The Hot List: 20 Top-Performing Markets
Article by Daily Real Estate News | December 04, 2015
A seasonal slowdown is taking root in many real estate markets across the country, with median list prices stabilizing and a declining number of homes on the market, according to realtor.com®’s latest housing report, reflecting November data.
“We are seeing inventory decline at a normal pace, taking into account that it peaked later in the year this year,” says Jonathan Smoke, realtor.com®’s chief economist. “But we’re also seeing prices remain firm and age of inventory remain lower than you would typically see, which reflects more demand than normal.”
In November, the inventory of homes for sale was down 2 percent from October. Also, homes are lingering on the market longer before selling, although at a pace that’s still faster than last year at this time. The median age of inventory is now at 84 days – 3 percent slower than October 2015 but 9 percent faster than November 2014.
The median list price has stayed mostly constant, down 1 percent from October to $230,000, but up 7 percent year-over-year.
In analyzing the nation’s 300 largest markets, realtor.com®’s research team identified 20 top-performing markets based on housing supply (measured by days on the market) and demand (measured by days on the market). California dominated the list, with 12 of the top 20 markets there alone.
“We are starting to see more movement [in the ranking] in the hottest markets as the season brings material declines in demand in many markets,” Smoke says. “However, California remains hot as pent-up demand continues to drive activity in very supply-constrained markets.”
Here is realtor.com®’s 20 “hottest market” list for November:
- San Francisco, Calif.
- Vallejo, Calif.
- Denver, Colo.
- San Jose, Calif.
- Dallas, Texas
- San Diego, Calif.
- Sacramento, Calif.
- Santa Rosa, Calif.
- Oxnard, Calif.
- Stockton, Calif.
- Nashville, Tenn.
- Los Angeles, Calif.
- Yuba City, Calif.
- Detroit, Mich.
- Boulder, Colo.
- Palm Bay, Fla.
- Santa Cruz, Calif.
- Boston, Mass.
- Modesto, Calif.
- Columbus, Ohio
Source: “The Hottest U.S. Markets in November 2015,” realtor.com® (Dec. 1, 2015); REALTOR Magazine Online, Daily Real Estate News 120415
Kenneth Bargers, REALTOR® | Pilkerton Realtors
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