These ten housing markets are proving to be bright spots in a national real estate market that continues to be weak. Home prices in these cities have jumped by as much as 44% as their housing inventories have fallen. In addition, the age of the inventory has also been shrinking, meaning that houses are spending less time on the market before they are snapped up.
Las Vegas, Nevada. This housing market has been experiencing somewhat of a boom and bust cycle lately. While real estate prices during the bust period have fallen by as much as 70%, the median list price has recently recovered by nearly 31%, bringing it to $169,000 from the previous $129,000. The number of homes in the market has fallen by 17% and the median age of the houses has also decreased by 23 percent.
Boulder, Colorado. The average list price in this market has increased by 12.5% to $359,000 from $319,000 in the previous year, while inventory has fallen by 18% and the average age of houses declined by 35 percent.
Greater Boston area, Massachusetts. The recent increase in list prices by nearly 10% to $344,000 from $314,000 has just confirmed this market’s status as one of the healthiest in the country. Inventory fell by 22% while the median age dropped nearly 31 percent.
West Palm Beach and Boca Raton, Florida. Although this is one of the most affluent areas in the nation, the real estate market has faced some challenges in recent years. However, the market is recovering as home prices have grown 17% to $229,000 from $195,000 in the previous year, while inventory fell nearly 21% and median age fell close to 22 percent.
Dallas, Texas. Housing prices in this market have largely remained stable; still, news that prices rose more than 10% to $210,000 from $189,000 was welcome news. Inventories fell nearly 16% while median age fell by close to 32 percent.
Ann Arbor, Michigan. In addition to the declining inventory, prices have also been influenced by the area’s strengthening economy. Prices rose 15% to $190,000 from $164,900 while inventory fell 13.5% and median age, nearly 29 percent.
Ft. Lauderdale, Florida. The market here has become more buyer-driven as sellers offer them incentives to purchase. Median list price grew by nearly 16% to $179,500 from $155,000 while inventory fell nearly 14% and median age, 35 percent.
Reno, Nevada. This market is achieving a healthy balance of falling sales and declining balance. Prices rose 28% to $249,000 from $195,000 while inventory fell nearly 20% and median age fell by just over 30 percent.
Sta. Barbara, California. Most of the markets in California have already recovered, but Sta. Barbara is still seeing big price rises. Home prices rose 27% to $397,777 from $549,000 the past year while inventory fell nearly 16 percent and median age dropped 34 percent.
Detroit, Michigan. This is the most paradoxical market on this list as it is still beset by an economic crisis. Still, the housing market is recovering, with prices growing by 44% to $129,000 from $90,000, while inventory fell 24.5% and median age, nearly 34 percent.