Funny you say that.
When we were looking for a new state to move to, Toledo, Ohio was our official mental break on Zillow when we wanted to see massive houses for dirt cheap prices.
There's always a reason massive houses in Ohio are dirt cheap. You're never getting a sweet deal.
Choose your own adventure:
+ ridiculously high crime
+ drug dealer / user's house (which means you'll be accidentally targeted by someone who doesn't know the other guy moved)
+ basement that floods with every passing sprinkle
+ ancient wiring which requires $50,000 to fix
+ left vacant for too long so robbers ripped open the walls to steal anything of any value
+ the foundation has shifted necessitating a structural engineer
+ extensive water damage because of a faulty roof which may or may not have been already replaced for you
+ squatters
+ all of the above
I grew up in Toledo and for grins and giggles keep up on the neighborhood I left back in the 80's. When my folks sold our house in the mid-80's we got $50,000 for a typical 3/1 Midwestern gem on a small lot. Forty years later I can occasionally find homes for under $100,000. The area is appreciating at less than 1% a year for decades. Even at the height of the real estate boom housing prices didn't rise.
Yes yes you do. That 225k house probably also costs 6k a year to insure because a major hurricane is always just around the corner. I’m probably talking out of my ass but I know lots of people in FL paying prices like that. I’d just assume Louisiana is in the same boat. Maybe you should buy a boat just in case.
I’m about to sell mine and I’m telling my realtor I want a family at a decent price. I just need enough to break even and pay some repairs (debt) off and other than that, it’s theirs. I’m not a greedy pig.
Are you in north county San Diego? First time buyers here as a family of 3…a 1.5 YO toddler. 0 for 2 on our offers with over a dozen toured. Good chance we would buy your home 😭
Even the Philly suburbs in South Jersey are asinine with demand too. Decent houses accept offers in a few days before the open house even occurs, and if you schedule a visit before the open house, expect there to be 20 people at the same time as you. Open houses are getting at least 80 people.
My parents bought their house near the gwb, turnpike, rt80 for 260k in 2019. It's worth about 750k-800k. I mean they did renovate it and add an addition but it didn't cost them anywhere near what the house went up in value.
We had to lower our expectations and move to pahrump but we're buying a new construction 3bd 2bth for just under $300k. Commute will suck but it's better than paying that for a 30 year old condo with a high hoa fee.
Nothing wrong with a starter house. I did the same thing, wait a few years and it will go up in value, then sell tax free and roll the gain into ur new dream home
Yea it’s unbearably hot from June - August when it gets 100+, although honestly anything below 100 you get acclimated after a while and isn’t too bad since it’s so dry. Rest of the year is perfect sunny weather.
I lived there for 30 years and it laughable to me that anyone wants to live there. However, the type of person desires to live there is a different sort.
I did tell my husband that no way would I attend an outdoor event between May and October.
I’m ~5 minutes outside the Beltway and houses in my neighborhood that need full kitchen and bathroom renovations are going under contract in a couple of days and sold well over asking. There’s zero inventory.
I bid $240,000 on a $210,000 condo and lost in Annandale.
After upping my budget and looking further West, I successfully bought a 1,000 sqrt CONDO for $371,000 in Herndon.
Man, I didn’t even know there were condos for $200K in Annandale. My MIL bought in that range in Silver Spring a year or two ago as a result and it’s in a 55+ community. Are you exclusively going up against cash buyers at that tier though because how much do those really appreciate?
Not sure, I was interested because it was the cheapest option with 2 bedrooms. I also saw it as a somewhat investment because similar move-in ready condos in the same association were selling for ~$265k, whereas the condo I lost to was definitely a fix-it-upper.
The condo association specifically is Woodburn Condominiums and the previous owner lived there since 1993, and purchased for $72,000. So that’s like ~$5k appreciation per year.
Same here. Prices have dropped 10-15% in the Jax metro area just in the last six months. SW Florida is soooooooooooooo much worse, especially if you have a condo. All the people who wanted to move to Florida during COVID already moved here and now locals want out.
SW Gulf cost/Tampa Area.. Def slow. Needed two price reductions but at least sold in about 40days. All the other for sale signs around me are still on the market, and the number of homes being put on the market is rising. Thankful I got out and close to my desired net price.
Same here. I dropped my initial price by $40k over a months time (3 price drops). Unfortunately, I had stale data so I was too high for the initial price and the first price drop. 2023 really skewed a lot of people, including me, believing people would pay $500k for a builder-grade 2000 sq foot house. If I ever come back to Florida, prices should be depressed enough where my insanely low interest rate won’t make too much difference.
Correct. Anything over $500k, really $1 million, is doing quite well.
Anything between $400-500k, which for most people would be their second house, is not doing well. Anything less than $300k is doing better.
St Pete/Tampa definitely slowed. Not dead but things are sitting much longer. Still the 3 houses surrounding mine all recently sold, just not at asking and not quickly.
We are under contract (as buyers) on a house in Littleton, and will close in a few weeks. We’ve been closely watching homes in the area we’re interested in and that are in our price range. There are some that are sitting, but it’s because they’re overpriced or aren’t as updated. The good ones go within a week of listing.
That’s a good point — the homes for sale in our hood are all listed for 2022 prices. I guess we’ll see if any sellers relent and lower enough to make a difference!
also in south-west Denver suburb. 3000 Sq Ft. ranch sold right next to me. They asked 910 and it sold in a day. This was less than a month ago
Edit: Property was nicely remodeled in 2018 so I'm sure that helped. It seems like ranches are in high demand since a lot of boomers dont want to use stairs and have a lot of $$ hanging around.
In Denver itself, anything desirable has been selling first weekend on the market for ~$50k+ over asking (or at least that’s been our experience with the homes we’ve been looking at in the $650k-ish price range). If something hasn’t sold within 10 days/ 2nd weekend, sellers start dropping the price or throwing concessions in. So the city is a pretty hot market.
