed for investors and homebuyers to swoop in and snatch up still-cheap properties for living or for investment purposes.