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 Midlandis 29 days with homes receiving 2.4 times more listing views than the U.S. overall.
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.
Info pulled from the Realtor.com, to read the full article, please visit: https://www.realtor.com/research/july-2018-hottest-markets/