{"id":18757,"date":"2014-04-08T06:00:01","date_gmt":"2014-04-08T13:00:01","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/research\/?p=18757"},"modified":"2020-10-06T17:08:37","modified_gmt":"2020-10-07T00:08:37","slug":"what-slowdown-8-housing-markets-that-are-speeding-up","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/what-slowdown-8-housing-markets-that-are-speeding-up\/","title":{"rendered":"What Slowdown? Eight Housing Markets That Are Speeding Up"},"content":{"rendered":"<p><em><strong>Population Growth and Low Inventory Drive Competition for Homes<\/strong><\/em><br \/>\nWhile the housing market has cooled in many major cities since last year, other cities have only gotten hotter. In certain areas of Texas, North Carolina, Colorado and the Pacific Northwest, homes are selling like hotcakes thanks to strong job and population growth, worsening inventory shortages and, as <a href=\"http:\/\/www.forbes.com\/sites\/bruceupbin\/2013\/12\/17\/redfin-ceos-top-predictions-for-u-s-housing-in-2014\/\" title=\"Redfin CEO's Top Predictions for U.S. Housing in 2014\">Redfin\u2019s CEO pointed out<\/a> in December, relative affordability. Buyers should prepare themselves: These markets are shaping up to be even more competitive than they were in 2013.<\/p>\n<h3>Sales Are Speedy <em>and<\/em> Stable &#8230;<\/h3>\n<p>As we said <a href=\"https:\/\/redfin.com\/blog\/2014\/04\/texas-colorado-northwest-high-demand.html\" title=\"Weekend Warriors: Buyers Snapping Up Homes Quickly in Select Markets\">last week<\/a>, <a href=\"https:\/\/redfin.com\/city\/30818\/TX\/Austin\" title=\"Austin real estate\">Austin<\/a>, <a href=\"https:\/\/redfin.com\/city\/30794\/TX\/Dallas\" title=\"Dallas real estate\">Dallas<\/a>, <a href=\"https:\/\/redfin.com\/city\/5155\/CO\/Denver\" title=\"Denver real estate\">Denver<\/a>, <a href=\"https:\/\/redfin.com\/city\/8903\/TX\/Houston\" title=\"Houston real estate\">Houston<\/a>, <a href=\"https:\/\/redfin.com\/city\/30772\/OR\/Portland\" title=\"Portland real estate\">Portland<\/a>, <a href=\"https:\/\/redfin.com\/city\/35711\/NC\/Raleigh\" title=\"Raleigh real estate\">Raleigh<\/a>, <a href=\"https:\/\/redfin.com\/city\/16657\/TX\/San-Antonio\" title=\"San Antonio real estate\">San Antonio<\/a> and <a href=\"https:\/\/redfin.com\/city\/16163\/WA\/Seattle\" title=\"Seattle real estate\">Seattle<\/a> are among Redfin\u2019s fastest markets. In February, a total of 37.9 percent of homes went off the market in less than two weeks in these eight markets, compared with 30.7 percent last year, and 22.5 percent across 27 markets.<\/p>\n<h3>Market Speed, February 2014<\/h3>\n<table class=\"ScienceTable\" style=\"width: 550px\">\n<tbody>\n<tr>\n<th class=\"c0 \" style=\"text-align: center;vertical-align: bottom\">Market<\/th>\n<th class=\"c0 \" style=\"text-align: center;vertical-align: bottom\">Days on Market, Feb. 2014<\/th>\n<th class=\"c0 \" style=\"text-align: center;vertical-align: bottom\">Days on Market, Feb. 2013<\/th>\n<th class=\"c0 \" style=\"text-align: center;vertical-align: bottom\">% of Homes Selling in 2 Weeks, Feb. 2014<\/th>\n<th class=\"c0 \" style=\"text-align: center;vertical-align: bottom\">% of Homes Selling in 2 Weeks, Feb. 2013<\/th>\n<\/tr>\n<tr>\n<td style=\"text-align: right\" nowrap><a href=\"https:\/\/redfin.com\/city\/16657\/TX\/San-Antonio\" title=\"San Antonio real estate\">San Antonio<\/a><\/td>\n<td style=\"text-align: center\">46<\/td>\n<td style=\"text-align: center\">64<\/td>\n<td style=\"text-align: center\">27.1%<\/td>\n<td style=\"text-align: center\">20.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right\"><a href=\"https:\/\/redfin.com\/city\/8903\/TX\/Houston\" title=\"Houston real estate\">Houston<\/a><\/td>\n<td style=\"text-align: center\">33<\/td>\n<td style=\"text-align: center\">49<\/td>\n<td style=\"text-align: center\">35.9%<\/td>\n<td style=\"text-align: center\">27.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right\"><a href=\"https:\/\/redfin.com\/city\/30818\/TX\/Austin\" title=\"Austin real estate\">Austin<\/a><\/td>\n<td style=\"text-align: center\">26<\/td>\n<td style=\"text-align: center\">40<\/td>\n<td style=\"text-align: center\">46.3%<\/td>\n<td style=\"text-align: center\">40.