Local housing markets is a HousingWire magazine feature spotlighting housing trends and data across the country.
Othello, Washington
Othello is known for its rich geological history, Basalt formations, stunning views and vibrant arts scene. It is also the city Jesse “Weno” Dominguez, an agent at Imagine Realty Group, calls home. “I absolutely love the Columbia Basin and the reason is that we are a unique market. We are very agricultural so there is a lot of farming but there is also a lot of diversity. It is a growing place,” Dominguez said. The growth of Othello, and Adams County in general, over the past few years has resulted in what Dominguez describes as sporadic market conditions.
“It will be slow for a few days and then we’ll get this wave of interest and buyers and then it will slow again, but it keeps picking back up,” he said. Despite these up and down conditions, the median list price of homes in Adams County hovered around $350,000 for the entire month of June, according to data from Altos Research. And while the seven-day moving average for single-family inventory was just 36 homes as of June 2023, it is far better than the 15 homes listed in mid-May of 2023. “Inventory was a huge issue the last few years, but we do have some inventory now across all price points, so at least buyers have choices now,” Dominguez said.
Osage Beach, Missouri
Known as “the heart of the Lake of the Ozarks,” Osage Beach is a popular destination for vacationers and second home buyers. “The Lake of the Ozarks has more shoreline than California,” Wade Covington, a local Century 21 Prestige Real Estate agent, said. “It is the Destin of the Midwest — tons of restaurants on the water, swim up bars. It is just a really good time.”
The lifestyle offered by Osage Beach and the Lake of the Ozarks has certainly attracted homebuyers. In June, the median list price of homes in Osage Beach was $626,966, less than $60,000 off the all-time high set in June 2022. “The market here has just skyrocketed over the past few years,” Covington said. Since relocating to the area in 2017, Covington said the local market has gone from a $500 million market to a $1.3 billion market and he expects it to continue to grow. “There are still a lot of buyers, but if the Fed raises interest rates more this year, that might start to cool down,” he said.
Vienna, Virginia
Vienna was first settled in the1750s by Colonel Charles Broadwater. It was originally called Ayr Hill, named after the hometown of Broadwater’s son-in-law: Ayr, Scotland. Today, Vienna is known for its top-rated schools, quaint neighborhoods and proximity to the nation’s capital. The combination of these factors has resulted in a hot housing market.
According to Altos Research, as of late June, Vienna had a “strong seller’s market” with a Market Action Index score of 47. A score of 30 denotes a balanced market. In addition, homes are sitting on the market a median of just 42 days. “All of the homes that we have sold recently have sold in the first weekend with multiple offers at $50,000 to $100,000 over list price with no home inspection,” Casey Samson, the leader of The Casey Samson Team, said. According to Samson, properties his team lists are getting anywhere from three to 17 offers each. Despite his team’s success, Samson has some worries. “I’m concerned about not having inventory,” he said. “I don’t think people are going to leave 2.5% mortgages to take on a 6% mortgage, so I have been telling my agents to get used to these numbers for a while.”
Papillion, Nebraska
Developed as a railroad town in the 1870s, Papillion is now the county seat of Sarpy County and is home to many people who commute into Omaha, as well as military families for the Offutt Air Force Base. “About 85% to 90% of our business is military clients and a lot of them choose this area because they want to stay close to the Air Force base,” Brittney LaHayne, an agent for the local Better Homes and Gardens Real Estate, said. According to LaHayne, the local housing market is quite different depending on what price point you are looking for. “I am seeing a slow down for homes listed at $400,000 and above,” she said. “They are still moving, but it is slower — like two weeks. But at the $300,000 and under price points, homes are still flying. I mean like 24 to 48 hours and they are gone.”
Altos Research data confirms these trends. Homes with a median list price closer to $300,000 have a median days on market of 35 days, while those with a median price of $453,150 are typically on the market for 133 days. Like other agents, LaHayne is concerned about inventory. “It has been a problem for many years now, but the last two years we have really struggled keeping up with the amount of buyers that we have versus the number of homes we have in our market,” she said. “Even new construction, for the last couple of years, has not been able to keep up with the amount of people that we have coming to the area.”
This article was originally published in the August/September issue of HousingWire Magazine. Click here to read the full issue.