Hot markets less centered in the West

by Steve Randall09 Jul 2018

As more affordable housing markets become less so, the spread of the nation’s hottest markets is becoming less focused on the western edge according to a new report.

Realtor.com says that on average, markets in the top 20 hottest markets with prices lower than its national median list price of $299,000 jumped 12 ranking spots year-over-year.

California though, which has dominated the hotness rankings, dropped out of the top five rankings for the first time in six years.

For the second consecutive month, Midland, TX, was the hottest market.

Amazon HQ2 contenders

The markets in second and third place are both on the shortlist for Amazon’s HQ2; Columbus, OH; and Boston; along with Dallas in 17th place.

"As the record pace of sales continues to challenge would-be homebuyers, the hottest market rankings show that buyers are looking for markets that offer relative affordability," said Danielle Hale, chief economist at realtor.com®. "In the three cities that were on Amazon's list of possible HQ2 contenders - Columbus, Ohio, Boston and Dallas - affordability isn't taking as big a hit as in other hot markets despite properties selling faster than just about everywhere else. This would change if Amazon were to come to town."

Homes selling fast in top 20 markets

In the hottest markets, homes continue to sell quickly. Age of inventory in the top 20 markets averaged only 34 days, faster than last June (36 days) with the typical age of inventory registering 40 days or less in each of the top 20 markets.

Realtor.com® Hotness Index

20 Hottest Markets

June Rank

June Median

Age of

Inventory

May Rank

May Median

Age of

Inventory

Midland, Texas

1

29

1

28

Columbus, Ohio

2

32

4

31

Boston-Cambridge-Newton, Mass.-N.H.

3

33

2

28

Fort Wayne, Ind.

4

34

10

35

Boise City, Idaho

5

33

6

31

San Francisco-Oakland-Hayward, Calif.

6

25

3

22

Vallejo-Fairfield, Calif.

7

30

5

31

Buffalo-Cheektowaga-Niagara Falls, N.Y.

8

36

8

33

Colorado Springs, Colo.

9

30

11

30

Detroit-Warren-Dearborn, Mich.

10

37

16

37

Racine, Wis.

11

38

20

39

Grand Rapids-Wyoming, Mich.

12

31

9

31

Sacramento--Roseville--Arden-Arcade, Calif.

13

35

12

31

Rochester, N.Y.

14

38

14

37

Kennewick-Richland, Wash.

15

38

61

44

Stockton-Lodi, Calif.

16

36

7

30

Dallas-Fort Worth-Arlington, Texas

17

38

19

37

Worcester, Mass.-Conn.

18

38

13

34

Spokane-Spokane Valley, Wash.

19

36

18

33

Santa Cruz-Watsonville, Calif.

20

40

25

36

 


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