Based on the latest Housing Heat Index from Bankrate, the southeastern regions of the United States are now experiencing a favorable shift in momentum within the housing market. Bankrate’s research indicates that cities in Georgia, Florida, Tennessee, and North Carolina are currently among the most robust seller markets nationwide.
Despite declining prices in many parts of the country, the Southeast maintains steady property values due to its affordability and job growth. Bankrate’s Housing Heat Index analyzes 212 metro areas, revealing a shift in housing market momentum from the West Coast to the Southeast. Out of the top 20 hottest markets listed, 18 are located in the Southeast.
Gainesville, Georgia, emerges as the leader on the Housing Heat Index with an annual home price appreciation of over 21%. This metro area, situated northeast of Atlanta, benefits from a population of 207,000 and favorable conditions outlined by the Federal Housing Finance Agency.
Despite the price surge, the median home price in Gainesville remains below the national average. However, properties with Lake Lanier views command higher prices in the area. Additionally, Gainesville boasts a low unemployment rate of just 2.6%. Professionals seeking a quieter lifestyle are drawn to the region, with the option to work remotely and commute to Atlanta a few days a week.
Knoxville, Tennessee, ranked second on the Housing Heat Index, performing well in home price appreciation and other data points. Cape Coral-Fort Myers, Florida, secured the third spot, excelling in price appreciation and population growth, despite weaker performance in active listings.
Following that, the North Port-Sarasota-Bradenton area in Florida secured its place on the list. This Gulf Coast market is consistently recognized as one of the finest for residents nationwide, performing strongly in terms of price appreciation and population growth, although active listings are not as abundant.
The sole major metropolitan area included in the list is Charlotte. Lastly, the hottest large metros encompassed Charlotte, Nashville, Tampa, Dallas, and Orlando, while Portland, Cleveland, Detroit, New Orleans, and Pittsburgh were identified as the coldest large metros.