After the home mortgage crisis struck in 2006, the real estate market all around the United States took a big hit. It has taken a while for the real estate market to bounce back, but in the last year it looks like a recovery is in the process- although, there is still quite a way to go before the market reaches the levels they were at before the home mortgage crisis. Some big cities and metropolitan areas are still struggling to recover to anywhere near a respectable standing, but there are other cities that have been experiencing a large real estate boom, and confidence is riding high. The following are three of the hottest real estate markets in the country right now, according to MSN Money and other publications:
#1 Hottest Real Estate Market: Phoenix, Arizona
The largest metropolitan area in the state of Arizona is the hottest real estate market in the entire country- and by a very large margin. There are many reasons for the real estate boom in Arizona. For one thing, the city is a prime destination for retirees- and as the Baby Boom Generation ages, they have been flocking to the city and buying up real estate in staggering numbers. Also, the city has a burgeoning Mexican immigrant population that has becoming more of an economic boon for the city, which has lead to property prices getting a boost over the last few years. Overall, Phoenix, Arizona has experienced a 22.8% rise in property values, which is more than twice as much as the next city on the list.
#2 Hottest Real Estate Market: Denver, Colorado
The city of Denver, Colorado has experienced a 10.8% increase in property values, which ranks it second on the list of hottest real estate markets, and is also only one two cities (along with Phoenix, Arizona) that have experienced a double-digit increase in their real estate market. Denver has fast become a popular place for Californians to move in search of more affordable property and is also becoming a popular destination for tech companies and other businesses that bring good jobs into the area with a young, well-educated workforce- which are two things that lead to a real estate boom.
#3 Hottest Real Estate Market: Miami, Florida
Miami is popular because of its vibrant culture, warm weather and beaches, which has made it a long-time favorite for retires- who contribute to a healthy real estate market. Overall, the city of Miami has experienced an 8.7% increase in property values, and the trend seems to be dependable and is expected to increase even in the coming years.
Jake is a freelance writer for a host of real estate magazines and websites, as well as community newspapers and blogs. He frequently writes on the subject of home buyers plans and other real estate market subjects.