Baby boomers are retiring now and fleeing the cities with money to burn.

Quilty.

SIL lives in MI listed her place in the AM had 3 offers above asking before realtor closed in the afternoon.

It's still crazy here, ie, a 600 sq foot 1 bedroom shack that needs work just listed for 650,000. it might be reduced a little, but it might go higher. People are nuts!

Wow!
It must be a pretty special place.

Places not moving here are pretty much all over 450k asking, the "reasonably" priced stuff is still moving

where I live is becoming Madison's retirement community

close enough they can drive back to visit and go to the hospital at 45 minutes.

far enough they can sell the paid off house they bought 30 years ago for 150K , that they are selling for 350K move here and buy a house for 225K make renovations and bank the rest.

Good deal T rex

There’s a housing shortage here. Land is selling fairly quickly locally.

Reading all the comments here makes me think the economy is not nearly as bad as everyone says. When people are paying thousands more than asking price and paying 6+ percent or more they must have incomes that can sustain this.

The crash has not hit just yet. Credit has not run out yet but it's close. Credit card debt is climbing, it's quit but business's have started having lay offs, car lots have gone from not having vehicles on the lot and charging 10k over invoices to full lots and offering $15,000 off on a new dodge extended cab 4x4 truck when I called about them two weeks ago. I also read there are not enough repo people to keep up with all the repos needing done.

It's on its way and starting the indicators are there.

When the rent on a decent 2 bedroom apartment is 2K , I have co-workers paying this in Madison.

if you figure that out 24K a year , now they have a room mate so they pay 1K a month , heck my daughters studio apartment in Milwaukee is 900 and another 100 a month for parking a block away

over 30 years that is 720k so a 350k house that they pay 0.08% interest on is 12,600 a year plus taxes which could be another 10K so for 1883 a month plus insurance they can own a house and not be just tossing money at a land lord

they may have been living in a tiny appartment sharing 1K a month and saving for some down payment

they might even be doing an interest only loan hoping that the market keeps going up so they sell in 3 years make 50K and put it at the next house
might even buy a fixer upper and dump cash into it and sell to some one who needs a move in ready house.

there was a commercial , guy riding his lawn mower , cutting his grass who sys I am in debt up to my eye balls.
that is just it , in debt up to your eye balls is exactly it , much of the country is.
they live with the idea they will be making a payment for life.