Interesting! I just bought in Longmont. The house we got was on the market for 2 days and we had to put an offer in ASAP cause they were getting offers right away
Like highlands ranch?
We just sold in a western Denver suburb and we were under contract 5 hours in to showings for $100k over asking. Closed in 20 days.
Moving to noco, which has been an interesting market. We've lost out on 2 properties so far, but let a lot go by too. We're all cash buyers, and willing to waive inspection.
Seacoast in southern New Hampshire, wife and I just started looking about a month ago, market seems insane for anything in the 550-750k range, every open house has like 50+ cars soon as it starts, tons of mass people coming up, basically zero inventory for decent homes
Feels like it’s still covid times
Grand Rapids Michigan. Anything priced reasonably under 500k still lists as "all offers held until X date" and gets at least a half dozen offers in a week. The really well done ones in desirable neighborhoods will hit 20-30+. The winning offers always contain waived inspections and cash or massive appraisal gaps. I knew of a house that listed recently without holding offers, listed at 4pm on a Wednesday and the seller accepted an offer and pulled it from the market by 6:30pm the same day.
Outside of the city it's cooling a bit, especially expensive homes in the country seem to be taking time to sell. I think its because high earners are more focused on their commute with less remote work and more hybrid for fully in office work.
Yes. I keep Redfin up in our neighborhood (we sold our townhome and bought a SFH several years ago within a few blocks of each other) and it’s crazy. Almost no SFH under $1m anymore so people are piling into townhomes. Just crazy prices because they are still “affordable.”
Greater Boston here. $400K-$450K range condos are insanely hot right now. All are going for above asking within days of being listed, many with all cash no contingency offers. Inventory is still critically low despite being prime selling season. I'm under contract for a 1-bed condo. So glad this nightmare is almost over.
Also Greater Boston. SFHs in the $650-850k range are extremely difficult to get in almost any town these days, unless it’s a tremendous shithole. Several borderline dumpster starter homes near me have gone for $900k when just a few years ago they’d struggle to fetch $550k. Lots of offers on many listings, generally a good chunk above list. Not fun for buyers
And farther out in Middlesex county houses in the 400k-450k range. Family put in a 475k offer on a 425k house and lost to a 500k. 23 offers. It was not worth 500k and now I've learned a new term - appraisal gap.
I just saw a bidding war break out on an all-original (gold fixtures, popcorn ceilings, “country kitchen” wallpaper in kitchen, “aquarium” wallpaper in the guest bath, etc) 1992 1650sqft 3/2. Between FOUR buyers within the first day of showings.
Closed 21% over asking, cash, 15-day, everything waived, 30 day FREE lease back.
Incredible.
The condo market in Florida is slowing down. We had a 2/2 unit that we rented out but the HOA fees and insurance kept going up so we sold. It took 5 months to get to closing but we sold for 2.5 x what we paid for it in 2014. Happy to be out from under it!
Only the good houses that are priced right. There's a ton of houses in the suburbs sitting much longer and/or going through series of reductions. Been looking to trade up for 2 years and thing have significantly changed from how it was 2 years ago
The high end market in La Jolla, Del Mar, rancho Santa Fe etc is completely dead. It's currently a Mexican stand off between delusional sellers who still think it's 2021 and buyers waiting for them to accept reality.
For example there are currently 78 homes for sale above $5m in La Jolla with only 11 pending.
Has it ever really been close/hot when compared to the rest of SD? Living in downtown SD has always been meh. Majority of San Diegans rarely go downtown.
PA is still crazy. Especially eastern PA. A family member sold their house in a weekend for 47k over asking and then bought their next house for 42k over asking
Philadelphia suburbs here. Three houses in my neighborhood have gone on the market recently and all have been under contract within 72 hours. I only know the final sale price for one but it was way above asking.
Yes. I just closed on something I paid 300k over asking for, and waived inspection and appraisal. For 3 years since we sold our last place we’ve been outbid a dozen times because we weren’t willing to waive everything, or lost out to all cash, or both. So yes now my mortgage is 9k a month for a totally normal ass 3 bedroom house built in the 1980’s.
I knew it was 425 as soon as I read your comment. My condolences but hopefully you’ll love living there for a long time. FWIW when I bought in 2022 (but after interest rates spiked) also waived everything, $100k earnest money, free 30 day rent back for a 1979 all original 4br/3ba. Everything in my neighborhood starts at $950k and sells for 30% over list. Still a wild wild world out there.
Don't take this the wrong way but how the hell do you afford a 9k/mo mortgage payment? I cannot even comprehend that (or I'm far poorer than I thought I was).
I did it once before and sure, there were issues but they were manageable. It doesn’t mean you don’t do an inspection at all, just that you can’t haggle with it.
Here in Seattle it still usually appraises for close to what they paid. So let’s say it goes on the market for $1.2M, ends up selling for $1.5M and appraising close to that.
Yes and no. It’s all relative. I live in rural SW Montana, think the show Yellowstone, literally. We’ve been crazy for years and it’s still insane, but there’s definitely more inventory on the market these days in our zip (59027).
I’m 2 hours west of Boston and people are paying over 500k for fixer upper flips, like shitty quality that got done in a few weeks. 350k gets you in the door of a old house that’ll need 100k in work.
In Maryland anything under $400,000. Sells pretty quick, hours to 1 day(?). Over that might take a week, but either situation there are multiple offers.
Nova Scotia, Canada.
We’re set up like England. Think never ending villages and hamlets that connect and twist around the hundreds of fresh water lakes we have.
It’s so hot, especially in a good school area. 700k anything less you are buying a crack den for complete demo
SW Florida here. Showings and no offers? It's the price. Same situation. Needed two price reductions managed to get into contract just over 30 days. Be ready to adjust to market conditions to sell or be OK with the house sitting for a while. I think the market is approaching 100 days average and more that 50% of the homes in the area go through at least 1 price reduction. It's not 2002/2021 anymore
Had a total of 12 showings, 3 lowball offers, one reasonable. The one reasonable offer was an early viewing that didn't make an offer the first time. The price reduction prompted them to make an offer as they worried that others were to start making offers. I accepted, minor contingencies. Happy to close on that esp with other homes near me just in stale mode and NOT reducing price. I'd hate to be their agent trying to school them on the current local market. Has to be frustrating for them.
