Homes.com is following up up to Part 1 of Cupid’s Cities and falling in love with the remaining most romantic cities in the U.S. We’re also seeing whether a little romance can help the real estate market in these areas. Will you find them just as lovable?
Leading online retailer, Amazon.com, claims that “Florida is for romantics[i]” so it stands to reason that Miami, FL is among the cities that generate top sales of romance novels, romantic comedy movies, and even Barry White albums. Does this city’s love for romance also help generate home sales for the area? Miami is known to have suffered from the housing market crash in 2007, which resulted in a high amount of foreclosures[ii]. However, the Miami Association of Realtors states that “sales of existing single-family homes in Miami-Dade County jumped 16.4 percent in December 2012[iii].” The current median asking price found on Homes.com is relatively affordable at $292,000[iv] which may be helping fuel the recent increase.
I Love New York, a popular logo and song used to promote tourism in the Big Apple, certainly reflects the true romance of New York, NY. With the largest population in the U.S., it’s evident that one might have better chances of finding love in the city, too. Terri Powell, an executive looking for romance in New York, says that this city is “a place of infinite possibility” which makes it “one of the most romantic cities on the planet[v].” Are you looking to fall in love with some of New York’s real estate? We’ve previously noted that the Big Apple is known for big real estate prices, largely because it is home to the nation’s most valuable real estate. The median list price is around $1 million which could be causing residents to choose to rent instead of buy. New York appears in our recent Q4 “State of the Rental Market” report and saw an increase in searches for rental properties by 236%.
Charleston, SC adds romance by the way of rich history and southern charm. As a “low-key getaway,” filled with “historic homes, art galleries, and succulent Southern food[vi],” Charleston makes the perfect destination for couples looking to rekindle romance. Thinking about reigniting your passion for real estate? The median list price in this city is $295,000 and it has been recently noted that South Carolina home sales improved in 2012, with Charleston increasing by 11.2%[vii].
According to Travel + Leisure, receiving the #1 ranking in the “relaxing retreat” category helped Honolulu, HI secure the top spot in their own America’s Most Romantic Cities list. With a perfect climate and beautiful scenery, this city is an ideal location for couples to relax and fall in love. Is Honolulu also an ideal location for couples looking to buy a new home? Hawaii is traditionally best known as a vacation destination, yet this area may now be attracting home buyers. A consulting firm, Mercer, has recently “ranked Honolulu as the American city with the best quality of life” and this may guide more than just vacationers to the city. The better quality of life might also have an impact on the real estate prices; the current median asking price is $475,000.
In addition to appearing on many of the most romantic city lists found on the internet, San Francisco, CA also had the highest average rank, making it our number one most romantic city in the U.S. Paris Permenter, publisher of romantic travel site Lovetripper.com, states that “the view of the city at dusk and the Golden Gate Bridge with the sunset behind it really defines a romantic setting[viii].” So, how is the setting of the real estate market in San Francisco? Just below New York in terms of expensive pricing, the current median list price for this city is $773,500. Yet the rate of recovery for real estate in the Bay Area sped up at the end of 2012, with San Francisco increasing 29.5% in sales volume and 21.1% in the median price[ix].
All of these cities inspired the heart of Homes.com and we believe that a little love can also help improve the real estate market. This Valentine’s Day, we hope you find a little ‘real estate romance’ in your city. If you’re in the market to buy, find homes that you’re sure to fall in love with here.
*Ranking Methodology: Cities with more than one mention are sorted by their average rank from the romantic city articles/lists found on a variety of sources, including TRAVEL + LEISURE, Huffington Post, U.S. News Travel, Yahoo! Travel, Amazon.com, CNN Travel, and Forbes.
[i] Amazon.com Announces the Top 20 Most Romantic Cities in the U.S., February 9, 2012
[ii] Wikipedia, Miami
[iii] The Miami Herald, South Florida housing recovery on track, Martha Brannigan, 01.22.13
[iv] Median Listing Price calculated from active listings on Homes.com, January 23, 2013
[v] TRAVEL+LEISURE, America’s Most Romantic Cities, Adrien Glover, February 2010
[vi] U.S. News TRAVEL, Best Romantic Getaways in the USA
[vii] Charleston Regional Business Journal, S.C. home sales improve in 2012, Jan. 15, 2013
[viii] Forbes, America’s Most Romantic Places To Visit, Lauren Sherman, 02/03/09
[ix] DataQuick, www.DQNews.com, Rate of Recovery for Bay Area Real Estate Speeds Up, January 16, 2013