Local Housing Markets is a featured article in HousingWire Magazine housing trends through the country.
austin, texas
In 2021, Austin had one of the hottest real estate markets in the country. But, in 2022, when prices on the subway rose to levels never seen before, things began to change. However, in early 2023, as inventory in Austin has become increasingly limited, buyers have grown accustomed to higher mortgage rates, and demand has increased. “Keeps pressure on shoppers to shop smart,” Kent Redding, a local. Berkshire Hathaway Home Services agent said. “Closures remain low year-over-year, but in January they were down just 21% compared to 36% in October.”
Adjusted inventory, which was down to just 1,697 homes at the end of February according to data from Senior Research, and the relatively strong level of demand has kept house prices stable. The median 90-day median listing price as of mid-February is $699,187, just over $100,000 less than the record set in mid-March 2021. For agents and sellers looking to succeed in today’s market for Austin, Redding says price is key. “We’re still seeing properties take up quickly, as long as they’re priced right,” he said.
Hartford, Connecticut
It’s been quite a while since the state capital city of Nutmeg has had an active real estate market. “When we went through the Great Recession, we lost a lot of our insurance industry, so we didn’t have as many people moving in from out of town for those jobs,” Katie French, local resident. Coldpit Banker agent said. “Now that the market has slowed down, we still see a lot of people moving here because they are moving home. Somehow they ended up in New York or the West Coast, but decided to return to an environment that they felt was safe and where their children could have the life they had as children.”
These out-of-state and boomerang buyers have caused the Hartford real estate market to heat up. As of February 2023, the Hartford County Altos Stock Index reading was 62, compared to a national reading of 40. Altos considers an index reading of 30 to be a balanced market, and any value above that is a seller’s market.
Lake Tahoe, California
Nestled in the Sierra Nevada Mountains, straddling the California-Nevada border, Lake Tahoe is the epitome of picturesque. With pristine beaches, world-renowned ski resorts, and breathtaking views, it’s no wonder the area attracts dozens of second-home and vacation-property buyers. According to Alison Elder, one of the best Berkshire Hathaway Home Services Drysdale Properties Broker, Lake Tahoe’s status as a second-home market, to some extent, helps insulate you from big market swings.
“About 80% of the transactions are second home purchases,” Elder said. “The vast majority are lifestyle purchases, which means there isn’t a lot of variability.” This can be seen in the relative stability of the Altos Market Action Index score in El Dorado County, which has fluctuated between a reading of 43 and a 36 since early July 2022.
Rockingham County, New Hampshire
Less than an hour’s drive from Boston and a short drive from beaches, mountains and lakes, Rockingham County is a popular destination for many homebuyers. “The communities are so bucolic,” Todd Alperin, of Better Homes and Gardens Real Estate The Masiello Group, saying. This popularity has resulted in limited inventory.
At the end of February 2023, there were only 169 houses on the market. It’s a strong seller’s market with an Altos Market Action Index score of 54. “We have about a month’s worth of inventory on the market right now and in some of the smaller towns like Plaistow, Atkinson and Hampstead, there’s only one or two houses,” Alperin said. The cooling off in buyer demand has meant that homebuyers have the freedom to be a little more demanding. “If a house comes on the market and is priced right, is in decent condition, and is in a good area, it will sell fairly quickly, but if there are problems with the house, it will stay on the market longer.” Alperin said.
Miami Florida
Although housing markets across the country have slowed, including the market in miami, local Compass agent Mike Martirena says prices are holding steady. “In the last 30 days, inventory levels have come down, but the selling price is pretty stable,” he said. And the data supports Martirena’s statement. According to data from Altos Research, since mid-August, the average 90-day average listing price has only dropped about $20,000.
As of mid-February, the 90-day median listing price was $717,591. Martirena attributed the stability of home prices to low inventory levels compared to the number of buyers in the market. “I had a listing for a few months, and then all of a sudden we got three offers in one week,” Martirena said. “Buyers have started to come back.”
This article was originally published in the April/May issue of HousingWire magazine. Click here to read the full magazine.