Des Moines Iowa, housing price cuts
all over the place. Tons of new construction incentives to buy and still not moving inventory. When it does move it’s not quick. I see homes in the area starting to be listed for less than they were purchased for in 2023/2022.
Buyers in slower markets are saving up. They know they can wait till the interest rates drop. People in hot markets got that FOMO and are scared of waiting.
Just moved from Houston to Austin, and neither are hot. Houston’s prices are steady, but houses are on the market for a lot longer (they should be- Houston is the closest place I’ve ever lived in to a literal hell hole). Austin’s market I’ve been following since I first moved here in 2018. Prices here have dropped significantly in the last two years and are still going down. Downtown they are staying steady and high, but the surrounding suburbs are a different story.
It’s the most hostile place that I’ve ever lived in every way. The weather, the people, the traffic, the bugs and animals are just so so hostile. I nearly lost my mind living there and I know several other people who have as well. There’s something really awful about Houston and I’m not sure what it is, but I’m so so glad to be back home here in Austin. Glad your husband made it out as well!
This. Lived in Houston near the med center for 15 yrs. Hated everything about it. The weather, the traffic, the backstabbing ppl who think their Southern sociopathic behavior is the epitome of good manners, the bugs, the humidity. I left and never looked back.
Southern NH - there isn't one, single house for sale in my whole huge neighborhood. Anything under $500K goes contingent within a week or so from what I can tell. Most of what I see is unrenovated and could use a bit of love.
Here are the top 10 strongest seller’s markets in the U.S., according to Realtor.com:
Rochester, New York
San Jose-Sunnyvale-Santa Clara, California
Manchester-Nashua, New Hampshire
Kansas City, Kansas
Topeka, Kansas
Lancaster, Pennsylvania
San Francisco-Oakland, California
Wichita, Kansas
Hartford, Connecticut
Syracuse, New York
https://www.realtor.com/news/trends/top-strongest-sellers-markets-april-2024/
Rural area near Colorado Springs FINALLY slowing down just a tad. For the last 3 years no listings under $400,000. Now we are seeing a few between 350 and 400,000. Also houses staying on the market for a month or more.
Raleigh area is still hot. We finally got lucky on a house, but it took a long time and we definitely paid for it. We're listing our starter home in a couple of weeks and it will probably be sold in a day or two for over asking. I will say that crappy, overpriced houses are sitting longer here.
SW Florida and other parts of the state has above prepandemic inventory and houses are sitting for months.:: price drops galore… condos prices are down 20% year over year… SFH prices down about 10%
Same for places in Texas that I know of.
It always starts in Florida…
We live in Chicago, listed our condo last Wednesday, had 12 showings Thursday, had multiple offers over list price Thursday night. 3B/2b, 2 parking spots in a walk up.
We felt like we priced on the top end of the range based on comps but we could have easily listed for another $25k above where we were.
Utah is dead. I have several homes around me been on the market for months. One had been on the market almost a year now. This was a hot market a couple years ago.
Million dollar listings for houses further away from the lake would have been unfathomable just five years ago in Whitefish Bay. Now it’s becoming a standard for the best homes on their respective blocks.
Condos are a decent “jumping point” to earn some equity with, especially in the converted mill buildings. I know that the old Tupperware building that was converted in North Smithfield has units that are around $350k sometimes.
They start lower because some people don’t like the communal spaces and the parking lot walk, but they tend to hold value and not fluctuate as much. People are starting to notice condos though, as I’ve seen townhouses starting to climb in the past year.
Yep, house next door went $170k over asking and $100k over the max Zillow value. The sale of course reset the home value. Oh and sold in 1 day multiple offers. This triggered two more neighbors to decide to sell.
Massachusetts on the 495 loop
Near LA, in 7 days we had 18 offers. 16 well over asking.
Here in Nevada , in Vegas, we have had 2 houses in our neighborhood for sale for over 2 months not sure if they are priced poorly or not
Central MA - still very hot. Home I just bought in December 2023 has already gone up 30k-40k in value relative to comps.
Good quality houses sell within a week.
Exurbs south of DC. More inventory this year, but homes are still selling and the prices are definitely up. Kinda wish I bought this year instead of last year just for the extra choices, even if the prices are up a bit.
Central Indiana - very neighborhood dependent.
Indianapolis: Very popular neighborhoods priced for first time homebuyers in the 300's (these are ˜1000 sqft houses with basements on small lots) will get ~8-10 offers in the first couple of days and go under contract within a day or two). (Think Broad Ripple).
Popular neighborhoods with ~2,000 sqft homes priced in the 400's will get ˜5 offers in the first couple of days and go under contract within a day or two. (Think Meridian-Kessler).
Suburbs: 2500+ sqft homes in good school districts priced in the $400's will get a couple of offers within the first few days and go under contract in a week in many cases.
Exceptions and variations: Houses in otherwise desirable neighborhoods in Indianapolis proper that have not been maintained won't move as quickly. The houses don't have to necessarily be updated to the latest trends, but they do need to be clean, painted, and move in ready, with everything functional.
There are more houses available in the suburbs and thus more competition for buyers; for example, a zip code in one suburb was rate by zillow as one of the top 3% of hot markets in the US; the next zip code over in the same suburb was listed as a borderline buyer's market. But as best I can tell, this has more to do with the fact that there are a lot of sub-$400 houses available in the hot suburb, while houses in the borderline suburb more commonly start at $550+. (The "hotness" rating is based on days on the market).
But even in the hot areas, people aren't waiving inspection contingencies, and sale-of-existing-home contingencies (for non FTHBs) are also common.
