Mapped: Top Real Estate Markets for Buyers and Sellers

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Job growth no longer reliable predictor of apartment rent growth link

• The traditional link between job growth and rent increases has weakened over the past five years. Remote work allows high-earning employees to live in different markets, making job gains in a city less relevant to local rent growth.

• Job growth is now concentrated in lower and middle-income sectors like education, health, and hospitality. These industries are more stable but lack the wage power of finance or tech, limiting rent increases.

• While job growth no longer predicts rent growth, it remains a strong indicator of overall economic health. Markets with rising employment may still see economic benefits even if rents don't rise as expected.

Blue states lead the way for the highest property taxes link

• New Jersey has the highest property tax rate at 2.23%, meaning a homeowner with a $303,400 house pays $6,770 annually. Illinois (2.07%), Connecticut (1.92%), and New Hampshire (1.77%) follow closely behind.

• Hawaii has the lowest property tax rate at 0.27%, but due to high home values, the median homeowner still pays $2,183 annually. Alabama ranks second-lowest at 0.38%, with an annual tax of $1,148 on a $303,400 home.

• Texas has consistently remained among the top 10 states with the highest property taxes over the past 13 years. Nebraska and New York also continue to have some of the most expensive property taxes in the country.

Home Builders Say Trump Tariffs Are Raising Construction Costs link

• Builders are already seeing a 10 percent rise in material costs for Chinese imports, affecting key supplies like cabinetry, tiles, and stone. One developer in New York estimates an additional $375,000 in costs for a single high-rise condo project.

• Contractors are now receiving bids valid for only two weeks instead of the usual two to three months, making project planning more unpredictable. Some suppliers are also delaying updated price sheets, adding to uncertainty in the market.

• If tariffs increase further, possibly by 30 to 60 percent as previously mentioned by Trump, developers warn that construction costs could spiral out of control. Rising costs could push up home prices, impacting affordability in major cities like New York.

Off-MLS Home Sellers Left More than $1 Billion on the Table the Past Two Years link

• Sellers who avoided the MLS lost an average of $4,975 per sale, totaling over $1 billion in missed value from 2023 to 2024. The median price drop was 1.5% nationwide, with California sellers losing the most at $30,075 per sale.

• The financial hit was widespread, affecting 44 out of 46 states studied, with 33 states seeing median losses over 1% and 10 states exceeding 2%. New York and Massachusetts sellers also faced steep losses of $13,749 and $20,171, respectively.

• A Zillow survey found 63% of recent home sellers were advised to use private listing networks instead of the MLS, up from 18% five years ago. Meanwhile, 81% of buyers say it’s important to see all listings for free, highlighting transparency concerns.

Mapped: Top Real Estate Markets in the U.S. for Buyers and Sellers 

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Vidit

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