These Homebuying Hotspots Are Seeing Large Gains in For-Sale Listings

The housing market is correcting after years of skyrocketing prices and falling inventory, and though supply is still historically low, some homebuying hotspots still have lots to offer. According to Realtor.com, metros like Panama City, FL and Lake Charles, LA are rebuilding from devastating hurricanes, and a surge in newly constructed homes priced between $250,000 and $300,000 is attracting local and out-of-state buyers.

Other markets like Reno, NV became unsustainable during the pandemic thanks to cash-strapped migrating buyers who pushed home list prices to new highs, but after reaching a tipping point since late spring, those prices are beginning to fall, and sidelined buyers are quick to jump back into the fray.

“It was that California cash,” says Sarah Scattini, a real estate agent with Re/Max Premier Properties in Reno. “You’d stick a sign in the yard, and almost immediately you’d have multiple offers and then be in contract within five days. We were just jamming.”

But these days, Scattini is telling sellers to expect something closer to 25 days on the market. And with homes lingering longer and prices cooling, more buyers who sat on the sidelines during the frenzied past two years are having a chance to jump in the game, she says.

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