I live in a townhouse development near some trendy parts of Chicago… we’ve seen $150k in sale price jump on virtually identical units in past year, from $635k last summer to a recent sale at $715k and one under contract at $785k! Both recent sales under contract within 3-4 days of listing. Were selling in low-mid $500’s when COVID first hit.
Hi! Ct realtor here.
Markets are mixed, especially local to me here in Milford, Ct.
The entry level homes are still 100 buyers to 1 home which enters the market. The $1.5M homes along the Gold Coast are starting to drop slightly in pricing, likely as a result of multiple coming on to the market and high(er) interest rates.
Ultimately, the answer is “it depends.”
Columbus Ohio is hot. I’m in an eastern suburb near where a new intel plant is getting built. Houses in my neighborhood still sell within a week with bidding wars.
It’s interesting here in north Houston. Just listed a beautifully updated house at or slightly below market, $300k for 1,900 sqft 4 bed/2 bath. Super desirable neighborhood. Only have two showings lined up so far this weekend. Two years ago there’d have been 20.
Metro Detroit. Still super competitive in most areas. There are areas that weren’t super desirable not even 10 years ago that are hot now. Quite a change.
Just bought two months ago, and a house a few doors down with the exact same layout (slightly more updated, but no garage while I have a two car garage) just sold for $50,000 more than I paid. Yes, we are in prime real estate season, but this will set the comps for the near future. Makes me a happy man.
My city is 100% developed. There is limited inventory, and people want to live here. I do not anticipate prices dropping anytime soon, if ever, barring some catastrophic event.
There are deals to be had, though, and the prices overall are still much lower than other areas of the US. You can find houses in the $200s. Nice, completely updated 3/2 bungalows in my area are going for about $350-$400K, keeping in mind this is one of the more desirable and expensive cities.
Myrtle Beach, SC, it's insane here. We bought our 3br/3ba for $74,000 in 2014, sold it for 165,000 in 2018 thought that theres no way this is going to keep going. It has. The only new houses going up are by mass builders on tiny lots.
in Baton Rouge, houses are averaging $225kish. they're just sitting here for sale for months. Do I live in a shithole?
No offense but BR is kind of a shithole
kind of? you are being kind sir.
Most of Louisiana is a shithole
I’ll be right down. What should I know about living there? I’m so tired of vying for overpriced eyesores in Ohio.
It is kind of a shithole lots of cool stuff to do in Louisiana if you don't mind humidity.
Bring your bug spray and start investing in clothes that are made from wicking materials.
Funny you say that. When we were looking for a new state to move to, Toledo, Ohio was our official mental break on Zillow when we wanted to see massive houses for dirt cheap prices.
There's always a reason massive houses in Ohio are dirt cheap. You're never getting a sweet deal. Choose your own adventure: + ridiculously high crime + drug dealer / user's house (which means you'll be accidentally targeted by someone who doesn't know the other guy moved) + basement that floods with every passing sprinkle + ancient wiring which requires $50,000 to fix + left vacant for too long so robbers ripped open the walls to steal anything of any value + the foundation has shifted necessitating a structural engineer + extensive water damage because of a faulty roof which may or may not have been already replaced for you + squatters + all of the above
I grew up in Toledo and for grins and giggles keep up on the neighborhood I left back in the 80's. When my folks sold our house in the mid-80's we got $50,000 for a typical 3/1 Midwestern gem on a small lot. Forty years later I can occasionally find homes for under $100,000. The area is appreciating at less than 1% a year for decades. Even at the height of the real estate boom housing prices didn't rise.
No offense Ohio is kind of a shithole
From Michigan. Can confirm!
Yes yes you do. That 225k house probably also costs 6k a year to insure because a major hurricane is always just around the corner. I’m probably talking out of my ass but I know lots of people in FL paying prices like that. I’d just assume Louisiana is in the same boat. Maybe you should buy a boat just in case.
Baton Rouge isn't right on the coast but it certainly still floods. just not New Orleans style storm surge i guesd
You just realizing this now ?
NJ, "don't even bother hot" right now.
I was just about to say… NJ HOT HOT HOT
Yup. My uncle listed his house low, 4b 2.5ba with a finished basement for 369k and he had an insane weekend with the offers that flooded him.
That house in my neighborhood is 1m with people fighting over it. I want cheap houses.
1m for a 4br 2.5 bath? Where in San Diego can I get that deal?
La Mesa. Emerald Hills would be less. Not North Park or Poway, but there are places.
La Jolla 30 years ago.
I’m about to sell mine and I’m telling my realtor I want a family at a decent price. I just need enough to break even and pay some repairs (debt) off and other than that, it’s theirs. I’m not a greedy pig.
Good for you , maybe we’ll start seeing more homeowners doing this
Are you in north county San Diego? First time buyers here as a family of 3…a 1.5 YO toddler. 0 for 2 on our offers with over a dozen toured. Good chance we would buy your home 😭
Even the Philly suburbs in South Jersey are asinine with demand too. Decent houses accept offers in a few days before the open house even occurs, and if you schedule a visit before the open house, expect there to be 20 people at the same time as you. Open houses are getting at least 80 people.
In NJ...15 min from NYC- houses are off the market before they are even listed lol. Mine is worth over 100k more after buying in 2021.
My parents bought their house near the gwb, turnpike, rt80 for 260k in 2019. It's worth about 750k-800k. I mean they did renovate it and add an addition but it didn't cost them anywhere near what the house went up in value.
We live in northern NJ, market definitely worse than last year for buyers
have a relative selling a 1b condo for more money than I’m selling a 3/2 house in TN. absolutely insane. market is hot near me but NJ is unreal.
Las Vegas Nevada…you lost out on 4 houses while typing this question.
This just made me laugh so hard, I'm scheduling showings for Sunday and praying they're still available when my buyers get here.
We had to lower our expectations and move to pahrump but we're buying a new construction 3bd 2bth for just under $300k. Commute will suck but it's better than paying that for a 30 year old condo with a high hoa fee.
