If you’re looking for a bargain on a home, don’t go West, young man (or woman).
The hottest real estate markets are all located in the Western U.S., according to the latest quarterly report by the National Association of Realtors.
The national median existing single-family home price jumped to $269,000 in the second quarter, a year-over-year rise of 5.3 percent, according to the report released earlier this month.
But values skyrocketed in many cities of the West, making it increasingly difficult for homebuyers to find affordable options in those places.
Following are the 10 markets where home prices are growing fastest.
1. San Jose-Sunnyvale-Santa Clara, California — 18.7 percent
It is no surprise to see a California city top this list. Home prices in the Golden State are notoriously high, and always appear to be climbing. In fact, the NAR says four of the top five cities with the costliest housing are located in California.
The median existing single-family price in the San Jose market climbed just over a jaw-dropping $1.4 million in the second quarter.
2. (tie) Las Vegas-Henderson-Paradise, Nevada — 15.4 percent
One of the cities hit hardest after the housing bubble burst is now one of the nation’s hottest markets. The median home price climbed to $291,400 during the second quarter.
2. (tie) Boise City-Nampa, Idaho — 15.4 percent
Outdoors enthusiasts love Boise, and all that affection is driving home values higher. The median home price jumped to $262,800 in the second quarter.
4. Kennewick-Richland, Washington — 14.5 percent
This region — located at the confluence of the Yakima and Columbia Rivers — saw the median price rise to $276,300 during the second quarter.
5. Reno, Nevada — 14 percent
Las Vegas’ smaller cousin is growing up! The “biggest little city in the world” saw its median home price climb to $386,400 in the second quarter. That is actually considerably higher than prices in Sin City.
6. Colorado Springs, Colorado — 13.9 percent
The natural beauty surrounding Colorado Springs is pulling in people like a magnet. As a result, the median home price continued to climb, reaching $323,600 in the second quarter.
7. Salem, Oregon — 13.2 percent
Oregon’s capital city saw its median home price continue a steady climb to $295,800 during the second quarter.
8. San Francisco-Oakland-Hayward, California — 12.6 percent
The City by the Bay long has been the poster child for unaffordability. The median home price climbed again in the second quarter, and now sits at $1.07 million.
9. Seattle-Tacoma-Bellevue, Washington –11.5 percent
The median home price in the Emerald City continues to shimmer, rising to $530,300 during the second quarter.
10. (tie) Sacramento–Roseville–Arden-Arcade, California — 10 percent
The metropolitan area including California’s capital city continues to grow more expensive, with the median price reaching $374,000 in the second quarter.
10. (tie) Phoenix-Mesa-Scottsdale, Arizona — 10 percent
The desert is no place to escape the heat of rising home values. The median price in the Phoenix region hit $272,000 in the second quarter.
Would you move to the West even if it meant paying a steep price for a home? Sound off in comments below or on our Facebook page.
Add a Comment
Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.