The hottest housing market in the U.S. is in metro Atlanta, according to Bankrate’s new Housing Heat Index.
While home values are declining in many parts of the U.S., they’ve held steady in the Southeast, according to Bankrate. More affordable house is attracting buyers from more expensive parts of the country.
Bankrate analyzed 212 metro areas examining several factors including appreciation of home values, homes listed for sale and population trends.
The number 1 housing market in the country? Gainesville, Georgia.
Homes in Gainesville, which is about 50 miles northeast of Atlanta, appreciated 21.1% this year, though the median price of a home is still lower than the national average.
“All around, we have an A-plus community,” says Tommy Howard, president and CEO of the Norton Agency, a real estate brokerage in Gainesville, told Bankrate. “We’re good for retirees. We’re good for young families. We’re still relatively affordable, so we see a lot of folks from California and New York gravitate toward us.”
Gainesville also performed above average in job growth, population growth and unemployment.
Overall, the momentum of the housing market has shifted from the West Coast to the Southeast. Eighteen of the top 20 housing markets were in the Southeast.
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