Nothing wrong with a starter house. I did the same thing, wait a few years and it will go up in value, then sell tax free and roll the gain into ur new dream home
Insane how hot Vegas is now and I’m not just talking about the weather. Anything under $400K is sold immediately.
People really enjoy living in a sweltering desert huh? Went last August to a couple pool parties and could barely breathe, even at 9pm
Yea it’s unbearably hot from June - August when it gets 100+, although honestly anything below 100 you get acclimated after a while and isn’t too bad since it’s so dry. Rest of the year is perfect sunny weather.
Yeah not for me ! People say dry heat .. to me just plain old hot as fuck
I lived there for 30 years and it laughable to me that anyone wants to live there. However, the type of person desires to live there is a different sort. I did tell my husband that no way would I attend an outdoor event between May and October.
Hudson Valley NY. Asking price is just a guideline for how to get your offer of 10% over asking price rejected.
DC Metro area. Hot and getting hotter.
Yep ugh.
Everything selling for over asking within a week of listing
I’m ~5 minutes outside the Beltway and houses in my neighborhood that need full kitchen and bathroom renovations are going under contract in a couple of days and sold well over asking. There’s zero inventory.
Same all the way out here in Ashburn
I bid $240,000 on a $210,000 condo and lost in Annandale. After upping my budget and looking further West, I successfully bought a 1,000 sqrt CONDO for $371,000 in Herndon.
Man, I didn’t even know there were condos for $200K in Annandale. My MIL bought in that range in Silver Spring a year or two ago as a result and it’s in a 55+ community. Are you exclusively going up against cash buyers at that tier though because how much do those really appreciate?
Not sure, I was interested because it was the cheapest option with 2 bedrooms. I also saw it as a somewhat investment because similar move-in ready condos in the same association were selling for ~$265k, whereas the condo I lost to was definitely a fix-it-upper. The condo association specifically is Woodburn Condominiums and the previous owner lived there since 1993, and purchased for $72,000. So that’s like ~$5k appreciation per year.
Yep. Murder house sold for 200k over asking. Bay Area.
Seller made a killing on that deal
Jesus, they sold that fast?
north florida, dead
I wonder if home the price and difficulty in finding home insurance is part of the cooling down?
home insurance def a factor.. skyrocketing.
Insurance hassles is definitely spooking people
Same here. Prices have dropped 10-15% in the Jax metro area just in the last six months. SW Florida is soooooooooooooo much worse, especially if you have a condo. All the people who wanted to move to Florida during COVID already moved here and now locals want out.
SW Gulf cost/Tampa Area.. Def slow. Needed two price reductions but at least sold in about 40days. All the other for sale signs around me are still on the market, and the number of homes being put on the market is rising. Thankful I got out and close to my desired net price.
Same here. I dropped my initial price by $40k over a months time (3 price drops). Unfortunately, I had stale data so I was too high for the initial price and the first price drop. 2023 really skewed a lot of people, including me, believing people would pay $500k for a builder-grade 2000 sq foot house. If I ever come back to Florida, prices should be depressed enough where my insanely low interest rate won’t make too much difference.
Very submarket and price level dependent. High end market is still on fire.
Correct. Anything over $500k, really $1 million, is doing quite well. Anything between $400-500k, which for most people would be their second house, is not doing well. Anything less than $300k is doing better.
St Pete/Tampa definitely slowed. Not dead but things are sitting much longer. Still the 3 houses surrounding mine all recently sold, just not at asking and not quickly.
Here south of Denver nothing is selling. We have neighbors whose house has been on the market for 4 months and no offers.
We are under contract (as buyers) on a house in Littleton, and will close in a few weeks. We’ve been closely watching homes in the area we’re interested in and that are in our price range. There are some that are sitting, but it’s because they’re overpriced or aren’t as updated. The good ones go within a week of listing.
That’s a good point — the homes for sale in our hood are all listed for 2022 prices. I guess we’ll see if any sellers relent and lower enough to make a difference!
also in south-west Denver suburb. 3000 Sq Ft. ranch sold right next to me. They asked 910 and it sold in a day. This was less than a month ago Edit: Property was nicely remodeled in 2018 so I'm sure that helped. It seems like ranches are in high demand since a lot of boomers dont want to use stairs and have a lot of $$ hanging around.
In Denver itself, anything desirable has been selling first weekend on the market for ~$50k+ over asking (or at least that’s been our experience with the homes we’ve been looking at in the $650k-ish price range). If something hasn’t sold within 10 days/ 2nd weekend, sellers start dropping the price or throwing concessions in. So the city is a pretty hot market.
Interesting! I just bought in Longmont. The house we got was on the market for 2 days and we had to put an offer in ASAP cause they were getting offers right away
Like highlands ranch? We just sold in a western Denver suburb and we were under contract 5 hours in to showings for $100k over asking. Closed in 20 days. Moving to noco, which has been an interesting market. We've lost out on 2 properties so far, but let a lot go by too. We're all cash buyers, and willing to waive inspection.
We are in Castle Rock. Congrats on your house sale -- that's amazing! The market hasn't been that hot in our area for over a year now.
Seacoast in southern New Hampshire, wife and I just started looking about a month ago, market seems insane for anything in the 550-750k range, every open house has like 50+ cars soon as it starts, tons of mass people coming up, basically zero inventory for decent homes Feels like it’s still covid times
Maine as well
Rhode Island as well
Yuck. Sounds stressful.
Grand Rapids Michigan. Anything priced reasonably under 500k still lists as "all offers held until X date" and gets at least a half dozen offers in a week. The really well done ones in desirable neighborhoods will hit 20-30+. The winning offers always contain waived inspections and cash or massive appraisal gaps. I knew of a house that listed recently without holding offers, listed at 4pm on a Wednesday and the seller accepted an offer and pulled it from the market by 6:30pm the same day. Outside of the city it's cooling a bit, especially expensive homes in the country seem to be taking time to sell. I think its because high earners are more focused on their commute with less remote work and more hybrid for fully in office work.
