{"id":873,"date":"2022-07-27T15:32:45","date_gmt":"2022-07-27T15:32:45","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2022\/07\/27\/the-top-up-and-coming-real-estate-markets-now-have-this-one-crucial-thing-in-common\/"},"modified":"2022-07-27T15:32:45","modified_gmt":"2022-07-27T15:32:45","slug":"the-top-up-and-coming-real-estate-markets-now-have-this-one-crucial-thing-in-common","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2022\/07\/27\/the-top-up-and-coming-real-estate-markets-now-have-this-one-crucial-thing-in-common\/","title":{"rendered":"The Top Up-and-Coming Real Estate Markets Now Have This One Crucial Thing in Common"},"content":{"rendered":"

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Photo by Peter Ringenberg for visitelkhartcounty.com<\/p>\n

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With the cost of everything from gas at the pump to a box of cereal surging, Americans are desperately looking for a break. And with rising mortgage interest rates now making it even more expensive to purchase a home, many buyers are looking for real estate deals further off the beaten path.<\/p>\n

Many of the up-and-coming housing markets of the summer were smaller cities far from the coasts that boasted more affordable home prices, according to the\u00a0Wall Street Journal\/Realtor.com\u00ae Emerging Housing Markets Index<\/a>. Seven of the top 10 had median list prices that were below the national median of $450,000 in June.<\/p>\n

The top emerging housing market was Elkhart, IN<\/a>, which is no stranger to this list. Prices in the small, Midwestern metropolitan area, about 30 minutes east of the University of Notre Dame and South Bend, IN,<\/a> and roughly two hours from Chicago<\/a>, have soared. They rose 17.2%, to a median $279,450 in June, from the same time a year ago, according to the most recent median list prices from Realtor.com.<\/p>\n

Elkhart, IN<\/p>\n

Photo courtesy of visitelkhartcounty.com<\/p>\n

\u201cWith home prices at record highs and interest rates pushing the mortgage payment of a typical house 60% higher than last year, buyers are attracted to markets which offer more for their money,\u201d says\u00a0George Ratiu<\/strong>, manager of economic research for Realtor.com.<\/p>\n

The index identified the top markets for both buyers and investors out of the 300 largest metropolitan areas. The quarterly index looks at metropolitan areas with strong housing demand and rising prices combined with robust economies, lots of well-paying jobs, a good quality of life, and desirable amenities such as lots of small businesses and reasonable commutes to work. (Metros include the main city and surrounding suburbs, smaller towns, and urban areas.)<\/p>\n

\u201cIn addition, today\u2019s top emerging markets offer the benefits of a strong local economy,\u201d says Ratiu. \u201cThe top 10 metros tend to be home to a good mix of private industries, health care, higher education, along with government agencies and institutions. With low unemployment rates, these locales also offer slightly higher wages.\u201d<\/p>\n

Elkhart is a recreational vehicle manufacturing powerhouse with an unemployment rate of just 1.8% in May\u2014about half of the national average. Most of the area\u2019s buyers are from nearby South Bend as well as Chicago. About 44% of the area\u2019s buyers are from outside of Indiana, according to Realtor.com.<\/p>\n

The area is particularly appealing because it\u2019s so affordable. Those buying a home in the Elkhart metro area are looking at a roughly $1,275 monthly mortgage payment for a median-priced home, according to Realtor.com data. That\u2019s significantly lower than the national median of $2,100 a month.<\/p>\n

\u201cOur market this last year has been extremely strong. Inventory\u2019s been low, and demand\u2019s been extremely high,\u201d says local real estate agent Toni Bontrager<\/strong>, of Berkshire Hathaway HomeServices. However, that\u2019s beginning to wind down. Two local RV manufacturing plants are shutting down<\/a> this fall, and the national economy has become a bit shakier.<\/p>\n

\u201cEverything\u2019s slowing down right now,\u201d says Bontrager. \u201cIt\u2019s been a seller\u2019s market. I think we\u2019re slowly transitioning into a buyer\u2019s market<\/a>.\u201d<\/p>\n

Homes priced below $200,000 are still going fast\u2014often with multiple offers, says Bontrager. But most homes priced above that are now taking longer to go under contract as bidding wars are no longer as common for them.<\/p>\n

Despite the shift in the local real estate market, Elkhart is likely to remain popular with buyers, particularly those looking for deals.<\/p>\n

\u201cPeople make good money here,\u201d says Bontrager. \u201cHomes here that are $400,000 or $500,000 would be over $1 million in California. \u2026 We have lakes and rivers, and it\u2019s an absolutely a beautiful place to call home.\u201d<\/p>\n

Top 10 emerging real estate markets of summer 2022<\/h2>\n

Elkhart, IN<\/a>, $279,450*
\nBurlington, NC<\/a>, $380,150
\nJohnson City, TN<\/a>, $350,000
\nFort Wayne, IN<\/a>, $286,400
\nBillings, MT<\/a>, $544,000
\nRaleigh, NC<\/a>, $499,950
\nRapid City, SD<\/a>, $409,900
\nNorth Port, FL<\/a>, $598,500
\nTopeka, KS<\/a>, $225,000
\nVisalia, CA<\/a>, $415,995<\/p>\n

* Median list prices for the metro area in June from Realtor.com<\/em><\/p>\n

___<\/p>\n

Watch: 10 U.S. Markets Where Home Sales Are Slowing<\/strong><\/p>\n

\u00a0<\/p>\n

The post The Top Up-and-Coming Real Estate Markets Now Have This One Crucial Thing in Common<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Photo by Peter Ringenberg for visitelkhartcounty.com With the cost of everything from gas at the pump to a box of cereal surging, Americans are desperately looking for a break. And with rising mortgage interest rates now making it even more expensive to purchase a home, many buyers are looking for real estate deals further off…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=873"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/874"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=873"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}