North American property hotspots and notspots
lovemoney staff
29 August 2017
The fastest-growing and shrinking housing markets in the USA and Canada
Want to know exactly where property prices are surging in the USA and Canada, and where they are hitting rock bottom? Using median single family home price data collated by the National Association of Realtors, the Teranet-National Bank House Price Index and the Canadian Real Estate Association, we reveal the fastest growing and shrinking housing markets over the past 12 months, from buoyant Seattle to stagnating Saskatoon.
Victoria, BC, Canada: 11%
The housing market is thriving throughout British Columbia. In the city of Victoria for instance, the average house will set you back a hefty CA$700,000 (US$560,000), an increase of 11% compared to this time last year.
Salt Lake City, UT, USA: 11.2%
House prices hit record levels last year in Utah and 2017 is shaping up to be another record breaker, thanks to strong demand and a paucity of properties on the market. Up 11.2% from 2016, the average house price is $307,900 in the state capital Salt Lake City.
Ann Arbor, MI, USA: 11.6%
Demand is also outstripping supply in Ann Arbor, Michigan. The city, which has a glut of job vacancies right now, is attracting professionals in their droves. The typical family home now costs $283,800, an increase of 11.6% on last year.
Decatur, IL, USA: 12.3%
The city of Decatur in Illinois is experiencing a similar phenomenon. Up 12.3% compared to this time last year, house prices are averaging a still affordable $107,400 in the city, which is home to two universities and major Caterpillar and Tate & Lyle factories.
Rockford, IL, USA: 12.4%
A good three-hour drive north of Decatur, Rockford is enjoying a similar housing boom. Homeowners in the Illinois city have seen their properties appreciate by 12.4% in the past year, with the average house now fetching $122,500.
Seattle-Tacoma-Bellevue, WA, USA: 13.1%
The housing market in Seattle is sizzling-hot this summer and the increase in house prices shows no sign of abating. The average home in the Washington metropolis is selling for $475,400, an increase of 13.1% compared to this time last year.
Grand Rapids-Wyoming, MI, USA: 13.7%
Attracted by its affordable house prices, buyers are flocking to Michigan's second-largest urban area. Though prices have risen by 13.7% in the past year, the average family home is still priced at a reasonable $182,700 in the city.
Sherman-Denison, TX, USA: 18.4%
The Sherman-Denison metropolitan area in Texas is the fastest-growing housing market in the USA. A shortage of available homes and strong demand has pushed prices up by 18.4% compared to this time last year, and the average home in the area now costs $166,800.
Langley, BC, Canada: 26%
An attractive city in the greater Vancouver metropolitan area, Langley, like many parts of British Columbia, is in the midst of a housing boom. Prices have shot up by 26% in the past year, and you'll now need CA$747,000 (US$600,000) to stretch to the average family home there.
Surrey Northeast, BC, Canada: 27.4%
Likewise, the housing market in the city of Surrey, which is also in the greater Vancouver metropolitan area, is flourishing. In the northeast district of the city, house prices have risen by 27.4% compared to this time last year and the average family home is topping CA$847,000 (US$680,000).
Mississauga, ON, Canada: 27.7%
British Columbia isn't the only province of Canada enjoying a property boom. The housing market in Ontario is just as buoyant. Homeowners in Mississauga have had a lot to smile about in the past year, as their properties have appreciated by 27.7%, taking the average house price to CA$616,000 (US$495,000).
Oakville, ON, Canada: 28.1%
House prices in the well-heeled suburbs of Toronto have skyrocketed in the past year and the town of Oakville has seen some of the strongest growth. The average home will now set you back CA$795,000 (US$639,000) in the suburb, an increase of 28.1% compared to August 2016.
Coquitlam, BC, Canada: 28.5%
The city of Coquitlam in the greater Vancouver metropolitan area is British Columbia's most profitable housing market. Property prices have risen by 28.5% in the past year and the average family home now sells for a not too shabby CA$1.15 million (US$925,000).