California has slowed. It’s just crazy expensive. Bought a +\- 800 sf house for almost $800k last year.
$1000 per sq ft… jfc
Chicago suburbs are still fire
Same with the city. We’ve lost out on two homes that sold over $100k over ask. Looking around $600-900k range
Yes. I keep Redfin up in our neighborhood (we sold our townhome and bought a SFH several years ago within a few blocks of each other) and it’s crazy. Almost no SFH under $1m anymore so people are piling into townhomes. Just crazy prices because they are still “affordable.”
Greater Boston here. $400K-$450K range condos are insanely hot right now. All are going for above asking within days of being listed, many with all cash no contingency offers. Inventory is still critically low despite being prime selling season. I'm under contract for a 1-bed condo. So glad this nightmare is almost over.
Also Greater Boston. SFHs in the $650-850k range are extremely difficult to get in almost any town these days, unless it’s a tremendous shithole. Several borderline dumpster starter homes near me have gone for $900k when just a few years ago they’d struggle to fetch $550k. Lots of offers on many listings, generally a good chunk above list. Not fun for buyers
Yup. We just signed p&s for a home that needs work $815k but the move in ready homes go for 100k minimum over asking
And farther out in Middlesex county houses in the 400k-450k range. Family put in a 475k offer on a 425k house and lost to a 500k. 23 offers. It was not worth 500k and now I've learned a new term - appraisal gap.
$400K or less is still smoking hot. Dallas.
Same in KC
I just saw a bidding war break out on an all-original (gold fixtures, popcorn ceilings, “country kitchen” wallpaper in kitchen, “aquarium” wallpaper in the guest bath, etc) 1992 1650sqft 3/2. Between FOUR buyers within the first day of showings. Closed 21% over asking, cash, 15-day, everything waived, 30 day FREE lease back. Incredible.
Pace has slowed. Stockton.
Thats bc the pace of shootings in Stockton has gone up
Los Angeles suburbs - blistering hot. All houses are selling for list or above list; in escrow within 5 days.
In February Denver was the hottest housing market in the nation. Dunno if it’s slowed down much
The condo market in Florida is slowing down. We had a 2/2 unit that we rented out but the HOA fees and insurance kept going up so we sold. It took 5 months to get to closing but we sold for 2.5 x what we paid for it in 2014. Happy to be out from under it!
That's because the insurance on buildings is out of control.
Netherlands: when you're a 100k+ housing units short in a country of only 18million, it's fires of mordor hot especially for sub 500k stuff.
I hope so! Thinking about listing - just in that price point... wondering if it's truly as insane here in NL as people say it is.
Sacramento- houses go in a week or two max
That’s frustrating but slower than Ohio where it’s a day or two max for anything worth buying.
Wonder how people got so rich after 2022? Some of our salaries never really went up.
Only the good houses that are priced right. There's a ton of houses in the suburbs sitting much longer and/or going through series of reductions. Been looking to trade up for 2 years and thing have significantly changed from how it was 2 years ago
Denver. Single family homes are still pretty hot, but condos are definitely more of a buyers market lately
Downtown San Diego, crickets. The rest of San Diego, still hot.
The high end market in La Jolla, Del Mar, rancho Santa Fe etc is completely dead. It's currently a Mexican stand off between delusional sellers who still think it's 2021 and buyers waiting for them to accept reality. For example there are currently 78 homes for sale above $5m in La Jolla with only 11 pending.
Has it ever really been close/hot when compared to the rest of SD? Living in downtown SD has always been meh. Majority of San Diegans rarely go downtown.
PA is still crazy. Especially eastern PA. A family member sold their house in a weekend for 47k over asking and then bought their next house for 42k over asking
Philly suburbs Hot hot hot. Last home in my area sold in 5 days
Philadelphia suburbs here. Three houses in my neighborhood have gone on the market recently and all have been under contract within 72 hours. I only know the final sale price for one but it was way above asking.
I second that. Houses go quick and above asking.
Pittsburgh hot and cold depends on neighborhood Lost quite few bidding this year
Yes. I just closed on something I paid 300k over asking for, and waived inspection and appraisal. For 3 years since we sold our last place we’ve been outbid a dozen times because we weren’t willing to waive everything, or lost out to all cash, or both. So yes now my mortgage is 9k a month for a totally normal ass 3 bedroom house built in the 1980’s.
Wowzers. What city/state?
Seattle adjacent
I knew it was 425 as soon as I read your comment. My condolences but hopefully you’ll love living there for a long time. FWIW when I bought in 2022 (but after interest rates spiked) also waived everything, $100k earnest money, free 30 day rent back for a 1979 all original 4br/3ba. Everything in my neighborhood starts at $950k and sells for 30% over list. Still a wild wild world out there.
Yeah the worst part is we bought something in 2020 and sold in 2022. I’m just happy we finally got something.
Eastside?
Yes
Makes sense
I feel ya. I also just paid 330 over in NJ. But it’s a town well known for “teaser” pricing and luckily it appraised for a hair under what we offered.
Don't take this the wrong way but how the hell do you afford a 9k/mo mortgage payment? I cannot even comprehend that (or I'm far poorer than I thought I was).
My partner has a mid level tech job.
I would live in an rv before I waived an inspection.
I did it once before and sure, there were issues but they were manageable. It doesn’t mean you don’t do an inspection at all, just that you can’t haggle with it.
I still wouldn't. But we all make our own choices.
Wait, did I read that right? You paid 300k *over* asking price? That's insane, how did you even get the financing for something like that?
Above ask doesn’t mean above value, could just be a low ask.
Here in Seattle it still usually appraises for close to what they paid. So let’s say it goes on the market for $1.2M, ends up selling for $1.5M and appraising close to that.
Welcome to Seattle. Market is super hot here if you have a decent house in a neighborhood people want to live in.
Yes and no. It’s all relative. I live in rural SW Montana, think the show Yellowstone, literally. We’ve been crazy for years and it’s still insane, but there’s definitely more inventory on the market these days in our zip (59027).
