Buying real estate in Richmond, VA can be a worthy investment for 2021. Forbes ranked Richmond, Virginia at #8 in their list of “15 Housing Markets That Are Hot in 2020.” They analyzed which major metro areas are seeing their housing markets boom in 2020, especially in comparison to prior years. Richmond homes are getting sold in record time and the metro area’s housing inventory has been squeezed significantly over the last two years.

Let’s look at the Richmond housing market trends and forecast before discussing why you should consider investing there. There is a dearth of housing supply in the Richmond Metro. Over the last two years, available homes for sale have dropped by more than half. As of November 2020, Months Supply of Inventory for the Richmond Metro Area has decreased 57.1 percent for single-family homes, according to the Richmond Association of REALTORS®.

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If you want to invest in the heartland, Chicago is often the default choice because it is so big. Texas gets attention as the home to several of the fastest-growing and appreciating markets in the country. However, it is worth your time to look at smaller metropolitan areas that have similar potential without the same degree of risk. Let’s look at the Oklahoma City real estate market trends and forecast before discussing why you should consider investing there.

Oklahoma is one of the hottest housing markets in the nation. In the most recent annual population estimates released by the U.S. Census, Oklahoma City is now the 25th largest city in the United States. Since 2010, it has grown by more than 12%. There was already a shortage of housing supply, then when the pandemic showed up in March, many sellers decided to take their properties off the market.

This drove supply down even more, but the demand remained high in the Oklahoma City housing market. According to Zillow, home values are up by nearly 6% year over year in Oklahoma while in Oklahoma City they have gone up by 7.9%. Despite the rising prices, Oklahoma real estate is still highly affordable relative to most housing markets in the U.S.

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Let’s take a look at the current state of the San Antonio real estate market. Existing home sales activity is booming in the San Antonio Area. San Antonio home sales increased a whopping 32 percent over September 2019. In total, 3,623 homes were sold, according to the San Antonio Board of REALTORS®.

In October, there were 6,720 active listings, with 3,463 sales and 3,209 pending sales going into November. October home sales showed a 20 percent increase over 2019. Total home sales for San Antonio (city) were up 9% while Bexar County sales surged by nearly 10 percent over 2019. The number of months of housing inventory in San Antonio was only 2.1 months in October, down from 2.3 months in September.

A balanced market is generally considered to be 6 months of supply so we are currently in a seller’s market. Looking at these trends, the San Antonio housing market won't cool down anytime soon, not even in 2021. There is an extreme shortage of inventory which has accelerated real estate appreciation this year.

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The Dallas housing market is doing great after recovering from the blows of the pandemic. In fact, home prices in North Texas and across the country have seen significant gains as demand for houses has risen in the past few months. The Dallas real estate market is following this trend as well. Before this ongoing crisis, Dallas was a balanced real estate market. It was doing pretty well.

But in May, residential sales in Dallas County had fallen 35 percent from their level in May 2019 and the median sales price was down 4 percent. The double-digit decline in April and May led to an overall decline year-to-date compared to 2019. The recovery of sales began from July onwards when sales rose by 20% year over year.

Increasing sales and a dwindling supply of active listings have pulled Dallas' months of inventory (MOI) down to an all-time low of 2.3 months, according to the latest data released by MetroTex, the largest REALTOR® association in North Texas. The local agents are doing their best looking for the supply solutions necessary to keep this market healthy. The 2.3-month inventory figure is 1.1 months less than the same period last year.

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