The Wall Street Journal and Realtor.com Index discovered the hottest emerging markets in America in 2021.These metro areas have healthy housing demand and rising prices as well as strong economies, numerous high-paying jobs and desirable amenities.
We took a lens to what the communities across America today mean in terms of diversity, economic strength and just as important, quality of life, as The Realtor.com Senior Economist Maria commented on FOX Business Mornings with George Ratiu.It seems that the pandemic has led a lot of us together to reevaluate our priorities.
What are the five fastest emerging housing markets in America according to the WSJ and Realtor.com?
Ratiu said Coeur D'Alene got the number one spot for being local in space and having a solid national economy.
It has quality of life amenities in spades - from, obviously the ski resorts, the lake, the natural attractions, different pace of life, he said.
He said the city has much more affordable housing compared to other areas, which is very important for people who are relocating to this area.
Ratiu named Austin a pioneer in the movement of large companies moving to new offices.
We're seeing tech companies after they flew out of space in Seattle - literally and figuratively - and are looking to meet talent in much more affordable places because they found out that it's impossible in those markets, he said.
Ratiu praised Texas for successfully navigating this and said many other U.S. cities are using Austin as a model of success.
Ratiu said that residents moving from the west coast to new regions are looking for a change - including prices, space and even pace of life.
Many housing markets are still better than others, and they are likely to remain the places to be after the pandemic has passed, according to Realtor.com.
Ratiu pointed to age as a significant factor in these real estate trends.
What we're seeing in the moment is that first time buyers are really feeling pressure, said he.We have 4.8 million teens turning 30, coming from the homeownership age and embracing it for the next three years in a row.What's a tremendous positive tailwind?
Ratiu said while high supply has pushed housing prices really high, good news is coming.
The Sellers are looking to list.He said that over 10% of Americans today plan to list in the next year.So I think that we will see a strong supply, which should moderate the steep price growth.