The Local Housing Market is a feature of HousingWire magazine that highlights housing trends across the country.
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New Jersey’s Bergen County gives homebuyers the best of both worlds. There are over 9,000 acres of parkland and easy access to New York City. “Manhattan has excellent schools and great transportation, but if you go a little north you can go hiking. It has a little bit of everything,” said Max Stokes, a Compass agent based in Bergen County. , Bergen County has been one of the nation’s hottest housing markets. The 90-day median list price of homes in Bergen County continues to rise, hovering around $700,000 from late May to early December 2022. has reached a new peak of $859,000 in the week ending 2023, according to data from Altos Research. In addition, Altos reports an average day on the market of 90 days after hitting a high of 84 earlier this year Falling back has been 56 days.
“There is still a shortage of inventory in Bergen County,” Stokes said. “People aren’t moving because they’re tied to low interest rates, so they’re not listing their home. I have maybe 50 buyers for every seller. But, homes aren’t getting offers like before “At the peak, there was a lot of panic in the market. Every single home got 20 to 30 offers, but most of them weren’t that strong.” Only the top five or six were really worth considering and now those top five Or the six offers you’re seeing on properties.”
30A, Florida
Named after County Road 30A, which stretches for about 20 miles along the Florida Panhandle coastline, the 30A metro area includes Destin, Panama City, Santa Rosa, and other cities in between. Known for its white sand beaches, coastal dune lakes and the vibrant blue waters of the Gulf of Mexico, the 30A area has become increasingly popular among vacation home and second home buyers. “The weather and the beach are unbeatable,” said Ray Giacoletti, a local Corcoran Group agent. “It really is heaven here. The sun makes you feel alive every day.
With 10 picturesque, beach towns in the area, Giacoletti says home buyers will certainly find what they’re looking for, depending on their budget. According to data from Altos Research, the median list price for homes in Walton County is set to increase from a 90-day median median list price of $489,500 in April 2018 to $884,000 in April 2023. Although the market in Walton County remains cold in the later part and early months of 2022
Pasadena, California.
While most of the California housing market is making headlines for declining home prices, Pasadena still has a strong seller’s market. Its Altos Research Market Action Index score was 49, well above the 30-point reading that would indicate a balanced market. “Inventories remain low, which offset the impact of higher interest rates and a lower number of buyers,” said Tracy Dow, a local Coldwell Banker agent.
As a result, the last two listings brought to the market in Pasadena received multiple offers from qualified buyers. Homes that are priced to meet the market are performing well and are selling within the first 14 days on the market. Known for its annual Tournament of Roses, Pasadena has attracted newcomers and tourists alike since its founding in the 1880s. Prior to the establishment of the San Gabriel Mission by the Spaniards of the Franciscan order in 1771, the area was originally home to the Huahamonga tribe of Native Americans. Today, Pasadena is home to a variety of industries as well as the California Institute of Technology.
Charleston, WV
Unlike many other markets across the country, Charleston’s housing market did not take off at the start of the COVID-19 pandemic. In fact, the 90-day median median list price of a home in Charleston has yet to again reach the $198,358 peak it hit in late May 2019. Altos have been hovering between $160,000 and $200,000 over the past five years, according to Research data. With a steady decline in inventory, at a 90-day average of 150 homes as of the week ending April 14, and the 90-day average listing price coming in at $193,147, it appears that the record may be in reach. Is.
Situated at the confluence of the Elk and Kanawha Rivers, Charleston is the most populous city in West Virginia. With a variety of job opportunities and easy access to outdoor activities like hiking and whitewater rafting, Charleston offers residents big city amenities combined with small town charm.
Fargo, ND
An early stopping point for steamboats traveling the Red River in the late 19th century, Fargo was originally known as Centralia. The city was eventually renamed in honor of William Fargo, director of the Northern Pacific Railway and founder of the Wells Fargo Express Company. Today the population of Fargo is approximately 128,600. It is the most populous city in North Dakota.
Over the past decade, the city has received approximately 17,000 new residents, increasing the demand for housing. Despite the volatile mortgage rate environment, the average list price for homes in Fargo continued to rise this spring, according to data from Altos Research, with the 90-day median list price reaching an all-time high of $373,357. With only 170 active listings, the city’s still-tight inventory has helped keep prices high this spring and contributed to the city’s Altos Market Action Index score of 40.
This article was originally published in the June/July issue of HousingWire magazine. Click here to read full magazine,
