Sooner or later, many hearty Americans who once cherished the cold and snowy climes up north decide that “enough is enough” of the bitter chill of winter and decide that a move to a much warmer and more moderate climate is a good idea. They may pull up stakes and move to the warmer climate for good, or become one of the growing number of “snowbirds”, spending some of the warmer months in their northern home, and the rest of their year in their southern residence. Either way, if Americans are looking to take up a residence somewhere where it’s warm all year round, they can consider the following locations:
Cape Coral, FL
Florida real estate as a whole is booming, and has been since the recession of 2008. Even the COVID-19 pandemic hasn’t derailed their hot market status. Cape Coral and its metro area (which includes Ft. Myers and Lehigh Acres) is among the fastest growing areas in the country in terms of population. The median home price here has jumped 16% from one year ago. Cape Coral, as well as other booming Florida cities, benefits from the states very low unemployment rate (3.1%) and historically low interest rates (currently hovering around 3% or lower). Homes in Cape Coral take an average of just 20 days to sell.
The median home price here jumped 6.6% over the last year, and houses are selling in about 22 days. Orlando has grown an astounding 20.4% over the last 10 years, and will continue to grow and prosper as tourism continues to fuel the economic machine in this region.
The growth they have seen the last decade has been very impressive. The city has grown 10.9% over that period of time, and they are projected to have an astounding 50% population growth in the next 10 years. Over the last year the median home sale price increased 13.8%. Houses for sale usually sell for 2% below list price, and sell on average in 35 days. Investors looking for a refurbished foreclosure should really look here, as they sell for up to 30% below list value in the greater Jacksonville area.
This city has realized a combined market growth of 24.6%. Home sales really fuel the local economy here, as there is a predicted 17.2% year-over-year increase. Prices will also increase year-over-year by 7.4%. The population growth has been very steady since the 2010 census (at 10.1%), and doesn’t look to slow down any time soon.
Home prices are projected to rise 7%; this last year home sales were up 11.4%. One solid sign that the market here is strong is where their combined market growth ranks, very high in the nation at 18.4%. Though not thought to quite reach population increase numbers from 2010-2019 (16.2%), Phoenix ranks the highest in the state in growth with experts seeing no immediate end to this trend. If you are looking for Arizona real estate, Phoenix should be on your list.
Austin comes in at number 38 on Realtor.com’s list of 50 Hottest Zip Codes for 2020. The Austin metro area has experienced meteoric growth in the last decade, growing 29.8%. The average price of a home rose 15.9% from the year before. If you’re looking for housing here, bid quickly, as listings are taken up after only 10 days on the market, many with multiple bidders.
This is the top ranked New Mexico city in real estate, a state that ranked seventh in the U.S. Hottest Real Estate Markets out of the 95 in 2020, Construction Coverage reports. According to sources, home prices will continue to rise here due to record low home inventories along with low mortgage interest rates.
San Jose, CA
This Silicon Valley home has experienced a healthy 21.6% combined market growth. San Jose and surrounding areas will see 10.8% sales and price growth the upcoming year. With the median home value here at a mind-boggling $864,600, it is hard to believe (but is indeed true) that as has been in the recent past, homes will continue to sell over their list price.
As this area ranks very highly in diversity, families, public schools, and nightlife, it also ranks among the strongest real estate markets in the country. Pensacola’s typical home value increased 9.7% over the previous year, and is projected to increase 8.3% this next year. Another factor in Pensacola’s favor that translates to a strong real estate market is their lower-than-average unemployment rate.
Believe it or not, Utah’s housing market is the hottest in the country. Projections are that home sales will experience an 8-10% rise by the end of the year. Experts believe Utah housing prices will soon match housing prices in San Francisco.