NAR has posted this interesting map which shows where people are buying real estate. It’s designed to give insight into buyer demographics and property characteristics for real estate markets in different areas of the country.
Colorado Springs was the top Metro area in the country for buyers, with over 11% of homes being sold within the last year. In Colorado Springs the average buyer was 38 years old and made $82,500 annually.
Denver had 8.8% of homeowners having bought within the last year. The average Denver buyer was 41 years old with $97,600 annual income.
Where’s more inventory expected to show up?
The average tenure of homeownership these days is about 8-9 years. Click here for a map of areas with higher numbers of homeowners who are coming up on that 8-9 year mark for ownership. They should be moving on soon, and so we can expect to see inventory going up in those places.
Investors, take note. This map could be a good resource for those looking for out-of-state opportunities. Keep in mind, an area which is “selling” should have other good indicators, like job market and affordability ratios.
It’s interesting that Austin and Phoenix came in number 2 and number 3. Phoenix has a higher buyer ratio on the first map, but not Austin. Are people over Austin?
Please get in touch to share your opinions and questions. I would love to hear from you!
JN Wilkie | Real Estate Broker 