We have become used to reading about which are the hottest real estate markets in the country, but an article in realtor.com has taken a look at areas that are the complete opposite. It has identified the top 10 coldest real estate markets that could actually be good places to live.
While there are plenty of markets where there is little real estate activity because the area simply isn’t desirable and where there is little in the way of work, the article has filtered out areas that are ranked in the bottom 20% of unemployment rates in major US metros. This has resulted in a list of overlooked real estate markets that could offer bargain hunters excellent value in an environment where there isn’t lots of competition for properties.
These markets are all healthy and each has seen improved interest in buying, coupled with faster sales rates compared with previous years. Top of the list is El Paso in Texas where the median home price is just $160,000 and the median number of days on the market is 91. Although house prices are going up in this area, combined with increased levels of new construction, there is still a lot of inventory that hasn’t sold from previous years so it’s very much a buyers’ market. Coupled with the warm climate and diverse culture, El Paso could be a good choice for retirees.
Second on the list is Albany, NY with a median home price of $239,000 while properties spend a median of 96 days on the market. Although this market is affordable, the rate of property tax is one of the highest in the country. However, the city recently began marketing itself as a tech hub and a number of new companies have set up research centers, and this is expected to result in new jobs in software and web development through to the end of the decade.
Third on the list is Virginia Beach, VA, with a median home price of $259,300 while homes spent a median of 73 days on the market. Although it’s a popular tourist destination, it can lack appeal during the winter months. Winston-Salem, NC comes in fourth with a median home price of $176,900. This is an area where communities have a long-standing history and as a result a slower turnaround of housing. Augusta, Georgia is fourth and has a median home price of $194,700. It’s just two hours from Atlanta and has an attractively low cost of living.
To read the full list, please click here.