Five Best U.S. Markets for Homebuyers

There are a number of U.S. real estate markets that are simply on fire, smoldering under the heat of a real estate comeback. The five most popular, up-and-coming markets include:

1. Southern South Carolina – Encompassing several large metropolitan areas, including Beaufort and Hilton Head Island, this charming area is the best real estate buyers’ market. While home prices here dropped five-percent from 2012, the median home price is $269,900. Homes stay on the market an average of 156 days, which has traditionally given buyers more time to look at homes; however, more people are buying in this area and multiple bidding wars are on the rise.
2. Reading, Pennsylvania – As one of the poorest cities in the entire U.S., this area is full of beautiful, old homes. If buyers’ strike, they have a wide inventory to choose from, including brick row homes, stone homes and even sprawling properties with acreage. The average three-bedroom home is selling for approximately $179,000 and four-bedroom farmhouses outside city limits are going for close to the same price. Home prices have remained fairly stable in this area, only falling 10-percent with the economic fallout. While buyers can rely on a fairly stable market, this gives them more time to shop – allowing them to take their time shopping for homes or investment properties.
3. Santa Fe, New Mexico – Heavy on tourism and the art industry, this city boasts a population of 70,000 and many of the homes are simply used as vacation homes. Prices decreased 20-percent since 2007; however, they are expected to increase 9.1-percent over the next five years. If this proves accurate, Santa Fe’s real estate market will be the second highest in the nation. More sellers are putting their homes on the market, anticipating this boom and homes stay on the market an average of 147 days.
4. Asheville, North Carolina – Appearing on Money’s “Best Places” to retire and even their reader’s choice awards, this small city is located near the Blue Ridge Mountains. Boasting a plentiful and booming music and arts scene, homes are relatively inexpensive in this area. Home prices reached a low in 2011 and have slowly been increasing since then. Most listings are priced under $350,000, meaning that as inventory increases, buyers can take advantage of buying in a beautiful area.
5. Portland, Maine – With cold winters, clear air and fresh lobster, Portland has a very reasonable cost of living, which makes it an excellent choice for homebuyers and investors. On average, home prices are 20-percent higher than the standard national average. Home listings are down by 15-percent over last year, but homes that have extensive days on market timeframes allow buyers the opportunity to find their perfect dream home.

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