The US economy grew by 4.1% in the last quarter – and that growth is reflected in house prices. The latest figures from the Federal Housing Finance Agency show a definite upward trend. For international buyers looking to purchase USA property, this means now is the time to act – before prices rise higher. However, the US is a huge country, so these figures aren’t reflected everywhere. We look at what’s happening in the most popular US expat regions, including where you could find a bargain.
Rising prices in Colorado
If you’re looking to buy in Colorado, it’s a case of ‘the sooner, the better’. The Centennial State recorded the second-biggest price increase in the whole country after Washington DC, with a 15-point increase. Not only that, but its capital, Denver, had the biggest price increase of any metro area in the States, at a 54-point increase. The city’s median house price is $415,000. Nonetheless, for this price, you get fantastic skiing, and easy access to both mountains and plains.
If you’re looking to buy in Colorado, it’s a case of ‘the sooner, the better’. The Centennial State recorded the second-biggest price increase in the whole country and Denver had the biggest price increase of any metro area in the States
Stable growth in Florida
Florida’s a perennially popular location for expats and American second-home owners alike in the USA property market. It’s a fantastic place for either year-round sun or to winter over in – known locally as being a ‘snowbird’.
The property market has been growing slowly but steadily, with an increase of six points. The median house currently costs $225,000. Orlando, ever popular for its proximity to Walt Disney World, matched the state average, also with a six-point growth. Miami, on the other hand, saw no growth – but also no decline – making it hard to predict which way it’ll go in the next quarter.
The market’s ripe for buying in the US, so get yourself started by read our guide: How to Negotiate Abroad, so you’re in the best bargaining position.
Positive outlook for California
California does have a reputation for being expensive compared to much of the USA property market. Highly desirable cities and a dense population make this unsurprising. The state as a whole recorded just slow growth at six points, while LA property only grew by 0.3 points. However, prices are still high. The median house price topped $600,000 for the first time this June.
This could nonetheless make California an ideal location for a second home, with good rental income if you let while you’re away.
Lower prices in New Mexico
If you’re looking for stunning nature and year-round warm temperatures, but are priced out of California, New Mexico is an affordable option. It has gorgeous scenery in Carson and Gila National Parks. There’s also plenty of culture, including the oldest settlements in the US: the towns of the Pueblo people. However, its property market is more of a buyers’ one. It registered just a small decrease of one point in the first three months of 2018. The median house price is below the national average, at $186,500.
If you’re looking for stunning nature and year-round warm temperatures, New Mexico is an affordable option.
Flat prices in Vermont
Vermont’s name comes from ‘green mountain’ and, with five mountain ranges in its borders, it’s easy to see why. Like New Mexico, the state’s an affordable option compared to its neighbours. Its prices have remained more or less flat for over two years, with a two-point decrease this quarter. The average home is just $195,000, compared to $266,000 in next-door New Hampshire. Plus, it may be away from the coast, but there’s still plenty of shoreline along Lake Champlain.
Now’s your time in the USA property market
There’s one clear takeaway from the stats on the USA property market this time round. This is the time to act. With bargains to be had, and prices rising in popular spots, you need to take advantage of the market now. To make your property search faster and easier, download your copy of the USA Property Guide. It has all the information you need, from how to do viewings to the required legalities, all gathered in one place.
Your guide t buying a home in the USA, safely:
✔ Your timetable for buying
✔ Focus on where and what to buy
✔ Set your budget
✔ Understand the legal processes
✔ Buy safely in the USA