While the housing market is slowly making its comeback from the recession, a new nationwide study conducted by The Media Audit reveals the top ten markets in terms of year-over-year growth in the percentage of consumers planning purchases of a home. The study, conducted among more than 100,000 consumers age 18 and over in 80 U.S. cities between January 2012 and March of 2013 reveals that on average, 10.8% of U.S. consumers plan to buy a new home in the next two years, a figure that represents nearly 16 million buyers across The Media Audit’s measured markets. A market-by-market comparison of the percent who plan to buy in 2011 compared to to 2012 illustrates that some markets are rebounding faster than others.
Among the top ten U.S. cities measured by The Media Audit that have experienced the greatest increase year-over-year in planned home purchases include Syracuse, New York; Grand Rapids, Michigan; Albuquerque, New Mexico; Spokane, Washington; Lexington, Kentucky; Tampa-St. Petersburg, Florida; West Palm Beach, Florida; Birmingham, Alabama; Ann Arbor, Michigan, and Albany, New York.
A study conducted in 2011 revealed that only 3.7% of adults in the Albany metro area planned to purchase a home in the next two years. The figure has since increased to 8.5% in a 2012 survey, a 129% change in only one year. The year-over-year increase represents the single highest increase among more than 80 markets surveyed.
In Ann Arbor, Michigan, the metro area has also seen significant gain in the percent of consumers planning to buy a home in the next two years. In 2011, a local market survey revealed that only 8% of the metro area planned to purchase a home. In 2012, the figure increased to 15.2%. Ranking third is Birmingham, Alabama, where the percent of metro area adults 18+ who plan to buy a home increased from 7.5% in 2011 to 12.0% in 2012.
Here’s the breakdown in percent planning to buy a home in the next two years for the top ten markets:
Albany, New York ( 2011 – 3.7%, 2012-8.5%)
Ann Arbor, Michigan (2011-8%, 2012-15.2%)
Birmingham, Alabama (2011-7.5%, 2012-12.9%)
West Palm Beach, Florida (2011-11%, 2012-17.1%)
Tampa-St. Petersburg, Florida (2011-6.9%, 2012-10.7%)
Lexington, Kentucky (2011-5.7%, 2012-8.7%)
Spokane, Washington (2011-6.7%, 2012-10.2%)
Albuquerque, New Mexico (2011-9.2%, 2012-13.6%)
Grand Rapids, Michigan (2011-6.6%, 2012-9.7%)
Syracuse, New York (2011-5.8%, 2012-8.5%)
The data from the trending report highlights which metro areas are likely to see greater investment in marketing and advertising campaigns, and represents an opportunity for local media – especially in these markets, to capitalize on these trends.