The real estate market has been choppy. Demand for houses was high for the two years leading up to the middle of last year. Mortgage rates mostly drove this because they were under 3%, and more people had the ability to relocate because they could work from home. There were bidding wars for some houses and prices soared. (These seven major American cities have lost half their populations.)
Over the past few months, the real estate market has turned difficult for sellers. Mortgage rates have moved above 6%. Houses in many cities sit on the market for many more days than they used to. Some sellers find they have to reduce prices.
According to Realtor.com, some cities remain good places to sell a home. Its As the Housing Market Sputters, These Are the Best U.S. Cities for Home Sellers report looks at the metros where this is particularly true.
A prime metric of the study is home prices as measured by price per square foot. Realtor.com Chief Economist Danielle Hale commented, “There’s a lot of talk about home prices down from the peak. … But year over year, a lot of markets are still up.”
The study looked at 150 metros. It considered how long homes were on the market and whether prices were still rising. Nationwide, homes sat on the market just shy of 10 weeks in February. That compared to a little over six weeks a year ago.
The best seller’s market was Davenport, Iowa. Home prices per square foot were up 38.4% from February of last year to February of this year. And homes are inexpensive, with a February median listing price of $208,700, just above half the national average. Delia Dreifurst, an agent at Keller Williams Midwest Partners in Bettendorf, commented, “The price point is so much lower than on the coasts.” She continues, “so we sit in this sweet spot, where homes still appreciate but they’re also still affordable.”
These are the 10 best metros for home sellers.
| Metro | Sq. Ft. Increase | Median Price |
|---|---|---|
| Davenport, Iowa | +38.4% | $208,700 |
| Montgomery, Ala. | +26.5% | $301,165 |
| Wichita, Kan. | +19.8% | $319,995 |
| Tulsa, Okla. | +18.5% | $354,262 |
| Youngstown, Ohio | +18.1% | $151,575 |
| Minneapolis, Minn. | +17.1% | $434,950 |
| McAllen, Texas | +16.4% | $283,000 |
| Harrisburg, Pa. | +16.1% | $322,400 |
| Little Rock, Ark. | +15.9% | $304,245 |
| Knoxville, Tenn. | +13.0% | $457,116 |
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