The Midwest Dominates July's Hottest Housing Markets
SANTA CLARA, Calif., Aug. 16, 2018 /PRNewswire/ -- Realtor.com(®), the Home of Home Search, today released its July hottest markets list which reinforces home buyer interest is shifting away from pricey California to less expensive markets throughout the country. In fact, nearly a third of the markets were located in the affordable Midwest, which had a combined median list price well below the national average, according to the report.
Midland, Texas continued its streak in July as the the nation's hottest housing market for the fourth month in row. Driven by a surging oil economy, the median age of inventory in Midland is 29 days with homes receiving 2.4 times more listing views than the U.S. overall.
The remaining markets on the list, in rank order, are: Fort Wayne, Ind.; Boise City, Idaho; San Francisco; Columbus, Ohio; Colorado Springs, Colo.; Detroit-Warren-Dearborn, Mich.; Racine, Wis.; Vallejo-Fairfield, Calif.; Rochester, N.Y.; Sacramento; Janesville-Beloit, Wis.; Boston; Dallas; Pueblo, Colo.; Buffalo-Cheektowaga-Niagara Falls, N.Y.; Stockton-Lodi, Calif.; Fresno, Calif.; Odessa, Texas; and Grand Rapids-Wyoming, Mich.
This month 11 states are represented in the top 20 hottest, compared to eight a year ago. The combined median list price in the top 20 was $344,000 - the lowest price for the top 20 combined since realtor.com(®) started tracking in 2012. The largest geography represented on the list was the Midwest, which had a combined a median list price of $236,000, well below the national and top-20 list averages.
"With the median home list price hovering at a record level, affordable markets are very attractive for buyers, which is contributing to the popularity of many Midwestern markets," said Danielle Hale, chief economist at realtor.com(®). "Although construction is increasing in many regions, inventory remains scarce due to strong buyer demand and years of underbuilding. Even these affordable markets run the risk of what we've seen elsewhere if they aren't able to keep pace with new construction.
Homes in these hot areas moved 17 to 30 days more quickly than the rest of the U.S. The time they spent on the market was on average four days fewer than last July. Buyer interest in these areas is also rising, with listing views 1.8 times higher than the national average and 16 percent higher than last year.
For more information, please visit: https://www.realtor.com/research/july-2018-hottest-markets/
July Top 20 Hottest Markets
20 Hottest Markets July July Median June Rank June Median
Rank Age of Age of
Inventory Inventory
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Midland, Texas 1 29 days 1 29 days
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Fort Wayne, Ind. 2 34 days 4 34 days
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Boise City, Idaho 3 34 days 5 33 days
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San Francisco-Oakland-
Hayward, Calif. 4 30 days 6 25 days
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Columbus, Ohio 5 37 days 2 32 days
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Colorado Springs, Colo. 6 32 days 9 30 days
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Detroit-Warren-Dearborn, Mich. 7 38 days 10 37 days
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Racine, Wis. 8 39 days 11 38 days
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Vallejo-Fairfield, Calif. 9 36 days 7 30 days
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Rochester, N.Y. 10 40 days 14 38 days
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Sacramento--Roseville--
Arden-Arcade, Calif. 11 37 days 13 35 days
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Janesville-Beloit, Wis. 12 40 days 27 41 days
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Boston-Cambridge-Newton,
Mass.-N.H. 13 41 days 3 33 days
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Dallas-Fort Worth-Arlington,
Texas 14 39 days 17 38 days
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Pueblo, Colo. 15 40 days 26 42 days
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Buffalo-Cheektowaga-Niagara
Falls, N.Y. 16 40 days 8 36 days
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Stockton-Lodi, Calif. 17 37 days 16 36 days
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Fresno, Calif. 18 41 days 22 40 days
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Odessa, Texas 19 42 days 47 47 days
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Grand Rapids-Wyoming, Mich. 20 37 days 12 31 days
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Realtor.com reviewed listing views by market as an indicator of demand and median days on market as an indicator of supply. This analysis led to the identification of the 20 hottest medium-sized to large markets in the country.
About realtor.com(®
)Realtor.com(®), The Home of Home Search?, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com(®) is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS(®). For more information, visit realtor.com(®).
Contact: Lexie Holbert at lexie.puckett@move.com
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SOURCE realtor.com
