Which U.S. Cities’ Housing Markets are Growing? Which Cities are on the Decline?admin / 0 Comments /
This year, the real estate market has made significant improvements in many areas of the United States. According to an article published in USA Today by Thomas C. Frohich, the median home price was at the highest since 2007 at the end of 2015, and increased another 4.9 percent by the end of 2016’s second quarter.
There are several U.S. cities reflecting this growth in housing prices, such as Boulder, CO, which had a 18.5 percent home price increase over the past year. However, there are still many cities that are not reporting the same home pricing increases. In fact, some cities, such as Atlantic City-Hammonton, NJ are seeing declines in home values.
The National Association of Realtors (NAR) reviewed home prices in close to 200 U.S. metropolitan areas. A list of the fastest growing markets as well as the real estate markets on the decline were compiled. Topping the list of growing cities behind Boulder, CO were Elmira, NY, Springfield, IL and Port St. Lucie, FL. Cities with the most significant decline in prices besides Atlantic City were Binghamton, NY, Erie, PA and White Plains, NY. Economic factors such as unemployment often seemed to be tied to the home prices in an area. Inventory, demand and location are other factors that drive home prices up or keep them low, even declining.
To read the entire article and see the entire listing of growing and shrinking cities, click here.