Go Midwest, young men and women—if you want to buy a house, that is. That seems to be the message being received loud and clear by hordes of American house hunters this summer. Realtor.com® data in July showed that buyer interest is shifting away from pricey California to more affordable markets in the rest of the country, particularly the Midwest.
The realtor.com monthly hotness analysis looks at which markets are getting the most listing views, and where homes are flying off the market fastest. Nearly one-third of the hottest markets in July were in the Midwest, which had a combined median list price of $236,000, well below the national average of $299,000.
“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 of realtor.com. “Although construction is increasing in many regions, inventory remains scarce due to strong buyer demand and years of underbuilding.”
So, this affordability party may not last for long. Without enough homes to go around, the increasing interest in these markets is likely to drive up prices—and eventually drive buyers elsewhere in search of a better deal.
But for now, Midland, TX, continues its reign at the top of the hot list for the fourth month in a row. Bolstered by a surging oil economy, buyers are snapping up homes, which spend only a median 29 days on the market. Fort Wayne, IN, and Boise, ID, round out the top three.
Eleven states are represented in July’s list of the 20 hottest markets, compared with eight a year ago. The combined median list price in the top 20 was $344,000—the lowest combined price for the list since realtor.com started tracking in 2012.
Here are the rest of the hottest markets.
The hot listRank (July) Market Rank (June) Rank Change1Midland, TX 102Fort Wayne, IN 423Boise, ID 524San Francisco, CA 625Columbus, OH 2-36Colorado Springs, CO 937Detroit, MI 1038Racine, WI 1139Vallejo, CA 7-210Rochester, NY 14411Sacramento, CA 13212 Janesville, WI 271513 Boston, MA 3-1014 Dallas, TX 17315 Pueblo, CO 261116Buffalo, NY 8-817Stockton, CA 16-118Fresno, CA 22419Odessa, TX 472820Grand Rapids, MI 12-8
The post Midwest May Be Best: The Hottest Markets for U.S. Real Estate in July 2018 appeared first on Real Estate News & Insights | realtor.com®.
Source: Housing Trends Feed