Hottest Neighborhoods in the United States and/or California
by Homepie | Published May 31, 2022 |5 Minutes
The effects of the Covid pandemic really changed the way people looked at what they needed from a home. With remote/home-schooling and many having to work from home remotely, families found themselves needing homes with more room and separated spaces. This also led people to look to different neighborhoods and areas to live in, and some looked to downsize.
For some time, the housing market has been a hot seller’s market in many areas of the United States. Now, with rising interest rates, mortgages are becoming more expensive, which has impacted the buyer’s purchasing power. Sellers looking to move are choosing the FSBO route, with companies like Homepie, to help cut down costs and commission fees and those living in hot areas are getting well over their asking price in many cases.
Hottest Areas of the 2022 Housing Market
With prices rising, home inventory dropping, and homes being snapped up within days of coming on the market, many areas in California have remained hot. One of the hottest areas in California is San Diego, where newly listed homes spend an average of 8 days on the market. With less than a month’s inventory, it’s remained a hot seller’s market. Median sales prices are up 27.8% at $903K compared to this time last year.
The second hottest area is Los Angeles, with a median sales price of $966K, up 16.8% from this time last year. Los Angeles has just under 2 months of inventory and around 2.63% of the homes sold are getting above their asking price.
Then there is San Jose, which is considered to be one of the more expensive areas compared to the rest of the country. San Jose has seen the median sales price rose by 28.9% to $1.375M compared to last year. We also saw a 55.1% drop in housing inventory for the area, pushing prices up further and 14.3% of the homes getting above their listing price. Over in San Francisco’s housing market, the average home value is up 12.4% with homes at $1.6M.
On the other side of the country, Florida has seen a frenzy in its housing market. South Sarasota is one of the hottest areas in the state, with a typical home value at $447K, up 40.8% from this time last year. East Venice follows close behind with typical values at $441K, up 42.8% from last year. Many experts are predicting that Tampa, which already soared in prices, will continue to be a hot market for those investing and selling their homes.
It seems some of the hottest housing markets are in southerly areas of the country, where climates are warmer. San Antonio, Texas is yet another area where home values average $287K, up 24.4% from last year.
Up north, Chatham, Cape Cod, Massachusetts continues to be a hot market with the average home value at 1.1M, up 28.5% from last year. Lake Lure, North Carolina also remains a hot area to live and sell, with home values averaging $421K, up 30.5% from this time last year.
Detroit, Michigan has seen its sales prices rise by 30.0% over this past year, with median sales prices around $78K and about 4% of these homes selling above their asking price. In Boise, Idaho, home prices have risen by 29.9% to an all-time high of $495K.
Read our blog on the state of the current housing market here. We post the latest market stats each month.
Selling your home in a hot market, especially a seller’s market means you will typically have the upper hand when negotiating with buyers, and it’s likely that multiple people will be competing to buy your home.
If you are taking the FSBO route, it’s important to set the right price. Pricing too high could cause your home to sit on the market for longer, even in a hot market. Selling too low may get your home sold quickly but at a loss. When choosing to sell your home, you need to do your research to see if your area is considered a hot one for sellers or buyers. Getting a pricing your home right helps ensure that your price is competitive without leaving money on the table.
Homepie provides all the tools that you need to sell your home with confidence including help with pricing your home. From our Pricing Analysis service to Transaction Coordinator services, we have everything you need to get your home sold at the best price possible and save the equity you have worked so hard for. We do offer these services on a stand-alone, however, you get much more for your money if you choose one of our marketing packages which a quite inclusive.