Real Estate News

What housing markets are doing best this year so far?

Published: 16 Feb 2017

Though some California cities are well-known for expensive houses, a new report from Zillow identified some of the markets most that are best for both buyers and sellers. According to this source, there was a noticeable geographical split between these two markets, as most of the seller-friendly cities are on the west coast or southwestern U.S., while the buyer's best bets tended to be on the east coast or Midwest.

In fact, of the top ten buyer's markets, only Boston and Charlotte were from states on the Atlantic Ocean border. The others included cities in Oregon, Washington and California: the last of these had four cities on the list, such as the number one ranked spot, San Francisco. For buyers, the single state with the most cities in the top ten was Florida, although the most highly ranked region in this category was actually Baltimore.

This seems to mirror data, which ranked San Francisco as the 'hottest real estate market' of the entire country. The organization's Chief Economist, Jonathan Smoke, described some of the conditions of the market at the beginning of the current year.

"We saw evidence of a stronger-than-normal off-season starting last September and October due to pent-up demand and surging interest from first-time buyers," Smoke said. "The downside to this strong off-season is that we have started 2017 with a new low volume of available homes for sale and a new high for prices."

San Francisco may remain a benchmark for expensive homes for some time to come. Recently, Curbed San Francisco said that the highest-selling home in the area for the week of Feb. 3 went for more than $4.9 million, after gaining $358,000 over the initial asking price. This home, located in Eureka Valley, sold for about $1,741 per square foot, the source said, and represented an updated vintage house.