Richmond Hill, ON, Canada: 31.2%
Property in this highly desirable suburb of Toronto is so in-demand, prices have shot up by 31.2% in the past year. At the time of writing, a family home averages CA$1.19 million (US$956,000) in Richmond Hill, so you'll need very deep pockets if you're keen on investing there.
Keswick, ON, Canada: 34.1%
Drum roll, please. Keswick, which is just north of Toronto, boasts the fastest-growing housing market in North America and possibly the world. House prices in the area have surged by 34.1% since August 2016 and the average home is worth a staggering CA$1.25 million (US$1 million).
Cedar Rapids, IA, USA: -1.6%
Now for the fastest-shrinking housing markets in North America. First up is Cedar Rapids in Iowa, where house prices have slumped by 1.6% in the past year. The average home is currently priced at $154,500 in the city, down from $157,000 last August.
Wichita, KS, USA: -1.8%
House prices are also stagnating in Wichita, Kansas. The average home in the Midwestern city now sells for a relatively modest $135,900, a fall of 1.8% compared to this time last year.
Charleston, WV, USA: -2.5%
House prices were on the rise last year in Charleston, but the West Virginia capital has been experiencing a bit of a slump in 2017. Property prices have fallen by 2.5% since August of last year and the average family home is now selling for $138,200.
Chambly, QC, Canada: -3.1%
House prices in this sleepy suburb of Montreal have been declining over the past year, down by 3.1% compared to August 2016. Bargains abound right now in the town, where the average house price is just CA$218,000 (US$175,000).
York-Hanover, PA, USA: -3.2%
Unlike other locations in Pennsylvania which are experiencing positive growth, house prices in York County have gone well into negative territory, falling by 3.2% compared to this time last year. The average home now sells for $162,800 in the county.
Elmira, NY, USA: -3.5%
Once considered a darling of the US housing market, Elmira in New York has fallen from grace in recent years as supply has outstripped demand, and house prices have dropped by 3.5% since August 2016, now averaging just $111,600 for a family home.
Bismarck, ND, USA: -3.8%
A housing surplus is eroding house prices in the North Dakota city of Bismarck. With so many homeowners selling up, the price of a family home in the city now averages $242,300, down from $251,900 this time last year.
Calgary, AL, Canada: -3.9%
Calgary is experiencing a similar housing glut and drop in prices. Unsold properties are plentiful in the Alberta city and as a result, property prices have fallen by 3.9% in the past year, though they still average CA$1.175 million (US$944,000) for a family home.
Trenton, NJ, USA: -4.4%
Parts of New Jersey, including Trenton, are still recovering from the housing bubble and credit crisis of the late 2000s. Registering yet another drop, prices have fallen by 4.4% in Trenton since last August and the average family home is selling for $262,900.
Kankakee, IL, USA: -5.3%
The housing market in this Illinois city is far from booming. Property prices have dropped by an unwelcome 5.3% over the past year in Kanakee, where the typical family home now averages $128,400.
Decatur, AL, USA: -5.6%
Unlike its namesake in Illinois, Decatur, Alabama is not enjoying buoyant property prices. On the contrary, with the average home now selling for only $122,400, house prices have fallen by 5.6% since August 2016.
Florence, SC, USA: -6%
A stagnating housing market has pushed prices down by 6% over the past year in Florence, South Carolina. You can now pick up a family home in the city for $136,400 on average, a saving of $8,700 compared to this time last year.
Saskatoon, SK, Canada: -6.1%
Homeowners in Saskatoon must look wistfully at their counterparts in British Columbia and Ontario, where property prices are surging. Prices in the Saskatchewan city are down by 6.1% compared to this time last year and a family home now averages CA$363,500 (US$292,000).
Glens Falls, NY, USA: -6.2%
The housing market in Glen Falls, New York has cooled off big-time in the past 12 months. In August 2016, the average family home was priced at $173,500. Right now, this figure has dropped to $162,800, a fall of 6.2%.
Springfield, IL, USA: -9.3%
Marge and Homer won't be happy. Demand has fallen spectacularly over the past year in Springfield, Illinois and house prices have plummeted by -9.3%, the largest drop of any location in the USA and Canada. The average family home there costs just $129,800 at the time of writing.
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