The Las Vegas housing market is sizzling hot. Home sales are higher than last year's levels, and prices are setting new records. The inventory is declining month-over-month and can't meet the demand. The housing demand is also feeling the pressure as people continue to flock to Las Vegas from higher-priced areas, especially Southern California. According to industry experts, this trend has accelerated during the pandemic setting the highest pace for home sales in the area in 14 years.
The Austin housing market is soaring. With demand up and few houses to choose from, the Austin home prices are soaring and the buyers have to bear the brunt. Its rapidly expanding economic industry is driving more people into the city which is increasing the housing demand. Low inventory, high buyer demand and rising prices will continue throughout the year, creating a competitive market.
Phoenix is one of the hottest real estate markets in the U.S. The Greater Phoenix housing market is booming. The buyer demand refuses to die down despite increasing mortgage rates. The median sales price has reached $350,000, which is an increase of $55,000 or +18.6% from the February of last year. There was a good supply of new listings in January 2021 (up 26% MTM) but the momentum took a dip in February 2021 (+0.1% MTM), according to the latest data released by ARMLS.
South Florida's housing market is strong in 2021. Home prices continue to climb and inventory remains low. It is a seller’s market with many sellers getting top dollar. After getting hammered by the pandemic, the Miami and South Florida housing markets bounced back in July. The demand for South Florida real estate has been increasing since then.
If you are looking at buying real estate in Philadelphia in 2021, you must read until the end. Philadelphia is a hot seller's real estate market by all housing indicators. There is a huge gap between supply and demand leading to a rapid price appreciation. Philadelphia home prices rose by nearly 13% in 2020.
The same trend is predicted for 2021. Low-interest rates, tight supply, and high buyer-demand will keep the market hot and exert even more upward pull on house prices. The median sales price of single-family homes in the Greater Philadephia housing market has reached $315,000, up 14.5% year-over-year.