The housing market is booming! With home prices increasing and more buyers in the market, May brought more than the typical seasonal rush.
Helping create more opportunities for buyers, there are 2 main factors attributed to the upswing:
- Listing inventory is now growing faster. While it is larger, inventory is still down from the same period last year. Due to the limited inventory, the median list price increased (good news for sellers!)
- Homes are selling quickly. National median days on market, now at 66, continued a sharp decline, down 11% from last year and following a trend of decline month after month.
Jonathan Smoke, Chief Economist at realtor.com, ranked the nation’s twenty hottest real estate markets for buyers and sellers. Looking at the nation’s 300 largest markets, the team used the number of views per listing on realtor.com to gauge demand, and the median age of inventory to assess supply. Columbus leaped from #22 in April to #19 in May.
The 20 Hottest Real Estate Markets in May 2015:
|May Rank||April Rank|
|San Francisco-Oakland-Hayward, CA||2||2|
|San Jose-Sunnyvale-Santa Clara, CA||3||3|
|Dallas-Fort Worth-Arlington, TX||4||4|
|Santa Cruz-Watsonville, CA||7||8|
|Santa Rosa, CA||8||7|
|Ann Arbor, MI||9||9|
|San Diego-Carlsbad, CA||11||10|
|Los Angeles-Long Beach-Anaheim, CA||15||15|
|Austin-Round Rock, TX||16||14|
|Oxnard-Thousand Oaks-Ventura, CA||17||13|