Tight inventory is boosting the secondary markets

by Steve Randall02 Mar 2018

Homebuyers are looking to secondary markets as tight inventory makes buying in some metro areas unaffordable.

A report from realtor.com reveals the markets that are showing increased demand from buyers tempted by relative affordability, inventory and strong job markets.

"Buyers have traditionally sought refuge in the suburbs during times of high home prices," said Javier Vivas, director of economic research at realtor.com®. "But with today's record highs even the suburbs have gotten pricey, which has demand flooding outward as options disappear and prices move further out of reach in top job hubs."

Spokane, on the eastern side of Washington, leads the list with a median list price of $264,000, a median income of $51,000, and an expected labor market growth of 2.7% this year.

The city also has good schools and, as with the other markets in the top 10, approximately 1.3% of its homes are available for sale compared to 0.9% of homes in the top 100 largest US metros.

"The markets on this list offer affordable housing options and a chance to move up for those who are willing to change jobs or take on longer commutes," added Vivas.

The top 10 markets to watch:

Market to Watch

(Median listing price)

Main Origin of Searches

(Median listing price)

Spokane, Wash.

($264,000)

Seattle

($500,000)

Portland, Maine

($340,000)

Boston

($493,000)

Knoxville, Tenn.

($247,000)

Sevierville, Tenn.

($255,000)

Deltona, Fla.

($270,000)

Miami

($388,000)

Boise, Idaho

($299,000)

Los Angeles

($706,000)

Jacksonville, Fla.

($307,000)

Miami

($388,000)

Charleston, S.C.

($364,000)

New York

($474,000)

North Port, Fla.

($350,000)

New York

($474,000)

Bakersfield, Calif.

($239,000)

Los Angeles

($706,000)

Chattanooga, Tenn.

($230,000)

Atlanta

($300,000)


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