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right\"><a href=\"https:\/\/redfin.com\/city\/35711\/NC\/Raleigh\" title=\"Raleigh real estate\">Raleigh<\/a><\/td>\n<td style=\"text-align: center\">82<\/td>\n<td style=\"text-align: center\">94<\/td>\n<td style=\"text-align: center\">22.5%<\/td>\n<td style=\"text-align: center\">9.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right\"><a href=\"https:\/\/redfin.com\/city\/30794\/TX\/Dallas\" title=\"Dallas real estate\">Dallas<\/a><\/td>\n<td style=\"text-align: center\">30<\/td>\n<td style=\"text-align: center\">41<\/td>\n<td style=\"text-align: center\">38.8%<\/td>\n<td style=\"text-align: center\">31.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right\"><a href=\"https:\/\/redfin.com\/city\/5155\/CO\/Denver\" title=\"Denver real estate\">Denver<\/a><\/td>\n<td style=\"text-align: center\">27<\/td>\n<td style=\"text-align: center\">37<\/td>\n<td style=\"text-align: center\">27.1%<\/td>\n<td style=\"text-align: center\">24.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right\"><a href=\"https:\/\/redfin.com\/city\/30772\/OR\/Portland\" title=\"Portland real estate\">Portland<\/a><\/td>\n<td style=\"text-align: center\">44<\/td>\n<td style=\"text-align: center\">50<\/td>\n<td style=\"text-align: center\">35.3%<\/td>\n<td style=\"text-align: center\">33.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right\"><a href=\"https:\/\/redfin.com\/city\/16163\/WA\/Seattle\" title=\"Seattle real estate\">Seattle<\/a><\/td>\n<td style=\"text-align: center\">36<\/td>\n<td style=\"text-align: center\">35<\/td>\n<td style=\"text-align: center\">40.9%<\/td>\n<td style=\"text-align: center\">40.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right\"><strong>27 Markets<\/strong><\/td>\n<td style=\"text-align: center\"><strong>43<\/strong><\/td>\n<td style=\"text-align: center\"><strong>47<\/strong><\/td>\n<td style=\"text-align: center\"><strong>22.5%<\/strong><\/td>\n<td style=\"text-align: center\"><strong>21.5%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Speed isn\u2019t the only thing that\u2019s impressive. While the overall housing market has seen <a href=\"https:\/\/redfin.com\/research\/reports\/real-time-price-tracker\" title=\"Redfin Price Tracker, February\">home sales drop<\/a> since last year, sales in these eight markets are surprisingly steady given the limited number of homes available for sale. As of February, home inventory in each market had fallen from the year before and was at the lowest point in at least four years. Given the few options available, many of these sales likely comprised brand new homes, which are not listed on the Multiple Listing Service and thus not counted in total inventory.<br \/>\n<a href=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2014\/04\/Sales-and-Inventory-2.png\"><img decoding=\"async\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2014\/04\/Sales-and-Inventory-2.png\" alt=\"Sales and Inventory 2\" width=\"650\" style=\"width:650px\" class=\"aligncenter size-full wp-image-18850\" \/><\/a><br \/>\n<em>* Inventory for Denver is unavailable due to data anomalies.<\/em><\/p>\n<h3>\u2026 Thanks To Jobs and Babies Galore&#8230;<\/h3>\n<p>Housing demand in these markets stems from strong population growth. These eight markets were among the fastest growing in the nation between July 2012 and July 2013, according to recently released Census <a href=\"https:\/\/www.census.gov\/popest\/data\/metro\/totals\/2013\/index.html\" title=\"US Census Metropolitan Area Population Estimates\">data<\/a>, growing between 1.1 percent and 2.6 percent that year compared with 0.7 percent in the U.S. as a whole.<br \/>\nPopulations are increasing in these places in part because of strong job growth.These eight markets have seen job growth of between 2.3 percent and 4.5 percent since last year, far better than the national average of 1.6 percent. More than half of the population growth in each market can be attributed to net migration.<br \/>\nBabies are another factor. More than a third of the 2013 population growth in these markets came from the natural rate of increase, or the difference between births and deaths. But a new baby doesn\u2019t just mean that a family may need a bigger house. Children can also be a magnet for members of the extended family, who also need homes, says Redfin agent <a href=\"https:\/\/redfin.com\/real-estate-agents\/allen-wyde\" title=\"Redfin agent Allen Wyde\">Allen Wyde<\/a>.