To borrow a line from Dionne Warwick: Do you know the way to San Jose? Because if you're looking for the best place to sell a house, the California city is at the top of a new list of the best home selling markets, according to data compiled by Zillow Inc.
Joining San Jose in the top seller's markets are San Francisco; Las Vegas; Sacaramento, Calif.; Phoenix; Riverside, Calif.; Washington, D.C.; Los Angeles; Salt Lake City; and Austin, Texas.
‘It may seem counterintuitive that some of the best markets for sellers are those that have seen the largest price drops since the housing recession began,’ says Zillow Chief Economist Stan Humphries. ‘However, this is likely due to investor interest, as many are buying distressed and non-distressed homes in bulk and transforming them into rentals. This investor activity is driving up prices for all homes in these markets.’
On the flip side, Chicago topped Zillow's list for the best buyer's market for residential real estate. The other top buyer's markets, according to Zillow, are Milwaukee; Cleveland; New York City; Philadelphia; Jacksonville, Fla.; Providence, R.I.; Cincinnati; Hartford, Conn.; and Houston.
‘The housing recession has been long and rocky, and we're seeing more balance during this summer selling season,’ says Humphries. ‘Of course, many markets are still firmly in favor of buyers, and we expect that to continue until the recovery takes more of a hold nationwide.’