Whether you’re planning to buy or sell a home, it’s important to understand the market you’re in – how else will you know at what price your current property should be listed, or if you’re bidding on a home that’s fairly priced? Fortunately, the folks at Freddie Mac have done some of the hard work for you, creating a monthly Multi-Indicator Market Index (MiMi) that includes the best and most improved housing markets across the U.S. The following information was gleaned from MiMi’s spring report, released June 29, 2016.
Top Ranked States
The District of Columbia has the best housing market in the country, with Hawaii's coming in second and Utah's in third. The fourth- and fifth-best housing markets belong to Montana and Oregon, respectively.
Thinking about buying or renting a home in the nation’s capital city? The median home price is $454,500, while a one-bedroom apartment’s median rent is $2,000 per month, according to a study conducted by the D.C. Fiscal Policy Institute.
If you’re looking for more reasons to call D.C. home, check out Six Reasons to Move to the Washington, D.C. Area.
Most Improved States
Mississippi’s housing market is the most improved in the U.S., rising 1.29 percent from the previous month, and it currently ranks No. 38 in the country.
Ranking No. 17 in the U.S., Tennessee’s housing market is the second-most improved, while Massachusetts’ housing market is No. 16 in the nation as well as the third-most improved. Finally, Florida’s housing market is the fourth-most improved and comes in at No. 29 in the U.S., and Nebraska’s ranks No. 26 in the country and is the fifth-most improved.
Top Ranked Metros
Nashville has the No. 1 metro housing market in the nation, with Honolulu's coming in a close second. Salt Lake City’s housing market comes in third, and Los Angeles’ scores fourth place. The No. 5 metro housing market belongs to Denver, which is one of The 9 Best Cities for Singer-Songwriters, and it landed a spot on our 10 Best Beer Cities list in 2014.
Clearly Nashville is the place to be, and it doesn’t look like that’s changing any time soon. In fact, the city’s housing market has been steadily rising since the latter part of 2015, when it ranked eighth in the nation. Currently, the median home price in Nashville is an affordable $165,200, and the average rent for a one-bedroom apartment is $1,204 per month.
If you’re considering a move to Music City, find out What It’s Really Like Living in Nashville, and learn about The 5 Best Places to Spot Celebrities in Nashville.
Most Improved Metros
Lakeland, Fla., has the most improved metro housing market in the country, up 2.06 percent from the previous month and now ranking No. 74 in the U.S. The community’s median home price is $109,700 – lower than the state average – and the average rent for a one-bedroom apartment is $818 a month.
Chattanooga’s housing market is the second-most improved and ranks No. 28, while Modesto’s is the third-most improved and ranks No. 12. The fourth-most improved metro housing market is Orlando’s, which is No. 44 in the nation, and laying claim to the fifth-most improved metro housing market, New Haven ranks No. 92.