Summary List Placement
The pandemic has been a driver of rising home prices across the US, as buyers compete for single-family homes and sellers remain reluctant to list amid volatility.
Luxury sales had been on a steady upswing dating from last October to this March, before they quickly went into reverse, according to a Redfin report. But the national median home price still set a new high this summer, as demand outstripped overall market supply, and the recent sentiment in major cities like New York is that the luxury market may be on its way back.
That said, some luxury markets still have deals on the offer, sitting in the sweet spot between just still affordable and with room for a return on investment. Mansion Global highlights three markets that have seen big upticks in demand.
The takeaway is that investors looking for property in Charleston, Park City, and San Francisco’s East Bay should act fast if they’re looking for a deal. Read on to see why those markets stand out.
SEE ALSO: There’s never been a better time to buy high-end real estate
1. Charleston, South Carolina
Population growth in the Carolinas has trended upward for the better part of the last decade, but some southern cities have been the biggest recipients of relocating urban dwellers.
While cities in North Carolina like Charlotte and Raleigh have seen a massive influx of relocating northeasteners, Charleston, South Carolina, has also become a hub for transplants.
With a lower cost of living and favorable tax laws to take advantage of, Charleston offers residents a better quality of life, a milder climate, and more money in the bank than comparable cities in states like New York or California.
The median home value of single-family homes and condos in Charleston is $339,207, according to Zillow. While Charleston home values have gone up 2.9% over the past year, Zillow predicts they will continue to rise 4.3% within the next 12 months.
2. Park City, Utah
Luxury buyers have flooded markets in mountainous resort towns in their pursuit of escaping crowded cities.
Demand in places like Colorado, Idaho, and other mountain towns has skyrocketed throughout the pandemic, and as many search for living space in vacation and secondary home markets, luxury buyers are getting settled indefinitely in mountain towns like Park City, Utah.
While areas like Aspen, Colorado, have seen unprecedented demand at the high end of the luxury market, Park City, is a comparable market, with some price points still relatively affordable for eager buyers.
The median home value of single-family homes and condos in Park City is $918,000, according to Zillow. Home values in Park City have gone up 4.2% over the last 12 months, and Zillow predicts they will rise 4.9% within the next year.
3. The East Bay Area
While San Francisco’s market amid the pandemic has been comparable to that of New York City, as many residents have made an exodus over the last six months to seek additional living space, Mansion Global draws particular …read more
Source:: Businessinsider – Finance