How long can the heat in “secondary markets” last?

Photo by McKayla Crump on Unsplash

Kathy Denning, a broker out of the John L. Scott Bend office, was recently quoted in an article from Mansion Global about the hot real estate market in “secondary cities,” including Bend, Oregon. 

Mansion Global | Virginia K. Smith

In a gangbusters year for real estate markets across the U.S., resort towns and smaller cities—so-called “secondary markets”—have been some of the biggest winners, seeing an influx of well-off buyers eager for spacious homes in which to ride out the pandemic.

[…] “It is that influx of folks coming from California, Seattle, Portland and across the country,” said Kathy Denning, a broker with John L. Scott/Luxury Portfolio International in Bend, Oregon, where the median asking price had risen by 23.6% in January compared to a year ago, and unemployment had jumped from 3.2% to 6.8% by the start of this year.

“They’re coming from Texas, Arizona, Chicago, too,” Ms. Denning said. “People are coming in and keeping their jobs, working remotely, and jumping ahead to that end goal of buying a home here 10 years from now.”

Read the piece online here: In U.S. Markets With Skyrocketing Home Prices but Sluggish Jobs Recovery, How Long Can the Heat Last?