Neighborhoods where homes are selling faster in the United States have one major thing in common: they are generally located in geographic areas that also have lost less than the national average for home values over the past five years. While much of the country is still recovering from the recent housing crisis, there are some neighborhoods in the United States where houses are still selling at a good pace. Over the past few months, these neighborhoods have shown great growth in the housing market, with houses not lingering in limbo for an overly long amount of time. These hotspots are some of the places in the United States where houses are selling the fastest.
Located northwest of the Loop, West Town is a collection of neighborhoods that include well-known places like Wicker Park, Humboldt Park, and the Ukrainian Village. Historically home to many European immigrants, today the area is known for small art galleries and local artists. According to Chicago real estate expert Gary Lucido, Noah Properties recently built 3 new single family homes almost right next to each other in the 1800 block of W. Erie, and they all sold within 30 days. Each home was around 4,000 square feet, with multiple baths, which shows that houses are still selling quickly in this corner of the Windy City.
Tarrytown is a great neighborhood that offers homeowners easy access to downtown Austin, as well as the ability to hop on a bike and be on the Ladybird hike and bike trail within minutes. New construction homes here sell quickly and often under $500,000. This cozy neighborhood is attracting families who want to be close to the city, and yet also be able to enjoy a quiet suburban life among the shade trees.
Seattle’s Phinney Ridge
Of the 10 hottest neighborhoods in the city, eight of them are in North Seattle. There are plenty of great neighborhoods where homes are selling quickly, including Whittier Heights, Ravenna, Alaska Junction, Loyal Heights, and East Ballard. However, the top-rated neighborhood for homes that sell quickly is Phinney Ridge, where homes are usually on the market for about 50 days. According to Just Real Seattle, Zillow calculates the average home in this area is worth $423,013.
If you’re looking for a more rural market where homes are selling fast, Middle Tennessee is a great area to focus on. And the cream of the crop in this area is the fast-selling markets of Sumner County and Williamson County. The number of new homes built in 2011 was higher than in 2010, and according to The Tennessean “Sumner County’s large rural stretches quenched the thirst of homebuyers who prefer bigger lots, propping up new home construction there by 7 percent.”
In South Carolina, some of the best growth in terms of home sales can be found in Charleston, including the Summerville area. While residential sales were down statewide in 2011, but were up more than 4 percent in the Charleston area. In addition, the number of homes on the market dropped. However, in 2011, 30% of sales did involve a “distressed property.”
In the suburbs of Rochester, houses are selling like hotcakes. "The real estate here is very inexpensive, it's about the same as renting and it actually makes sense for families," says Delores Conway, a real estate economics professor at the University of Rochester. "The houses are solid investments with good school systems that are fairly priced." Rochester homes sell quickly because of the location to the college, which employs many people. In fact, the University of Rochester is one of the biggest employers in New York State. Forbes also noted that Rochester is the best place in the US to buy a new home, in part because its foreclosure rate is 0.24%.
Also located near a university, homes in Irvine are usually on the market for around 85 days, and have a home value index of around $531,000. Most homes sell for an average of 3% under list.