The Top 5 Cities to Sell a Home in This Year - When it comes to buying and selling, the housing market varies from city to city. Some areas are on their way to recovery, while others still have a ways to go. So how can you tell if now is the time to sell in your city? Hopefully, it's on this list! We used several factors to choose 5 cities where we think selling would be most to your advantage. We only looked at metropolitan areas with populations of 500,000 or more people, and each market listed below reported significant housing price increases in 2012. So, without further ado…
#5 – Akron, OH
Akron was a market that was hit hard by the recession, but it's now showing steady signs of recovery. Home sales increased in 11 of the last 12 months, and the unemployment rate is down to 6.1%. Just a few years ago, this market was flooded with inventory, including a large number of distressed properties. That affected the median sale price, but now, the foreclosure rate sits at only 1 in every 651 households (0.15%). Best of all, the one-year change in home prices is up 16.5%!
#4 – Salt Lake City, UT
Homes prices in Salt Lake City increased 14.2% in the last year, and that's not the only good news for sellers. The unemployment rate (4.6%) is lower than the national average, so with steady incomes, buyer confidence is high here as well. In fact, buyers like this market so much that's there is hardly any inventory currently available! In the third quarter of 2012, the months' supply (meaning how long it would take all of the homes on the market to sell at the current sales rate) was a mere one month! The average amount of time it took for homes to sell in Salt Lake City in 2012 was 81 days, down from 120 days in the previous year.
#3 – Minneapolis, MN
At first glance, it may seem like Minneapolis shouldn't be on this list. After all, the average time for a home to sell in 2012 was 104 days, which is a lengthy time period when compared to some of the other cities in the Top 5. And, the months' supply was 3.7 months, which only slightly favors sellers. But the city saw 16.8% increase in home prices last year, and in October alone, the number of homes sold increased 15.1% from the same month the previous year. Also, distressed properties only make up 15% of the total number of homes for sale, and the inventory currently stands near a ten-year low. Because there are buyers wanting to purchase homes, but not a lot of homes for sale, sellers report they are receiving an average of 94% of the original list price.
#2 – Provo, UT
A second city from Utah in the Top 5?! Like Salt Lake City, Provo's housing market wasn't affected nearly as badly as many other cities around the country by the Great Recession. Home prices here didn't fall as far as they did elsewhere, so they didn't have as much ground to make up either! In 2012, the one-year change in home prices was up 21.8%, and in the third quarter of 2012, home sales rose 10.7% when compared to the same time period in 2011. Because it is home to Brigham Young University, Provo has a very low unemployment rate (4.5%), so buyers are more willing to purchase a home, knowing that their jobs are safe.
#1 – Phoenix, AZ
Why does Phoenix top our list? Simply because home prices increased 28.4% in 2012. But that's not all! In the third quarter of 2012, there was only 2.7 months of inventory, and sellers reported that they were receiving 100% of their original list price. So forget about discounting or bargaining if you want to sell your home in Phoenix! With a lack of inventory, and more higher-quality homes for sale than distressed properties, prices skyrocketed in 2012, and should continue to do the same in 2013.
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