A different kind of market is on the rise, stretching beyond the big cities and just out West, a new realtor.com® report shows.
The number one market on realtor.com®’s hottest market list for January is Midland, Texas.
“Availability of affordable inventory is what’s driving the markets that are catching up,” says Javier Vivas, director of economic research for realtor.com®.
Four of the five housing markets that increased the most in realtor.com®’s monthly rankings have a lower median list price than the national median of $289,300. Notably, Cleveland moved up 54 spots, Cincinnati 47 spots, Milwaukee 38 spots, and Philadelphia up 34 spots on the latest list.
Each month, realtor.com identifies the 20 markets where listings nab the most views on the real estate site as well as where homes are selling the fastest. Homes in the nation’s hottest markets in January tended to sell anywhere between 14 to 55 days faster than the rest of the market.
California markets once dominated realtor.com®’s list. But “we’re going to see market hotness become more geographically balanced,” Vivas says. California still boasts the most metros on the list compared to any other state, but smaller and more affordable markets, even within the Golden State like Yuba City and Chico, are seeing more gains. (Both cities are seeing an uptick in demand in buyers lately since the deadly wildfires in November 2018 left many homeowners in the area homeless.)
The 20 hottest housing markets in January, according to realtor.com® are:
- Midland, Texas
- Chico, Calif.
- San Francisco
- Fort Wayne, Ind.
- Colorado Springs, Colo.
- Sacramento, Calif.
- Yuba City, Calif.
- Columbus, Ohio
- Spokane, Wash.
- Odessa, Texas
- Dallas
- Vallejo, Calif.
- Rochester, N.Y.
- Stockton, Calif.
- Modesto, Calif.
- Milwaukee
- Fresno, Calif.
- Boston
- Detroit
- Louisville, Ky.
Source: “Cold Front Moves in on the Hottest Real Estate Markets for January 2019,” realtor.com® (Feb. 12, 2019)
