{"id":65103,"date":"2019-02-25T05:00:03","date_gmt":"2019-02-25T13:00:03","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65103"},"modified":"2020-10-06T17:08:02","modified_gmt":"2020-10-07T00:08:02","slug":"buffalo-grand-rapids-omaha-fastest-housing-markets","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/buffalo-grand-rapids-omaha-fastest-housing-markets\/","title":{"rendered":"Buffalo, Grand Rapids and Omaha Are Now the Nation's Fastest Housing Markets"},"content":{"rendered":"

The typical home in these affordable, inland metros spends less than 30 days on market. <\/span><\/i>
\nBuffalo, New York<\/a>; Grand Rapids, Michigan<\/a> and Omaha, Nebraska<\/a>\u2014all areas where the typical home costs less than the national median\u2014were home to the fastest housing markets in the country in January. Contrast that list of metros with the fastest markets from a year ago: San Jose<\/a>, Seattle<\/a> and Oakland<\/a>, some of the most expensive in the U.S. <\/span>
\nBuffalo and Grand Rapids were the fastest markets, with the typical home that sold in January on the market for 28 days before going under contract in each metro area. In Buffalo, that\u2019s seven days faster than last year and in Grand Rapids it\u2019s two days slower. Omaha was the third fastest market at a median 29 days in January, flat from last year. San Jose is now the 28th fastest metro, with the typical home going under contract in 46 days.<\/span>
\nOther signs also indicate that the Buffalo, Grand Rapids and Omaha housing markets are heating up. Home prices rose faster annually in January in all three areas than they did nationwide, and supply in each metro was either flat or down, compared with a 6.3 percent increase nationally. <\/span>
\n\u201cDuring the recession, job seekers migrated to employment hubs like the Bay Area and New York<\/a> to find work,\u201d said Redfin chief economist Daryl Fairweather. \u201cBut now that unemployment is low across the nation, workers have the opportunity to move to small, \u00a0affordable cities, like Buffalo, Grand Rapids and Omaha, without sacrificing job security.\u201d<\/span><\/p>\n\n\n\n\n\n\n\n\n
January 2019 housing statistics for Buffalo, Grand Rapids and Omaha<\/b><\/td>\n<\/tr>\n
Metro area<\/b><\/td>\nDays on market<\/b><\/td>\nYoY change in days on market<\/b><\/td>\nMedian sale price<\/b><\/td>\nYoY change in median sale price<\/b><\/td>\nYoY change in home sales<\/b><\/td>\nYoY change in inventory <\/b><\/td>\nSold above list price<\/b><\/td>\nYoY percentage point change in sold above list price<\/b><\/td>\n<\/tr>\n
Buffalo, NY<\/span><\/a><\/td>\n28<\/span><\/td>\n-7<\/span><\/td>\n$141,000<\/span><\/td>\n4.1%<\/span><\/td>\n-21.9%<\/span><\/td>\n0.7%<\/span><\/td>\n33.6%<\/span><\/td>\n3.2 pts.<\/span><\/td>\n<\/tr>\n
Grand Rapids, MI<\/span><\/a><\/td>\n28<\/span><\/td>\n2<\/span><\/td>\n$192,000<\/span><\/td>\n7.9%<\/span><\/td>\n-7.7%<\/span><\/td>\n-12.7%<\/span><\/td>\n27.4%<\/span><\/td>\n0.8 pts. <\/span><\/td>\n<\/tr>\n
Omaha, NE<\/span><\/a><\/td>\n29<\/span><\/td>\n–<\/span><\/td>\n$191,500<\/span><\/td>\n5.5%<\/span><\/td>\n-20.2%<\/span><\/td>\n+0.1%<\/span><\/td>\n18.2%<\/span><\/td>\n-9.9 pts.<\/span><\/td>\n<\/tr>\n
National <\/b><\/td>\n57<\/b><\/td>\n1<\/b><\/td>\n$285,900<\/b><\/td>\n2.9%<\/b><\/td>\n-7.6%<\/b><\/td>\n6.3%<\/b><\/td>\n16.7%<\/b><\/td>\n-3.5 pts.<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

One thing that Buffalo, Grand Rapids and Omaha have in common: Local Redfin agents note that more and more homebuyers are moving in from big, expensive cities<\/span>\u2014and as more people move in, homes go off the market faster and prices rise. <\/span><\/p>\n

Thanks to a revitalized community and relatively low housing costs, Buffalo is newly attractive to young people moving home<\/h3>\n

Buffalo residents and people moving into town are excited about its resurgence, a feeling that\u2019s reflected in the housing market in the most desirable neighborhoods and suburbs, said local Redfin agent Lesley Lannan<\/a>. But even though home prices are going up, they\u2019re still lower than they are in most parts of the country. <\/span>
\n\u201cWhile the current inventory shortage, paired with strong demand, is resulting in bidding wars, quick sales and rising prices, most local homebuyers still find that their dream home is within reach. In many parts of the country that\u2019s no longer true, even for well-employed professionals,\u201d Lannan said. <\/span>
\nFor decades, Buffalo suffered from \u201cbrain drain,\u201d with many young adults who\u2019d grown up in the area moving away to bigger cities for college and jobs, and few returning to raise their own families. But in the past few years, Lannan has helped more and more young professionals move back to their hometown of Buffalo after starting their careers elsewhere. \u00a0\u201cYoung people are coming back now because the community has been revived, the cost of living and housing is relatively low and maybe they\u2019re having children and want to be close to family,\u201d Lannan said. \u201cI\u2019m seeing people move back from coastal cities like San Diego<\/a>, San Francisco<\/a>, Washington, D.C.<\/a>, Boston<\/a> and New York City<\/a>.\u201d<\/span>
\n\u201cRight now, I\u2019m telling buyers and sellers to make their moves sooner rather than later to take advantage of relatively low interest rates before certain areas start to see prices rise much further,\u201d Lannan continued. <\/span>
\nLannan said she expects most parts of Buffalo to remain affordable even as the area sees a cultural resurgence and developers build new residences in the downtown area. \u201cBuffalo\u2019s economy is improving, but our unemployment is still higher than average and wages are less than elsewhere. I think that will limit the astronomical inflation in housing that other communities experienced because there isn\u2019t the income to support it,\u201d she said. <\/span><\/p>\n

