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America’s 20 Hottest Real Estate Markets for October 2016
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Think gore-dripping zombies and shrieking ghosts are scary? Well, here at realtor.com®, it’s the terrifyingly low levels of homes available for sale that keep us up at night … and that’s exactly what we’re seeing in an early look at our site’s data for October. Spooky!
Despite prices that are so high they could make your head spin like a possessed child, demand from would-be buyers remains as frenzied as 10-year-olds clamoring for fun-size Snickers on Oct. 31.
OK, enough with the Halloween metaphors already. We’re exhausted! Just know this: Homes for sale in October are actually moving off the market 2% more quickly than they did at this time last year, our data show. It’s more evidence of a bullish real estate market, although one that continues to challenge buyers to find—and get—their dream home.
The median list price of $250,000 is the same as last month, at a time of year when sale prices typically fall. Compared with October 2015, it’s 8% higher, and a new record for October.
“We are seeing evidence of stronger-than-normal demand this off-season, as buyers remain eager to make purchases,” says Jonathan Smoke, chief economist of realtor.com. “As a result, the number of homes for sale declined more in October than at any other point this summer, and left us with 11% fewer active listings than last October. That’s the biggest monthly inventory decline since July 2015.”
Smoke’s team analyzed the data to come up with a list of the 20 hottest markets in the country, where homes are in high demand (as seen from listing views by market) and selling fast (measured by days on market).
October’s surprise on the hot list is the Boston metropolitan market, which includes nearby Cambridge and Newton, as well as a bit of New Hampshire. Greater Boston leaped 17 spots up the list into the top 10, and also shaved a full week off its median age of inventory. What seasonal slowdown?
California dominates the list as usual, with 11 markets. Two are new to the list: Eureka and Fresno.
The hot list
Rank | 20 Hottest Markets | Rank | Rank Change |
1 | 1 | 0 | |
2 | 3 | 1 | |
3 | 2 | -1 | |
4 | 4 | 0 | |
5 | 7 | 2 | |
6 | 5 | -1 | |
7 | 9 | 2 | |
8 | 25 | 17 | |
9 | 6 | -3 | |
10 | 12 | 2 | |
11 | 11 | 0 | |
12 | 14 | 2 | |
13 | 15 | 2 | |
14 | 8 | -6 | |
15 | 24 | 9 | |
16 | 16 | 0 | |
17 | 21 | 4 | |
18 | 10 | -8 | |
19 | 19 | 0 | |
20 | 17 | -3 |
The post America’s 20 Hottest Real Estate Markets for October 2016 appeared first on Real Estate News and Advice - realtor.com.
