The Hottest Housing Markets July 2018

The Hottest Housing Markets July 2018

We all know there is a shortage of affordable housing in the U.S. right now. Housingwire.com recently published a list of the 10 Hottest Housing markets out there, and we thought we’d do a quick recap. The following housing markets are ripe with competition, many because of the thriving job market in these areas. Here is what the score means: A score of 0-10 is a city in which a house often takes months to sell. Whereas 91-100 is a city in which multiple offers are coming in for each house that appears on the market, driving up the already expensive housing markets in these areas.

Rank            City                            Score
1                      Fremont, CA              100
1                      San Jose, CA              100
1                      Seattle, WA               100
2                     Oakland, CA              97
3                     Aurora, CO                96
3                     San Francisco, CA    96
4                     Tacoma, WA              95
5                     Denver, CO                92
5                     Boston, MA                92
6                     Sacramento, CA        91

 

As you will notice, the notoriously already expensive California makes the list several times. Partially because they are already short on housing and partially because these are the hotbeds for tech gurus and startups – which is driving the job market right now, and with jobs comes the need for additional housing. Because of the competitive nature of the above cities, many are turning to the more affordable markets with a greater housing supply.  The following are the 10 least competitive markets in the U.S.:

1                    New Orleans, LA             43
2                   El Paso, TX                       44
3                   Pittsburgh, PA                 47
3                   Miami, FL                        47
4                   Newark, NJ                     52
5                   Scottsdale, AZ                 54
6                   Boise, ID                          57
6                   Baton Rouge, LA           57
6                   Norfolk, VA                    57
7                   Cincinnati, OH              58

 

While these cities are more affordable, the housing market is still on an upswing and mortgage rates are higher than ever. So, ultimately, the job market may not be driving your decision as much as the affordability of housing.

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