Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Real Estate

Hoosier city beats out Miami and Vegas for hottest U.S. housing market, Zillow says

Midwest leads home-value gains, while the nation’s priciest cities lagged

When you think of hot housing markets, cities like Miami, Las Vegas, or Los Angeles might come to mind. Or, other high-priced markets like New York, Washington or Boston.

The city that beat all those housing superstar cities for growth in home value was: Indianapolis, the capital of Indiana. It’s a friendly city with a tourism website that says “Call us Indy.”

The median home value in Indianapolis jumped 12% to $166,800 in April from a year earlier, almost double the national home-value gain of 6.1%, real estate giant Zillow said in a report. Looking at the top 10 gainers on Zillow's list, none had a median value above $280,000, showing the lower end of the nation’s housing market is driving demand.

The No. 2 city for home value gains in April was Atlanta, Georgia. The median value in the metro Atlanta area was $219,600 in April, up 9.6% from a year ago. In the third spot, Las Vegas home values jumped 9% to $279,900, making it the most expensive metro area of the top 10 cities.

At No. 4, Charlotte, North Carolina, saw an 8.7% gain in median value from a year earlier, to $208,500; and No. 5, Kansas City, Missouri, gained 7.9% to $192,900. The Dallas-Fort Worth metro area was No. 6, with an increase of 7.6%, to $243,900.

There was a tie for the No. 7 spot: Orlando, Florida, and Cincinnati, Ohio, both had a gain of 7.5%. The median value in Orlando was $238,900 and in Cincinnati, it was $169,900. 

Rounding out the top 10, home values in Columbus, Ohio, gained 7.2% to $192,000 and in Detroit, Michigan, home values increased 6.9% to $162,200. 

The priciest markets in the U.S. had gains that lagged the national average. The New York metro area saw home values grow 4.1% to $442,500, metro Los Angeles homes increased 1.4% to a median value of $649,500. Boston home values grew 3.7% to a median value of $465,000. 

The most valuable metro area in the Zillow survey was San Jose, where all the tech millionaires have their homes. Its median home value was $1.2 million, a decline of 2.7% from a year ago.

Two things to note about the report: when citing cities, the report includes the metropolitan areas around those urban centers. And, it’s a report about home values, similar to the Zestimates you’ll find on the company’s website. While that’s a bit different than a report that looks at home sale prices, it’s influenced by recent sales because that’s what Zestimates are based on.

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