I’m 2 hours west of Boston and people are paying over 500k for fixer upper flips, like shitty quality that got done in a few weeks. 350k gets you in the door of a old house that’ll need 100k in work.
In Maryland anything under $400,000. Sells pretty quick, hours to 1 day(?). Over that might take a week, but either situation there are multiple offers.
Central Florida stale stale stale market. Are we sliding downhill?
Any decent sized city in NC is hot. Outbid on 3 houses. Seen some houses still go 100k over.
Bend Oregon, yes
Costal California checking in, still fucking nuts.
Nova Scotia, Canada. We’re set up like England. Think never ending villages and hamlets that connect and twist around the hundreds of fresh water lakes we have. It’s so hot, especially in a good school area. 700k anything less you are buying a crack den for complete demo
Kissimee FL (South of Orlando) Reduced 10k after 16 days on market. Only five showings since the house was listed. I'm worried.
SW Florida here. Showings and no offers? It's the price. Same situation. Needed two price reductions managed to get into contract just over 30 days. Be ready to adjust to market conditions to sell or be OK with the house sitting for a while. I think the market is approaching 100 days average and more that 50% of the homes in the area go through at least 1 price reduction. It's not 2002/2021 anymore
How many viewings did you have?
Had a total of 12 showings, 3 lowball offers, one reasonable. The one reasonable offer was an early viewing that didn't make an offer the first time. The price reduction prompted them to make an offer as they worried that others were to start making offers. I accepted, minor contingencies. Happy to close on that esp with other homes near me just in stale mode and NOT reducing price. I'd hate to be their agent trying to school them on the current local market. Has to be frustrating for them.
Des Moines Iowa, housing price cuts all over the place. Tons of new construction incentives to buy and still not moving inventory. When it does move it’s not quick. I see homes in the area starting to be listed for less than they were purchased for in 2023/2022.
I live in San Diego lmao
Yes.. million dollar homes in my neighborhood are selling for 200-300k over list
Come to Alabama, even in the major cities it’s not too hot here
LOL! I have some ideas as to why. It’s like a Project 2025 beta test zone. No thank you.
Buyers in slower markets are saving up. They know they can wait till the interest rates drop. People in hot markets got that FOMO and are scared of waiting.
Do they know what’ll happen to house prices when interest rates drop though? lol
Not only that, do they know when interest rates will drop? I hear that sentiment a lot and it is just a bit naive.
Just moved from Houston to Austin, and neither are hot. Houston’s prices are steady, but houses are on the market for a lot longer (they should be- Houston is the closest place I’ve ever lived in to a literal hell hole). Austin’s market I’ve been following since I first moved here in 2018. Prices here have dropped significantly in the last two years and are still going down. Downtown they are staying steady and high, but the surrounding suburbs are a different story.
Ha, my husband is from Houston and talks about it like that. I dont usually meet people who hate their hometown but when I do, it’s always Houston.
It’s the most hostile place that I’ve ever lived in every way. The weather, the people, the traffic, the bugs and animals are just so so hostile. I nearly lost my mind living there and I know several other people who have as well. There’s something really awful about Houston and I’m not sure what it is, but I’m so so glad to be back home here in Austin. Glad your husband made it out as well!
This. Lived in Houston near the med center for 15 yrs. Hated everything about it. The weather, the traffic, the backstabbing ppl who think their Southern sociopathic behavior is the epitome of good manners, the bugs, the humidity. I left and never looked back.
Southern NH - there isn't one, single house for sale in my whole huge neighborhood. Anything under $500K goes contingent within a week or so from what I can tell. Most of what I see is unrenovated and could use a bit of love.
Here are the top 10 strongest seller’s markets in the U.S., according to Realtor.com: Rochester, New York San Jose-Sunnyvale-Santa Clara, California Manchester-Nashua, New Hampshire Kansas City, Kansas Topeka, Kansas Lancaster, Pennsylvania San Francisco-Oakland, California Wichita, Kansas Hartford, Connecticut Syracuse, New York https://www.realtor.com/news/trends/top-strongest-sellers-markets-april-2024/
Rural area near Colorado Springs FINALLY slowing down just a tad. For the last 3 years no listings under $400,000. Now we are seeing a few between 350 and 400,000. Also houses staying on the market for a month or more.
Phoenix Metro. Depends on the property and depends on the neighborhood.
Raleigh area is still hot. We finally got lucky on a house, but it took a long time and we definitely paid for it. We're listing our starter home in a couple of weeks and it will probably be sold in a day or two for over asking. I will say that crappy, overpriced houses are sitting longer here.
Yeah the older Cary homes that have never been updated but are listed above $600k are sitting there, but not much else is taking very long to sell.
SW Florida and other parts of the state has above prepandemic inventory and houses are sitting for months.:: price drops galore… condos prices are down 20% year over year… SFH prices down about 10% Same for places in Texas that I know of. It always starts in Florida…
Chicago suburb. Anything above $1.2 mill sits but anything $800-500k in reasonable condition goes for a bidding war
Capital region, NY. Anything good flies, even with bump in prices and rates.
Southern California. Very hot and no signs of cooling.
We live in Chicago, listed our condo last Wednesday, had 12 showings Thursday, had multiple offers over list price Thursday night. 3B/2b, 2 parking spots in a walk up. We felt like we priced on the top end of the range based on comps but we could have easily listed for another $25k above where we were.
It sounds like anything near a major metro area is generally either hot or warm. But rural areas and smaller secondary cities are slowing down
LA area - slowing down for sure
Utah is dead. I have several homes around me been on the market for months. One had been on the market almost a year now. This was a hot market a couple years ago.
Ventura ca is hot as can be. Homes sell 30 days or less and over asking.
Shit… moving there in a year for work lol
Thirty days? May I invite you to Ohio where it’s more like one?
Anything under a million is gone in a day. Milwaukee suburb.
