The comments here are all about the rental market, but the opposite seems to be happening in the housing market, at least where I'm at in Providence, RI. We're shopping for houses in the city and the price graphs have gone exponential. Seriously, look at the price graph on Zillow for these two places near me:
The first one of those is in a very trendy gentrifying neighborhood. The second is in an adjacent working-class neighborhood. In both cases the asking price has shot way up from a year ago and has totally disconnected from the prevailing trends of just a couple months ago.
Supply is very low. Rates are very low. And the result is that the market is very hot. Every house we look at has multiple offers the next day, usually above asking.
* https://www.zillow.com/homedetails/25-Brighton-St-Providence...
* https://www.zillow.com/homedetails/5-Alton-St-Providence-RI-...
The first one of those is in a very trendy gentrifying neighborhood. The second is in an adjacent working-class neighborhood. In both cases the asking price has shot way up from a year ago and has totally disconnected from the prevailing trends of just a couple months ago.
Supply is very low. Rates are very low. And the result is that the market is very hot. Every house we look at has multiple offers the next day, usually above asking.