The U.S. economy has experienced some major hardships due to the coronavirus pandemic that continues to rage throughout the country. In spite of it all, the housing market has made a comeback, a strong comeback at that, in several cities.
Limited supply, low mortgage interest rates, and high buyer demand has kept prices steady and rising.
Realtor.com reported that median list prices are up 9% over last year.
Their research also shows that more than half of the largest metropolitan areas have recovered from the lows reached during the pandemic. However, demand is higher in less expensive smaller cities, and suburbs where buyers can get more square footage for their money, and social distancing is easier to maintain.
Realtor.com looked at a number of factors to determine which housing markets made the greatest comebacks including year over year growth in median home asking price, the percentage of new listings coming online, the number of days on market, and online home search.
Some of the markets that have made the biggest recoveries include Boston, Seattle, New York, Philadelphia, and more.
Read the full article here to see the full list of cities that have made the greatest comebacks.