Housing Prices Are Booming in U.S. Cities -- Just Not San Francisco or New York

[marmar]

(Bloomberg) -- Maybe you’ve heard: The pandemic is killing cities, fueling a rush to spacious houses in the suburbs. But beyond pricey New York and San Francisco, real estate demand is booming in downtowns across America.

From Pittsburgh to Detroit and Phoenix, condos and townhouses within stumbling distance of bars and restaurants are hot. Like the families now upgrading to bigger suburban homes young white-collar workers are taking advantage of record-low mortgage rates and flexible remote-work policies to move to desirable cities with relative affordability.

Home prices in urban U.S. markets rose 15% in the three months through late January, slightly ahead of the annual pace in suburbia, according to data from brokerage Redfin, based on geographic designations developed by the Census Bureau. It’s a shift from early in the pandemic, when prices were lagging behind outer areas or even falling, a sign that Covid-19 vaccines are helping to fuel demand as nightlife makes its return. ............(more)

Read more at: https://www.bloombergquint.com/onweb/housing-boom-sweeps-u-s-cities-that-aren-t-nyc-san-francisco

[SheltieLover]

1. The elephant in the room...why $15/hr. Is not enough!

[mitch96]

2. Booming is right! I sold my So Fla home in 3 days for more than my asking price.. nt

[jimfields33]

3. Florida is definitely a hot Housing market right now

Two of my neighbors got 130K more then they bought 10 years ago. That’s is stunning. And you are right. No time at all on the market.

[mitch96]

4. My new area in west central fla is booming too. These villas were going for between

$125,000 to $175,000 (with upgrades) for the last few years. Now the last two have sold for over $200,000 and sold quick.. One sold in three hours and there was a line to view the place when they did a open house..
m

[jimfields33]

5. It's crazy for sure. I just hope all the new buyers are democratic supporters.

[Warpy]

6. CA is losing people at a pretty fast clip

as the combination of increasing numbers of jobs that can be done remotely and the ridiculous housing prices making sure people will do them remotely is causing an exodus to cheaper markets. So far Idaho seems to be the big winner.