With Q1 of 2018 behind us, a variety of real estate trends have already risen to the industry’s forefront — covering everything from sale pace to overall comparable market growth. Here are three quick trends to keep an eye on during the rest of the year.
Several cities have already risen as potential favorites for 2018’s hottest growing markets. Many of these predicted markets are located in the south — namely Tulsa, Oklahoma (projected at 7.5 percent sales growth), Charlotte, North Carolina (projected at 6 percent sales growth), Little Rock, Arkansas (projected at 7 percent sales growth), and Dallas, Texas (also projected at 6 percent sales growth). At the same time, California as a whole has been identified as a dominant market to watch, with San Francisco, Vallejo, San Jose, Sacramento, Santa Rosa, San Diego, and Stockton all occupying spots on Realtor.com’s “Hottest Real Estate Markets” list.
The real estate marketplace has seen a general increase in sales during 2018, and this has quickened its overall pace. Homes are already selling much faster than they did in 2017 — 8 percent faster, to be exact — staying on the market for an observed median of just 83 days. For home sellers, this finding comes as great news; homes should sell quickly and for higher prices, eliminating the sale pressure and increasing the chance for negotiating power. Conversely, buyers may have a tougher time finding a home due to increased competition and potentially shorter windows of negotiation time with sellers.
Slower price increases
However, home prices are expected to increase much slower than they have in years past. Appreciation is expected to slow to 3.2 percent — a significant drop from the 5.5 percent observed during 2017. The only exceptions to this projection include first-time and entry level homes