When it comes to the hottest housing markets in the nation, the majority are no longer in California, according to realtor.com®. Markets such as Boston and Midland, Texas, edged out California metros in May that had long held top spots. Realtor.com® ranks metros based on time on market and the number of views garnered for listings in each city.
“Our latest inventory data confirms we’re in the thick of the hottest homebuying season on record, as the pace of sales nationally has officially reached a seasonal and historical high,” says Javier Vivas, director of economic research at realtor.com®. “The frantic activity observed this month means homes are spending 32 fewer days on the market compared to six years ago, and 39 of the top 50 largest markets in the country are seeing the lowest days on the market since we started tracking in 2012.”
The median list price nationwide was $297,000 in May, an 8 percent increase over a year ago. Total inventory of homes for sale increased 6 percent in May over April.
Realtor.com® ranked the following 20 markets as “hottest” in the country in May:
- Midland, Texas
- Boston
- San Francisco
- Columbus, Ohio
- Vallejo, Calif.
- Boise City, Idaho
- Stockton, Calif.
- Buffalo, N.Y.
- Grand Rapids, Mich.
- Fort Wayne, Ind.
- Colorado Springs, Colo.
- Sacramento, Calif.
- Worcester, Mass.
- Rochester, N.Y.
- Ann Arbor, Mich.
- Detroit
- Odessa, Texas
- Spokane, Wash.
- Dallas
- Racine, Wis.
Source: “Home-Buying Frenzy Sets a Record as California Loses its Grip on Hottest Markets,” realtor.com® (May 31, 2018)
