The next upswing is expected to happen in 2019. To determine which market will experience the next upswing, a graph with the historical data was created, and it shows that there has been an upswing in U.S. real estate every 10 years since 1873. It is expected that an upswing will happen again in 2019. there are the 10 real estate markets on the cusp.
The top 10 markets on the cusp of a housing downturn are:
1) Tulsa, OK
2) Colorado Springs, CO
3) Panama City, FL
4) Corpus Christi, TX
5) Virginia Beach, VA
6) Ontario, CA
7) Boise City, ID
8) Fayetteville-Springdale-Rogers, AR-MO
9) Odessa, TX
10) Des Moines-West Des Moines, IA
Missoula is one of many metropolitan areas where the housing market is increasingly reminiscent of San Francisco, especially after the pandemic and the spread of telecommuting forced some people to leave cities, searching for more space and cheaper housing prices. Unsurprisingly, the San Francisco real estate market was one of the few places to see a rise in basic earnings.
According to the California Association of Realtors, the average selling price for existing single-family homes in the San Francisco Bay real estate market was $1,000,000, up 4.2% from last year. Heath suggests that the factor or symptom of the correction is the hectic market in the Bay Area and that buyers cannot find affordable options anywhere in the area. In Missoula, home values rose 57% from January 2020 to January 2022, while home inventory fell 58%, according to Zillow data.
The Chronicle specifically wanted to see which metropolitan areas in the United States experienced significant housing cost increases and housing stock declines during the pandemic, using Zillow’s metro area data. We found a mix of urban areas and smaller ones whose real estate markets have become less accessible and tighter over the last couple of years.
The best way to get through these cycles is to buy a house that already has your monthly cost in place, preferably with a fixed-rate long-term loan. San Francisco Metropolitan 5 Counties San Francisco Metropolitan 5 Counties, data points refer to January 2000 home value as a % of value January 2000 February 2022 Typical home value in the San Francisco metropolitan area is less than $1.4 million, ranked #1 nationally 2. According to Zillow housing data, San Jose’s inventory rate (inventory refers to the number of homes for sale) is 0.11%, ranking it 32nd out of 917 areas nationwide.
While the housing market is exceptionally competitive everywhere during the pandemic, Denver’s house prices recently hit an all-time high in February 2021, mainly due to the lowest levels of inventory the city has ever seen. In terms of the number of months of supply, San Francisco, or the entire Bay Area real estate market, could become a real estate market for buyers if supply increases to stock in more than five months.
It also explains why the San Francisco real estate market cannot solve the affordable housing crisis by building on relatively open land in San Francisco County. The Chronicle used Zillow Zillow data to understand which areas of the U.S. have housing markets like San Francisco, which came to light when home prices nearly doubled in 10 years due to low inventory and strong demand. In major cities such as New York, Chicago, San Francisco, and Washington, D.C., cellphone data shows a massive outflow of people from towns since the pandemic began, hardest hit wealthier areas.
