13 Aug Where are the Hottest Housing Markets?
Where are the Hottest Housing Markets?
Realtor.com just released its latest report on the hottest housing markets across the U.S. based on June’s data. The report studies supply, demand and housing prices. For the first time in six years, the California market did not rank in the top five.
“California is not as hot as it was. It’s because of low inventory and median home prices in some areas that are close to a million dollars,” explains Realtor.com’s Chief Economist Danielle Hale. “We are seeing people looking elsewhere to less expensive areas,” Hale adds.
The markets with limited supply, strong demand and rising prices made the hottest housing market list. Days on market is a key indicator of determining how healthy a housing market is. Out of the top twenty markets, eight of them were below June’s national media listing price of $299,000. Amazon HQ2 city candidates, Columbus, Boston and Dallas were all among the hottest housing markets.
Claiming the number one spot is Midland, Texas thanks to the “oil boom” according to Realtor.com, with a median listing price of $350,000. Columbus, Ohio ranked number two with just thirty-two days on the market as an average and a median listing price of $250,000 which is below the national median listing price of $299,000.
The remaining 18 hottest housing markets are:
- Boston-Cambridge-Newton, Mass.
- Fort Wayne, Texas
- Boise, Idaho
- San Francisco-Oakland-Hayward, California
- Vallejo-Fairfield, California
- Buffalo-Cheektowaga-Niagara, New York
- Colorado Springs, Colorado
- Detroit-Warren-Dearborn, Michigan
- Racine, Wisconsin
- Grand Rapids-Wyoming, Michigan
- Sacramento-Roseville-Arden-Arcade, California
- Rochester, New York
- Kennewick-Richland, Washington
- Stockton-Lodi, California
- Dallas-Fort-Worth-Arlington, Texas
- Worcester, Mass-Conn.
- Spokane-Spokane, Washington
- Santa Cruz-Watsonville, California
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