The housing market has recovered nicely from the depths of the Great Recession, and many parts of the country have seen strong demand for single family homes, condominiums, townhouses and other types of residences. Now that we are nearly a decade away from the housing crash, it is a good idea to look at recent trends in the market and what they may portend for the future.
So far 2016 has been a banner year for the housing market, with strong housing starts and great demand for both new and existing properties. As a real estate professional, you know how important it is to stay abreast of current trends, and you know how vital it is to stay one step ahead of the trendsetters in the housing market. The 2016 market year will soon be in the history books, but there is still time to identify the trending real estate markets that will pave the way to 2017 and beyond.
Texas is Booming
The state of Texas has long been a hot real estate market, but as 2016 comes to a close the Lone Star State is heating up even more. Home buyers have been flooding into the state of Texas from far and wide, leading to a veritable building boom and offering some excellent opportunities for investors and real estate professionals.
The decline in the price of oil has tamped down local demand to some extent, but demand from outside the state has more than made up for the local decline. Specifically, buyers from throughout California have been making the move to the Lone Star State, taking advantage of an overpriced real estate market and buying into the more affordable Texas market. If this trend continues, and there is no reason to think it will not, the strong demand should lead to rising prices and a booming real estate market.
Atlanta is Hot
The tendency of retirees to move south in search of warmer weather is nothing new, but there have been a few significant changes in the destinations they have been choosing. Florida continues to be a popular location for newly retired home buyers, but the Atlanta region has been giving the Sunshine State a run for its money.
With its affordable housing prices, its wealth of good-paying jobs and its friendly people, Atlanta is expected to be a trending market for the rest of 2016 and beyond. The Atlanta region continues to draw home buyers from far and wide, making it a prime spot for home buyers from all walks of life.
Detroit is On the Move
It is no secret that the city of Detroit has had its fair share of problems, but the Motor City is now trending in the right direction. The loss of the manufacturing base and the well-documented decline in the auto industry hit the region hard, but entrepreneurship and a rise in small business openings has helped to fill the void.
Detroit is on the rise and trending upwards, but real estate prices remain affordable throughout the region. The city itself has a large number of affordable properties, but the surrounding suburbs have been even hotter. Individual buyers and real estate investors looking to get in on the ground floor have been flocking to Detroit, and the market is expected to continue its upswing for the remainder of 2016 and beyond.
It is often said that the three most important factors in real estate are location, location and location, and that has certainly been true in 2016. As the year comes to a close, now is the time to look at the hottest trends in the market, including the most popular destinations for home buyers and an increasingly mobile workforce.