The 5 Most Anticipated Cities in 2018 – Five of the Top 10 Cities for Home Buyers
New York, LA, Dallas, Boston, Philadelphia and Miami all have the potential to be a big seller this year.
But as the market becomes increasingly saturated with the end of the summer season, many are looking ahead to 2019.
Here are the five cities that are set to be the hottest sellers in 2019.
Chicago, IL: Real estate agents have been touting the Chicago market for years, and the market is still getting bigger every year.
According to the Chicago Realtor Association, the average price of a home sold in Chicago in the second quarter of 2019 was $2.9 million, a 27 percent increase over the same period last year.
And the number of home sales has doubled since the first quarter of 2018, to 6,400 units.
The city’s population of more than 30 million is one of the biggest in the country.
And despite the number being on the rise, it’s not a one-time thing.
“Chicago is a hotbed of real estate,” said Steve Smith, managing broker at the National Association of Realtors.
“It has a large number of young families, and as you go out and see a lot of older people that are moving out, it is a place that is going to continue to attract buyers.”
The city is also home to many of the nation’s top tech companies and many are expected to keep growing.
For instance, Apple announced a new $2 billion campus in Chicago, which is expected to add jobs and attract investors and employees.
“There’s a lot to like about the city,” said Andrew Strom, president of the Realtional Association of Chicago.
“The fact that it’s such a big player in technology is a good thing.”
New York City: The New York market is already getting buzzed about.
It’s projected to be home to nearly 50,000 homes in 2019, up from 37,000 last year, according to real estate data company Zillow.
The number of new listings in the city jumped to a record level of 3.4 million in the first six months of 2019, which was almost double the number in the same time period in 2018.
This year, the city also saw the biggest growth in new home sales since the start of the year.
The real estate market is expected at this point to be more volatile, but there’s no reason to think that it won’t get more so in the coming months.
New demand is likely to drive up prices, but the city has a history of selling high-end homes.
As of mid-2018, the median price for a single-family home in the Manhattan boroughs was more than $1.9-million, which has more than doubled in the past two years.
There are also many more affordable homes available than ever, which should help drive up home prices.
Miami, FL: It’s no secret that Miami has been a hot spot for real estate activity.
Real estate analysts at Realtory have been saying for years that Miami is a key market for buyers this year, and there’s plenty of evidence to support that.
In February, the Real Estate Board of Greater Miami released its annual list of the top 10 hottest real estate markets in the world, which featured Miami among the top five.
And in the spring of 2019 alone, the number one spot was held by the city of Miami, which saw a record $2,937,928 in new listings.
“With the high cost of living in Miami and the number and pace of job growth in Miami, the real estate industry has become very competitive,” said Scott Pasko, president and CEO of RE/MAX Miami.
“Real estate professionals are finding it increasingly difficult to find buyers in Miami.”
The area has also seen a steady increase in its housing prices over the past few years.
According the Zillows, prices in the area hit an all-time high of $1,000,000 in 2018, but were reduced to $600,000 by 2020.
And even as prices have risen, Miami’s population has stayed flat.
“We have had a number of people who have stayed in the market for the past six to eight years come back and we’re seeing some growth this year,” said Paul Vollmer, chief economist at RE/Max Miami.
Atlanta, GA: The metro area has become an economic hotbed, and that trend is likely going to extend beyond the real world this year as well.
According a report from real estate website ZillOW, the Atlanta metro area saw a 13 percent increase in home sales last year and more than 400,000 new home listings, which represents the biggest increase in the region since the second half of 2018.
The report also shows a 15 percent increase for new condominiums in the Atlanta