<br \/>\n\u201cHere in <a href=\"https:\/\/redfin.com\/city\/35711\/NC\/Raleigh\" title=\"Raleigh real estate\">Raleigh<\/a>, young couples who relocate here for a job often find their parents packing up and following,\u201d he says. \u201cThese \u2018traveling grandparents\u2019 can\u2019t resist being nearby their grandchildren.\u201d<br \/>\n<a href=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2014\/04\/Population-updated.png\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2014\/04\/Population-updated.png\" alt=\"Population updated\" width=\"997\" height=\"462\" class=\"aligncenter size-full wp-image-18974\" \/><\/a><\/p>\n<h3>\u2026 And More<\/h3>\n<p>In addition to jobs, lifestyle opportunities and cost of living are also major draws in some of these markets, homebuyers say. In a February survey of 1,975 homebuyers, Redfin found that those who were relocating to <a href=\"https:\/\/redfin.com\/city\/5155\/CO\/Denver\" title=\"Denver real estate\">Denver<\/a>, <a href=\"https:\/\/redfin.com\/city\/30772\/OR\/Portland\" title=\"Portland real estate\">Portland<\/a> or <a href=\"https:\/\/redfin.com\/city\/16163\/WA\/Seattle\" title=\"Seattle real estate\">Seattle<\/a> named lifestyle as the top reason for moving, followed by jobs and being close to family and friends. Those who were relocating to North Carolina and Texas said jobs were the top reason for moving, followed by the low cost of living.<br \/>\nAnd homes in those places are indeed more affordable. Our analysis of <a href=\"https:\/\/redfin.com\/blog\/2014\/04\/middle-class-income-housing-affordability.html\" title=\"Two Middle-Class Incomes Don't Add Up To a Home\">market affordability<\/a> found that more than 45 percent of homes for sale in <a href=\"https:\/\/redfin.com\/city\/35711\/NC\/Raleigh\" title=\"Raleigh real estate\">Raleigh<\/a>, <a href=\"https:\/\/redfin.com\/city\/8903\/TX\/Houston\" title=\"Houston real estate\">Houston<\/a> and <a href=\"https:\/\/redfin.com\/city\/30794\/TX\/Dallas\" title=\"Dallas real estate\">Dallas<\/a> are affordable on two median incomes, compared with 12 percent in <a href=\"https:\/\/redfin.com\/city\/11203\/CA\/Los-Angeles\" title=\"Los Angeles real estate\">Los Angeles<\/a> and 7 percent in <a href=\"https:\/\/redfin.com\/city\/17151\/CA\/San-Francisco\" title=\"San Francisco real estate\">San Francisco<\/a>.<\/p>\n<h3>Buyers: Prepare for Battle<\/h3>\n<p>These eight housing markets will be anything but sleepy this spring, and buyers should expect strong competition and continued price pressures.<br \/>\n\u201cI\u2019m preparing my clients to make decisions quickly and to put their very best offer forward from the start,\u201d says Redfin <a href=\"https:\/\/redfin.com\/city\/8903\/TX\/Houston\" title=\"Houston real estate\">Houston<\/a> agent <a href=\"https:\/\/redfin.com\/real-estate-agents\/tara-waggoner\" title=\"Redfin agent Tara Waggoner\">Tara Waggoner<\/a>. \u201cI also advise them all to write a personal cover letter to the seller. It\u2019s a great way to make an offer stand out among multiple bids.\u201d<br \/>\nWant other tips for making your offer more competitive this spring? Check out our special report on the most effective <a href=\"https:\/\/redfin.com\/blog\/2014\/02\/which-bidding-war-strategies-are-most-effective-2.html\" title=\"Which Bidding War Strategies Are The Most Effective?\">bidding war strategies<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buyers should prepare themselves: These markets are shaping up to be even more competitive than they were in 2013.<\/p>\n","protected":false},"author":13183,"featured_media":2931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[],"coauthors":[],"class_list":["post-18757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Slowdown? Eight Housing Markets That Are Speeding Up - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Buyers should prepare themselves: These markets are shaping up to be even more competitive than they were in 2013.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/what-slowdown-8-housing-markets-that-are-speeding-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Slowdown? 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