Grand Rapids is a haven for people moving in from more expensive places like Chicago and cities in California<\/h3>\n

Shellie Silva<\/a>, a Redfin agent in Grand Rapids, said the housing market has been growing rapidly since she moved to the area from San Diego three years ago. T<\/span>he buyer pool in the area is made up largely of people moving from Chicago<\/a>, and she has also met with buyers from California and Hawaii. One reason for the area\u2019s popularity is its relative affordability. <\/span>
\n\u201cA lot of homebuyers in Grand Rapids have reverse sticker shock when they come to town. They can\u2019t believe how affordable the homes and property taxes are,\u201d Silva said. \u201cHomebuyers in Grand Rapids joke about buying two homes because they\u2019re so affordable compared to other parts of the country. In fact, many of them are able to own more than one home in Michigan: One right in town and a getaway cottage for the summer.\u201d<\/span>
\n\u201cAside from how affordable housing is compared to the coasts, there are a lot of reasons why Grand Rapids is becoming more and more popular,\u201d Silva continued. \u201cWe have highly rated schools, a low unemployment rate, amazing medical facilities and good old-fashioned Midwestern charm. In the three years I\u2019ve lived in the area, a lot of new restaurants, breweries and shops have opened up, making the quality of life even better than it already was.\u201d<\/span>
\nWhile the Grand Rapids housing market is inexpensive compared to coastal cities, local residents are noticing the rising prices and homebuyers from inside and outside the region are becoming more concerned about bidding wars at entry-level price points, Silva said. On the selling side, clients are pleased that their home values are going up. She\u2019s advising sellers that even though prices are rising, it\u2019s important to price their homes realistically if they want to sell quickly like their neighbors did last month. And buyers should enter the market with a clear picture of which features they must have in a home and which they\u2019re willing to compromise. <\/span><\/p>\n

Omaha is in the midst of a massive facelift, making it more and more popular for people seeing affordable alternatives to expensive cities<\/h3>\n

Dakotah Smith<\/a>, a local agent in Omaha, said a lot of homebuyers are moving into the area from places like Chicago, Washington, D.C., and Denver<\/a>. Smith himself moved to Omaha from Washington, D.C., several years ago because of its relative affordability and good job market. He says he continues to be excited by Omaha\u2019s \u201cnew era.\u201d<\/span>
\n\u201cEveryone who visits Omaha is floored by the quality of our restaurants, breweries and beloved zoo. Over the last four years, whole new entertainment districts have popped up out of almost nowhere,\u201d Smith said. \u201cThe <\/span>Blackstone District<\/span><\/a> was built from scratch and it\u2019s a go-to for great dining and cocktails. The brand-new <\/span>Capitol District<\/span><\/a> is a major project with new restaurants and bars. Older neighborhoods like the <\/span>Benson district<\/span><\/a> and <\/span>North Omaha<\/span><\/a> are getting new life. And to top it all off, major new mixed-use developments are sprouting up from the cornfields in the suburbs.\u201d<\/span>
\nThe city\u2019s resurgence is one reason for its rising home prices and fast market. Another factor is that new construction hasn\u2019t kept up with demand, which means there\u2019s a shortage of entry-level homes on the market, Smith said. \u201cFor new homebuyers and local residents, the hot market and higher prices are something to get used to. Buyers need to hurry to see homes and put offers on them,\u201d he said. <\/span>
\n\u201cFor the buyers I work with, I stress the importance of getting out to tour early, before they may be ready to make a decision,\u201d he continued. \u201c\u201dBuyers need time to educate themselves on what the market has to offer and what they can afford. That way, when someone does find their dream home, they\u2019ll be prepared to move quickly.\u201d<\/span>
\nHere\u2019s more information<\/span><\/a> on January\u2019s housing market, which spotlights national and regional trends. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The typical home in these affordable, inland metros spends less than 30 days on market. Buffalo, New York; Grand Rapids, Michigan and Omaha, Nebraska\u2014all areas where the typical home costs less than the national median\u2014were home to the fastest housing markets in the country in January. Contrast that list of metros with the fastest markets […]<\/p>\n","protected":false},"author":13153,"featured_media":65105,"comment_status":"open","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 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32],"dashboard":[],"coauthors":[],"class_list":["post-65103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker"],"acf":[],"yoast_head":"\nFastest Housing Markets of January 2019: Buffalo, Grand Rapids and Omaha<\/title>\n<meta name=\"description\" content=\"The typical home in these affordable, inland metros spends less than 30 days on market.\" \/>\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\/buffalo-grand-rapids-omaha-fastest-housing-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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