It’s Going to Be Harder to Find a Home in These Cities
These U.S. towns are experiencing a very real housing shortage.
Prospective homebuyers know the search is far from easy—heading to busy open houses, placing bids, wading through paperwork, the nerve-wracking inspection process… the list goes on and on. But the purchasing process is easier in some markets, especially those experiencing a boon. In other cities, inventory is very slim and, therefore, more competitive. So you know what to expect, the experts at realtor.com looked at which cities have the lowest inventory of homes for sale.
The analysts evaluated the 150 biggest markets in the U.S. and the percentage decrease in homes available for sale from 2015 to 2016. Seattle, Washington, which tops the list, is seeing a surge in home values (it was second on Zillow’s predictions for top 10 hottest housing markets in 2017, and number 20 on realtor.com’s list), but a growing job market means buyers may have a harder time finding the right place—just 0.4 percent homes are for sale and the percentage decrease in for-sale homes in 2016 was 13.4 percent.
Second and third on the list were Eugene, Oregon, and Grand Rapids, Michigan. Of the top 10, five cities were on the West Coast and four in the Midwest. The only East Coast city on the list was Buffalo, New York. Surprisingly, one city known to have an especially challenging housing market didn’t make the top 10: San Francisco. According to realtor.com experts, the City by the Bay actually had a 4 percent increase in the number of for-sale homes in 2016.
Take a look at the top 10 markets with housing shortages below, and see more at realtor.com:
- Seattle, Washington
- Eugene, Oregon
- Grand Rapids, Michigan
- Buffalo, New York
- Fort Wayne, Indiana
- Sacramento, California
- Detroit, Michigan
- Portland, Oregon
- Santa Rosa, California
- Omaha, Nebraska