Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housing markets. Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets.
Annapolis, Maryland
Annapolis lies right on the Chesapeake Bay and is within commuting distance to both Baltimore and Washington, D.C. Local Coldwell Banker agent Alison Wisnom says that this location, as well as the area’s relatively low cost of living compared to neighboring metros, is driving more and more homebuyers to consider the area. “Our city is attractive to a wide range of people,” Wisnom said. “We have seen during COVID-19 a lot of people leaving the DC area because they have more flexibility with work. We also see a lot of people retiring to this area both nationally and internationally.” Being close to the naval base also attracts a lot of military personnel to the city. The heightened demand has put a strain on Annapolis’ already tight housing inventory, causing properties that would have previously held narrow appeal to go faster than expected. “I had one home recently that needed major cosmetic renovations and it ended up get-ting multiple offers, so it is still super competitive here,” she said.
Manchester, New Hampshire
“We are in a market like I’ve never seen in 30 years and I’ve seen a lot of different markets,” Laurie Norton a local Better Homes and Gardens Real Estate The Masiello Group agent said. Throughout the fall of 2021 Manchester, the largest city in New Hampshire, held steady in the Top 10 of Realtor.com’s monthly hottest housing markets ranking, even hitting the top spot in September. Rising demand from local buyers, as well as out-of-state buyers looking to take advantage of the Granite State’s tax laws and proximity to Boston, has driven prices up and put even more strain on the area’s already tight inventory. “Before COVID-19, in Manchester, we would have an average of about 150 houses on the market at all times,” Norton said. “This past summer, we only had 25 houses.”
New Braunfels, Texas
Winter is usually a slow time for Keller Williams’ Lakefront Group agent Hunter Croan, who specializes in lakefront properties in Texas’ hill country between San Antonio and Austin. “It is still pretty hot,” Croan said. “It is not going 100 miles per hour like it was before, but we’re still at a good 85 miles per hour.” While some of Croan’s buyers are using new remote work flexibility to relocate to a more desirable location, a lot of his buyers are in the market for vacation homes. “The majority of our business has been second-home sales, but we have also been seeing quite a few Californian buyers,” Croan explained. With easy access to two of the Lone Star State’s major cities, hiking trials, lakes and the Guadalupe and Comal rivers, it is easy to see why buyers are flocking to the area.
Provo, Utah
Although the housing market in Provo has cooled a bit since its peak last spring and summer, local Keller Williams agent Becca Summers doesn’t think it is an indication of a true market shift. “I believe it’s just normal seasonality,” Summers said. “It’s colder, it gets dark earlier, people just don’t want to be out looking at houses.” According to Summers the days of getting up to 30 offers on a home are over, but she is still seeing homes get two to three offers regularly. “Making sure that the house is staged properly and marketed well is really important,” she said. Despite the cool off, on average, homes are sitting for only 10 days on the market. “I definitely think we will see things pick back up in the spring like they normally do.”
Topeka, Kansas
The Sunflower State’s capital city isn’t short on buyers these days. Since the summer of 2020, demand for homes has soared. “You get a small town feel here,” Kylie Edington, a local agent with Prestige Realty said. “It’s such a centralized location because we are still close to Kansas City and Lawrence and Emporia. You can get to the bigger areas within an hour. But we have all the shopping and restaurants you need here and we’ve had a lot of downtown revitalization.” Also attracting buyers to the area is the city’s Choose Topeka program, which provides monetary incentives for homebuyers who relocate to the area. “They are basically paying people to move here,” Edington said.
Local markets was originally featured in the February Issue of HousingWire Magazine. To read the full issue, click here.
