Top 5 Markets for Home Sales in 2012
Yes, the real estate market has seen its ups and downs over the past decade or so—but hope is not lost. Some of our country’s housing markets are seeing great improvements and are ideal for home owners who are looking to hang up that “for sale by owner” sign. Read on to find out about the top five housing markets for 2012.
1. Akron, Ohio
While Akron did experience a housing price decrease of 4% in 2012, it’s expected that the area will see great improvement in 2012 and beyond. Jobs are arriving to the area, which means that the population will grow—and that means that houses will be sold. Don’t expect a steep and quick increase in real estate prices, but do expect a steady gain over the next couple of years.
2. Houston, Texas
We’re not just talking about Houston, either, folks—we’re also including the surrounding towns of Baytown and Sugarland. The reason that Houston made this list is simple: oil. Houston is a huge hub for energy, and this means that more and more jobs are being created—which equates to an increase in the area’s population. During the real estate crisis, Houston only experienced a 4% drop, which is pretty impressive. Add to that the fact that the area has a higher-than-average income, and you can expect to see housing prices to hit bottom this year but increase 2% in 2013.
3. McAllen/Edinburg/Mission, Texas
That’s right—we’re staying in Texas for this one. This area’s housing market is looking great, largely due to its strong job recovery. Additionally, its population growth is three times the national average! According to Ingo Winzer, president of Local Market Monitor, the area’s real estate prices increased 19% during the housing boom (between 2002 and 2007) and has dropped a mere 4% since then. But the insane population growth and addition of jobs is sure to increase the housing prices over the next year or two.
4. Pittsburgh, Pennsylvania
Sure, it’s not the most glamorous city in the country, with all the steel and whatnot, but it’s expected to kick some butt this year when it comes to real estate. Although Pittsburgh’s population has remained somewhat steady over the past years, its population earns slightly higher-than-average incomes, which always helps. As of December 1st, 2011, the average home cost about $168,000, which isn’t terribly expensive for such a metropolitan area. During the housing boom, Pittsburgh experienced a huge boost in real estate prices (16%), and there hasn’t been a real decline since then. So, even if prices do decrease 1% in 2012, expect them to rise once again next year.
5. San Jose, California
San Jose, along with neighboring cities Santa Clara and Sunnyvale, has seen its home prices reach bottom over the past few years. During the housing boom, the area’s real estate prices grew an astounding 43%, but this was followed by a 21% drop in the following years. However, the fact that there’s a decent recovery underway in regards to the job market is encouraging, and homeowners are encouraged, expecting to see home prices rise over the next few years.
As you can see, these five housing markets aren’t going to suffer nearly as much as other markets throughout the country. So start figuring out if you want to go the FSBO route or the real estate agent route and get that home sold!
Katrina Robinson is a freelance writer and editor based in Charleston, South Carolina, who writes about a wide variety of topics including homes for sale by owner, lifestyle, economy, and ways to save money.
Published by Jim Shawn on February 6th 2012 | Real Estate
Published by Matthew Watson on April 29th 2012 | Real Estate
Published by Coles Morris on January 19th 2012 | Real Estate
Published by Shaan Jim on March 28th 2012 | Real Estate
Published by Deepti on April 11th 2012 | Real Estate
Published by Anil Yadav on August 16th 2012 | Real Estate