The housing market has certainly been something to keep an eye on as of late, with prices skyrocketing across the board and city folks moving to the country for a quiet pace of living.
People are also shuffling around thanks to the increase in ability to work remotely, giving working folks an opportunity to live in the town of their dreams while holding the job they desire most.
The fraction of the workforce working from home has declined to 23% as of September, but that is still nearly four times the pre-pandemic level.
According to Norada Real Estate Investment, the South accounted for over half of all home sales in September at 44 percent, followed by the Midwest at 23 percent and the West at 21 percent, with the Northeast accounting for only 12 percent.
The highest sales were seen in the range of $250,000 to $500,000, accounting for 43% of total home sales seen in September.
From Oakland houses for sale to properties in Spokane, areas up and down the west coast are jumping in prices as the housing market continues to boom.
The Most Popular Places to Move
The National Association of Realtors ranked Spokane and Spokane Valley as one of the top 10 markets that showed resilience during the pandemic and what is expected to do well post-COVID.
You can also look to Vallejo and Fairfield in California, a smaller metro area that is considered a less expensive option for people looking to escape the high home prices of San Francisco and San Jose.
Eugene, Oregon, is also a great option with affordable housing. It has netted one of the highest scores in the overall Best Places to Live ranking for its desirability according to U.S. News real estate.
A great west coast metro area outside of California is Seattle, which is home to many tech jobs and therefore higher paying salaries. The annual salary here is $68,460, and Seattle residents spend 24.57% of the median annual household income on housing expenses.
Prepare to Fight For It
The combination of extremely low inventory and interest rates holding near historic lows have put an emphasis on buying, and many buyers have been finding themselves in the midst of bidding wars.
Multiple buyers will compete for the same property, so prepare yourself for the asking price of the home to be driven up thanks to your competitors looking to sink in the best deal with the seller.
Paying for the Weather
Given the desirable climate conditions on much of the West Coast, many of the homes there have seen an increase in price.
The country’s top five urban metro areas with the highest number of pleasant days of weather had median home values at around $600,000 in 2019, more than double the national median of $229,000, according to Zillow. Ventura, California, which topped the list, has an average home price of $782,000. San Diego, which came second, has an average home price of more than $858,000.