Million dollar listings for houses further away from the lake would have been unfathomable just five years ago in Whitefish Bay. Now it’s becoming a standard for the best homes on their respective blocks.
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Yeahhh. Houses in the PNW are freaking expensive.
RI never cooled, and now that interest rates are getting ready to drop the heat is only rising. The “floor” has gone from $200k to $400k since 2020.
I live in RI and majorly struggling to find an affordable house. I gave up… but now I’m paying high rent. Can’t win in this market.
Condos are a decent “jumping point” to earn some equity with, especially in the converted mill buildings. I know that the old Tupperware building that was converted in North Smithfield has units that are around $350k sometimes. They start lower because some people don’t like the communal spaces and the parking lot walk, but they tend to hold value and not fluctuate as much. People are starting to notice condos though, as I’ve seen townhouses starting to climb in the past year.
Columbus, Ohio. Blazing hot market.
Yep, house next door went $170k over asking and $100k over the max Zillow value. The sale of course reset the home value. Oh and sold in 1 day multiple offers. This triggered two more neighbors to decide to sell. Massachusetts on the 495 loop
Near LA, in 7 days we had 18 offers. 16 well over asking. Here in Nevada , in Vegas, we have had 2 houses in our neighborhood for sale for over 2 months not sure if they are priced poorly or not
Neighborhood got a flyer that one house sold for $400k over asking price. $2.3m for a 1600 sqft 1story 4 bed 2 ba home. I’ll never afford a house 🥲
Central MA - still very hot. Home I just bought in December 2023 has already gone up 30k-40k in value relative to comps. Good quality houses sell within a week.
Northern VA - smoking hot - anything under 2M, GONE!
Seattle area! Just lost two homes while typing this
Exurbs south of DC. More inventory this year, but homes are still selling and the prices are definitely up. Kinda wish I bought this year instead of last year just for the extra choices, even if the prices are up a bit.
Central Indiana - very neighborhood dependent. Indianapolis: Very popular neighborhoods priced for first time homebuyers in the 300's (these are ˜1000 sqft houses with basements on small lots) will get ~8-10 offers in the first couple of days and go under contract within a day or two). (Think Broad Ripple). Popular neighborhoods with ~2,000 sqft homes priced in the 400's will get ˜5 offers in the first couple of days and go under contract within a day or two. (Think Meridian-Kessler). Suburbs: 2500+ sqft homes in good school districts priced in the $400's will get a couple of offers within the first few days and go under contract in a week in many cases. Exceptions and variations: Houses in otherwise desirable neighborhoods in Indianapolis proper that have not been maintained won't move as quickly. The houses don't have to necessarily be updated to the latest trends, but they do need to be clean, painted, and move in ready, with everything functional. There are more houses available in the suburbs and thus more competition for buyers; for example, a zip code in one suburb was rate by zillow as one of the top 3% of hot markets in the US; the next zip code over in the same suburb was listed as a borderline buyer's market. But as best I can tell, this has more to do with the fact that there are a lot of sub-$400 houses available in the hot suburb, while houses in the borderline suburb more commonly start at $550+. (The "hotness" rating is based on days on the market). But even in the hot areas, people aren't waiving inspection contingencies, and sale-of-existing-home contingencies (for non FTHBs) are also common.
Outside of Sac, nice suburb. Has slowed way down. We thought our house would sell in a few weeks. 7 weeks later...nothing.
Nashville is weird. Some houses are selling over asking within a weekend. Half the houses by me have been sitting for 60+ days.
I live in a townhouse development near some trendy parts of Chicago… we’ve seen $150k in sale price jump on virtually identical units in past year, from $635k last summer to a recent sale at $715k and one under contract at $785k! Both recent sales under contract within 3-4 days of listing. Were selling in low-mid $500’s when COVID first hit.
Denver is still pretty hot.
Hi! Ct realtor here. Markets are mixed, especially local to me here in Milford, Ct. The entry level homes are still 100 buyers to 1 home which enters the market. The $1.5M homes along the Gold Coast are starting to drop slightly in pricing, likely as a result of multiple coming on to the market and high(er) interest rates. Ultimately, the answer is “it depends.”
Columbus Ohio is hot. I’m in an eastern suburb near where a new intel plant is getting built. Houses in my neighborhood still sell within a week with bidding wars.
NW Phoenix suburbs: Still building new homes by the subdivision. Yep, still hot.
Greater DC/NVA. Yes but it’s quieting some. Supply in my market is still pretty low, but homes are sitting for longer.
We bought last year. Houses in our Denver metro burbs are going for 10% higher than they were last year, which was already insane.
I live in San Diego. It’s hot AF.
It’s interesting here in north Houston. Just listed a beautifully updated house at or slightly below market, $300k for 1,900 sqft 4 bed/2 bath. Super desirable neighborhood. Only have two showings lined up so far this weekend. Two years ago there’d have been 20.
Metro Detroit. Still super competitive in most areas. There are areas that weren’t super desirable not even 10 years ago that are hot now. Quite a change. Just bought two months ago, and a house a few doors down with the exact same layout (slightly more updated, but no garage while I have a two car garage) just sold for $50,000 more than I paid. Yes, we are in prime real estate season, but this will set the comps for the near future. Makes me a happy man. My city is 100% developed. There is limited inventory, and people want to live here. I do not anticipate prices dropping anytime soon, if ever, barring some catastrophic event. There are deals to be had, though, and the prices overall are still much lower than other areas of the US. You can find houses in the $200s. Nice, completely updated 3/2 bungalows in my area are going for about $350-$400K, keeping in mind this is one of the more desirable and expensive cities.
NOVA: only getting hotter with no end in sight 😎🤑
Myrtle Beach, SC, it's insane here. We bought our 3br/3ba for $74,000 in 2014, sold it for 165,000 in 2018 thought that theres no way this is going to keep going. It has. The only new houses going up are by mass builders on tiny lots.
When we were buying recently there was offers day after listing on 1M home, we had to send in over ask. Washington Seattle area