10 Most Competitive Real Estate Markets
Throughout the nation, home buyers are increasingly finding themselves in bidding wars. Much to the relief of many home sellers, the dark days ushered in during the 2008 crash seem to be in the past and a bright future is ahead for home sales. In December alone, renowned real estate and technology firm Redfin reported that the number of buyers faced with bidding wars was 52 percent. While this is down from the year’s high in April — at 73.3 percent — it is still a welcome number for home sellers, particularly during a time of year when a seasonal drop in home sales is a normal occurrence.
While markets across the nation are seeing high levels of competition among buyers to seal the deal on a home, there are some areas that are particularly competitive — and some markets are dramatically outperforming the rest of the nation. Let’s take a look at ten of them.
A lively city that is just slightly less populous than Los Angeles, Chicago is one of the few cooler climates on this list of competitive markets. However, with its vast history, amazing architecture, and quaint neighborhoods, it’s easy to see why homebuyers love the area.
Business Insider recently touted all the reasons why Chicago is the best city for young professionals in America, highlighting the city’s lower cost of living (compared to New York and San Francisco) as well as the logical layout and clean streets. The cost of living did get a little more expensive this year, though, with the median sales price increasing 20.2 percent from October of 2013 to January of 2014. Finance, technology, transportation, and telecommunications industries all have a heavy presence as well, drawing jobseekers to the Windy City.