The homebuying season is heating up and though inventory seems slim in many areas, many homebuyers are taking out residential mortgages and finding their perfect places to move into. This summer, certain cities are experiencing particularly high demand as buyers look for homes in growing areas.
Here are three of the hottest - as in, most competitive - housing markets so far this summer:
This city on San Pablo Bay, California, has maintained the top spot for several months this year, according to Realtor.com. The trend can largely be attributed to the high price of housing in the San Francisco Bay area, East Bay Times reported. As prices in these areas continue to climb, consumers are seeking elsewhere for affordable housing, and that market is greatly attracted to Vallejo.
Aside from attractive housing costs, there are plenty of aspects drawing more residents to Vallejo. Two universities in the community, and more than 50 within 50 miles, mean that citizens have convenient access to good education. Additionally, with more than 3,300 local establishments, many residents are able to find a quality job. The two sectors that employ the largest percentage of the population are healthcare and social services, and retail.
Vallejo isn't all work and no play, though. Residents enjoy visiting Mare Island, where St. Peter's Chapel is located as well as the Mare Island Historic Museum. And, as Vallejo is just south of California's Napa Valley, Vallejo has easy access to high-quality wines and vineyards to tour.
Kennewick, Washington, came in third for Realtor.com's hottest housing markets of June 2017.
This Evergreen State city is often referred to as one of the Tri-Cities, the other two being Pasco and Richland, Washington. Together, the Tri-Cities enjoyed the fastest job growth in the Evergreen State, according to local CBS affiliate station KEPR. Industries fueling that growth include manufacturing, construction, healthcare, hospitality and education.
Jobs have a tendency to attract people, which is a large part of what's heating up this housing market. However, the beautiful region helps, too. Mountain bike trails are aplenty, and the winding Columbia River provides plenty of opportunities for swimming, boating, fishing and tubing, Movoto pointed out.
Good food is a big deal in Kennewick. The Tri-Cities are the French Fry Capital of the World, but they didn't stop there. Microbrewed beers, food trucks and potato doughnuts are among the local delicacies residents enjoy on a regular basis.
Colorado Springs, Colorado, came in No. 8 on Realtor.com's Top 20 hottest housing markets of June 2017, and Credit.com reported it was the city with the highest pre-mover index of 251.
The index is calculated based on the number of mortgage applications with an estimated loan settlement date compared to the number of homes in an area. With 218,034 available homes as of June 1, according to Credit.com, many buyers are finding attractive houses to purchase.
Colorado Springs boasts a healthy job market, with a 3.9% unemployment rate and a job market index of 7 out of 10, U.S. News & World Report noted.
All across the state, Colorado attracts outdoor enthusiasts, and Colorado Springs is no different. Residents don't have to travel far to go hiking, skiing, mountain biking, rock climbing and more.
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