Rockford’s listings offered the most bargains, with the typical home costing $223,000.
And Springfield boasted the shortest time on the market, at 28 days.
Four states had two metros each in the top 20: New Hampshire, Massachusetts, Wisconsin, and Connecticut.
Prices climb in the top 20 markets
The hotter a market gets, the more home prices rise, with list prices climbing in 15 of the 20 hottest markets.
Indeed, though home prices fell 1% year over year nationally in September, prices grew an average of 3.6% in the hottest markets.
This was “due to high demand and scarce for-sale inventory,” says Jones.
Rochester experienced the largest annual price increase in September, up 13.0%, while Milwaukee was up 11.4%.
Homes in the hottest markets are disappearing
Those looking to scoop up a home in a hot market should act quickly.
In September, housing stock rose 34% year over year nationwide.
Yet in the hottest markets, growth was more modest, with listing levels up 23.8% on average.
Homes in these markets moved fast—spending just 34 days on the market.
That’s “three weeks less time on the market than is typical nationally,” says Jones.
Demand was also intense, with views per property 2.6 times higher than the national average in September.
“High demand and scarce inventory conditions drive views per property higher, upping the competition for homes in the hottest markets and leading to snappier home sales,” says Jones.
Yet with housing affordability finally starting to improve with falling mortgage rates, this “could start to shake up buyer demand,” says Jones—as well as which markets remain hot.
“Many less-hot markets across the country have seen a significant buildup in housing inventory, which can absorb an uptick in demand without much upward price pressure,” adds Jones.
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Publish date : 2024-10-10 10:44:00
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