During the period after the Great Recession, there was a resurgence in the economies of large cities as people flocked to metropolitan areas like New York and Los Angeles. This led to a thriving housing market in these states as more people sought a better quality of life and job opportunities.
However, in recent years, there has been a dramatic shift in this trend as people in these over-saturated housing markets are looking to migrate to smaller cities. This is backed by research that says housing markets in large cities will only grow at 0.2 percent while smaller cities will grow at a faster pace of 1.6 percent. This growth is driven by millennials and the affordability factor in smaller cities. Here are today’s fastest-growing housing markets.
Located in the heart of Silicon Valley, it comes as no surprise that this is the fastest-growing housing market in America. The median price of a home in Sunnyvale is $1,496,500, which is lower than the median home price of $1,800,300 in California.
One of the major reasons for the high-growth market in this city is the value that real estate provides. The net worth of properties in this area has grown by 23.7 percent over the last two years. This increase can be attributed to the tech boom in Silicon Valley as more people have moved there in search of employment.