The previously-booming Las Vegas real estate market was badly impacted by the ongoing pandemic. Unemployment is at a record 28.2%. The economic uncertainty and massive job losses directly affected its housing market as well. However, it has managed to avoid total collapse. Even though these effects on the Las Vegas housing market are deemed as short-term, it is yet to be predicted as to what the potential long-term impact could be. On the positive side, the national housing market is expected to bounce back faster than anticipated from the damage caused by the COVID-19 pandemic, according to Forbes. They also said that among the Las Vegas housing market is among those cites that are showing the most signs of a positive recovery. With the reopening of its economy, the Las Vegas real estate industry is looking forward to how the business can be conducted in the wake of the new normal.
We will discuss the latest Cincinnati real estate market trends & news and find out how they can affect the investors and homebuyers in the latter half of 2020. Low-interest and unemployment rates, the influx of high-paying jobs, and very affordable housing make Greater Cincinnati a great place for people to live and work. 2020 started strong with an increase in home sales in the Greater Cincinnati housing market. In January, the average home price rose to $219,497, a year-over-year increase of 8.79%. The inventory of homes for sale dropped by 23.2 % as more and more millennials and families entered the market to purchase their dream homes.
Due to the impact of Covid-19, the sales in April were down by 20.21% compared to a record April a year ago. The inventory of homes for sale continued its year-over-year declining trend and that shows that there are plenty of buyers in the market ready to scoop up properties and take advantage of low investor turn out.
If you are considering buying a house or an investment property in the Phoenix real estate market, you’ll find all the housing statistics on this page to help you make a sound decision. As we saw Arizona real estate market thriving & becoming sizzling hot in the past couple of years, even the rise in mortgage rates was believed not to affect it. We’ve been seeing real estate appreciation rates increasing year-over-year in the entire metro area. The Greater Phoenix area was also predicted to be among the top housing markets in the year 2020.
Phoenix housing market 2020 started so strong that only something as drastic as the ongoing pandemic could have impeded the real estate sector. The year 2020 started with an extreme shortage of houses for sale, and an increasing number of sales over asking price of property owners. In January, many experts expected moderate growth and moderate price appreciation in 2020. In March, the Metro Phoenix’s median home price hit a record of $302,500. The median sales price in Maricopa County for Q1-2020 was $309,990, up by + 12.7% from last year. Even in the times of the Covid-19 pandemic, the sales prices in the Phoenix housing market are not declining.
The real estate market has been booming in Southern Arizona and housing experts see positive trends in the Tucson housing market 2020. If you are looking at buying an investment property in Tucson, you’ll find all the housing statistics on this page to help you make a sound decision. The Tucson real estate market hit the news a decade ago for hitting incredible highs before the average home value was cut in half. However, its slow recovery has been overlooked by the media and investors alike. With a strong economy and low mortgage rates, buyer activity has been strong in this region.
The housing inventory levels are still below historical norms. With supply and demand continuing to favor sellers prices continue to rise in the Tucson real estate market. The Tucson housing market is seeing moderately strong demand, but it is nowhere near the insanely overheated conditions it saw in the 2008 housing bust. Last year, the median sales price increased by 12.3 percent to $252,750 for single-family homes. For townhouses and condos, the median sales price increased by 18.4 percent to $166,000.
If you are looking at buying a house in Philadelphia as a potential investment in 2020, you must read until the end. Philadelphia is one of the oldest and largest cities in the United States. In the past month, houses in the Philadelphia real estate market sold for higher prices than they have in a decade, and that is mainly due to historically low mortgage rates and tight inventory. As new listings are decreasing due to the impact of coronavirus pandemic, the housing inventory has been squeezed further leading to a surge in asking prices of the Philadelphia properties.
Let’s talk a bit about Philadelphia before we discuss what lies ahead for investors and homebuyers. Philadelphia is too often written off as a has-been, a historical city that has joined the Rust-Belt. However, this city is on the rebound and the Philadelphia real estate market predictions show us an excellent opportunity for investors in 2020 and coming years. Philadelphia is the largest city in Pennsylvania and the second largest on the East Coast. It is the sixth biggest city in the United States (Phoenix has beat out Philly for that spot in the top five).