The real estate market in the Northeast and Mid-Atlantic US is red hot. Home prices are soaring, inventory is low, and competition is fierce, which means that while the rest of the country might be suffering, these regions are absolutely blazing right now. But what’s causing these massive bouts of activity, and which locations are the hottest right now? Let’s take a look.
New Jersey and Maryland Leading the Pack
According to new research from the Philadelphia Business Journal, some of the most sought-after locations in the region are in both New Jersey and Delaware at the moment. Two New Jersey towns, Hoboken and Jersey City, are among the hottest real estate markets in the US. Meanwhile, Hoboken is a popular waterfront town with easy access to New York City. Jersey City is a more affordable alternative to Hoboken with a growing downtown area.
Just a bit further south from New Jersey, Delaware is absolutely blowing up as well according to the research. The beach towns of Rehoboth Beach and Lewes, are seeing particularly strong demand. Both towns offer a laid-back beach lifestyle with easy access to major cities like Philadelphia and Washington, DC, which is obviously highly attractive to anyone considering a move to the area.
Other Hot Mid-Atlantic Locations
Between the other Mid-Atlantic states, there’s been a flurry of activity. In Maryland, Washington, DC suburb of Rockville, Maryland, is another hot market. Rockville is a vibrant town with a strong job market and excellent schools. Meanwhile, the Northern Virginia suburbs of Washington, DC are also seeing strong demand. These towns offer a mix of urban and suburban living with easy access to the nation’s capital.
Finally, we can’t leave out the Commonwealth of Pennsylvania. The Philadelphia suburb of Lansdale has proven to be an especially hot market for first-time homebuyers. Lansdale is a charming town with a walkable downtown area and a growing arts scene, which makes it so attractive. However, whether you’re thinking of Lansdale or any other Mid-Atlantic town for a new home purchase, be aware: the market is extremely competitive and prices are rising steadily.
What’s Behind the Rampant Growth?
There’s a lot that goes into play when it comes to a real estate market heating up. In this case, there’s a “perfect storm” of factors that are driving the hot real estate market in the Northeast and Mid-Atlantic US, chief among them being things like the strong job market in these regions. With many major employers in the healthcare, technology, and finance sectors, this is attracting new residents to the area, which is driving up demand for housing. Affordability is another attractor; compared to other major metropolitan areas like New York City and San Francisco, the Northeast and Mid-Atlantic US is still relatively affordable. This is making it an attractive option for buyers who are priced out of other markets.
Meanwhile, there’s not enough to be said about the quality of life in this area. The Northeast and Mid-Atlantic US is often considered a great place to live. The region offers a variety of cultural attractions, excellent schools, and a strong sense of community. This is making it a desirable place to live for people of all ages – and that means it’s leading to a highly competitive market and rising prices. However, if you are looking to find a great home in this region, it’s still possible – as long as you’re willing to do your research and act quickly!