The median U.S. home price is up to yet another record high, but prices in some regional markets are rising even faster. Two popular Colorado housing markets—Denver and Arvada—are among the hottest in the country with constantly growing populations feeding housing demand and sending home prices soaring, SmartAsset reports. Of the top 25 rising housing markets tracked by SmartAsset, 20 are located in the West, including 12 in the state of California.
Florida is the only East coast state with regional markets represented in the top 25, highlighting the steady migration of many Americans from northern metros to warmer locations in the Sun Belt.
Denver, which ranked 59th in our study last year, ranks second overall in this year’s study as the population grew significantly faster than housing stock between 2016 and 2020. In Arvada, the median home value increased by more than 50% during that same time, driving it up 69 spots this year to claim the No. 7 ranking.
The East Coast is not seeing nearly the same kind of growth and demand. In fact, Florida is the only East Coast state with cities represented in the top 25 (namely, Port St. Lucie, Lehigh Acres, Lakeland and Palm Bay).
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