The Housing Market’s 50 Hottest Zip Codes

The Housing Market’s 50 Hottest Zip Codes
realtor.com | October 1, 2018

The following is realtor.com®’s rankings of the top 50 hottest ZIP codes for housing in the country.

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Source: National Association of REALTORS®

Top 6 Places to Live in America This Year

Top 6 Places to Live in America This Year
money.com | realtor.com | September 18, 2018

The suburbs dominated this year’s list of top places to live in the country. Money magazine teamed with realtor.com® to identify its top picks of towns with populations of 50,000 or more. They factored in more than 135,000 data points, including economic health, public school performance, local amenities, housing, cost of living, and more.

“For someone who’s starting from scratch, this is a list of areas with great quality of life, healthy housing markets where affordability is important, and great overall community,” says Danielle Hale, realtor.com’s chief economist.

This year, Frisco, Texas, topped the list. The Dallas suburb also topped the U.S. Census Bureau list as America’s fastest-growing big city. The city has added an average of 37 new residents every day from 2016 to 2017. Its population has climbed 8.2 percent in one year and now totals 177,000.

Here are the cities that ranked top on this year’s list:

Frisco, Texas
Median home price: $449,900
Median household income : $117,642

Ashburn, Virginia
Median home price: $519,990
Median household income: $120,862

Carmel, Indiana
Median home price: $374,000
Median household income: $106,546

Elliott City, Maryland
Median home price: $558,950
Median household income: $121,019

Cary, North Carolina
Median home price: $389,000
Median household income: $94,617

Franklin, Tennessee
Median home price: $549,900
Median household income: $88,961

View the full list of top 50 at time.com.

Source: “The Best Places to Live in America, 2018: Revenge of the Burbs!” realtor.com® (Sept. 17, 2018) and “The Best Places to Live in America,” TIME (September 2018); REALTOR® Magazine, 091718

Fast-Paced Luxury Sales Raise Entry-Level Price Point

Fast-Paced Luxury Sales Raise Entry-Level Price Point
realtor.com | August 10, 2018

House 1058It’s a good time to be selling high-end real estate: The luxury market is posting a record number of sales, and 19 major areas also saw double-digit gains in July, according to realtor.com®’s 2018 Luxury Home Index. The index measures the entry-level luxury price tier, which is the top 5 percent of residential sales among 91 U.S. counties.

In 49 of the 91 markets analyzed by realtor.com®, the luxury tier had an entry point of at least $1 million. The number of sales at or above $1 million climbed 12 percent over the last year, realtor.com® reports.

“The strong economy is bolstering demand for luxury homes,” says Danielle Hale, realtor.com®’s chief economist. “They are selling fast and demand for these homes has pushed the entry-level price point to more than $1 million in half of the markets studied. Although there are some pockets of weaker performance, we’ve seen double-digit price growth in 19 markets for the first time in four years.”

Luxury homes are selling faster, too. The median age of inventory in the 91 luxury markets tracked was 108 days in July, down 11 days or by 9.3 percent year over year, realtor.com® reports.

The fastest-growing luxury market in July: Sarasota, Fla., which continued to hold onto its top spot on realtor.com®’s list. Luxury sales prices in Sarasota have risen 21.2 percent since last May. Half of all luxury homes there have also sold within 157 days, which is 21 days faster than a year ago. Rounding out realtor.com®’s list of the top five fastest-growing luxury markets in July were Queens, N.Y.; Maui, Hawaii; Santa Clara, Calif.; and Boulder, Colo. Each of the cities posted a yearly growth of between 13 to 16 percent.

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Source: “Luxury Housing Sets New Records,” realtor.com® (Aug. 9, 2018); REALTOR® Magazine Online 081018

4 Outdoor Projects That Offer the Most Paybacks

4 Outdoor Projects That Offer the Most Paybacks
realtor.com | June 25, 2018

Shower Image7Outdoor projects can help boost a home’s value by up to 10 percent, according to a new realtor.com® report. Outdoor showers, barbecue stations, entertainment pools, and firepits are the top projects that realtor.com® researchers found with the biggest potential increases to a home’s price.

For its research, realtor.com® analyzed listings at its site for summer-related outdoor features in single-family homes listed for $150,000 or more.

An outdoor shower offers the biggest return on investment, according to realtor.com®’s research. Researchers found that homes with outside bathing areas had a 97 percent price-per-square-foot premium. They speculate that such a feature may be appealing since it’s usually found in homes that are near a beach or an expensive property with other luxury amenities.

Researchers also found that homes with barbecue stations are 26 percent more expensive than those without. In Utah, homes with barbecue stations tend to be listed for 58 percent more per square foot than other homes in the state.

Also, entertainment pools—with enough space around them for others to lounge—could give a home a 26 percent increase in its value. In New York state, homes with such entertainment pools were 224 percent pricier per square foot than those without.

Firepits and backyard fireplaces are also proving to be a hot way for homeowners to boost their home prices. Homes with firepits or backyard fireplaces had a 25 percent premium, according to researchers.

“Outdoor features can give a home a special quality in the market,” says Javier Vivas, realtor.com®’s director of economic research. “And anytime you have a unique feature, it can bolster the prospective value of a home.”

Source: “Top Price-Boosting Summer Fun Home Features,” realtor.com® (June 21, 2018); REALTOR® Magazine 062518

The Best Housing Markets for Home Flippers

The Best Housing Markets for Home Flippers
realtor.com   article by Daily Real Estate News | May 23, 2018

East Nashville 37206House flipping activity surged to an 11-year high this year, with more than 207,000 homes flipped, according to ATTOM Data Solutions, a real estate data firm. But the key is knowing where to be and when. “The sweet spot for successful home flipping is finding the neighborhoods just emerging as the next hot neighborhoods in a city,” says Daren Blomquist, a senior vice president at ATTOM Data Solutions. The firm says the average profit for a housing flip in 2017 was $68,100.

Realtor.com® ranked the 200 largest metros according to the share of all home sales categorized as a flip (defined as any type of home that is bought and resold within a three- to 12-month period). Researchers limited their rankings to two metros per state for geographic diversity and only included markets where the average profit was at least $30,000.

The following are the best housing markets for home flippers, according to realtor.com®:

  1. Nashville, Tennessee
    Ratio of flips to all home sales: 4.1%
    Average flip profit: $87,200
  2. Fresno, California
    Ratio of flips to all home sales: 3.5%
    Average flip profit: $53,200
  3. Palm Bay, Florida
    Ratio of flips to all home sales: 3.3%
    Average flip profit: $71,500
  4. North Port, Florida
    Ratio of flips to all home sales: 3.3%
    Average flip profit: $85,300
  5. Baton Rouge, Louisiana
    Ratio of flips to all home sales: 3.2%
    Average flip profit: $70,000
  6. Chattanooga, Tennessee
    Ratio of flips to all home sales: 3.1%
    Average flip profit: $65,800
  7. Los Angeles, California
    Ratio of flips to all home sales: 3%
    Average flip profit: $169,400
  8. Lubbock, Texas
    Ratio of flips to all home sales: 2.7%
    Average flip profit: $46,000

Source: “Flip It Good! Top 10 Home-Flipping Hotbeds Where Profits Are Through the Roof,” realtor.com® (May 23, 2018); REALTOR® Magazine Online, Daily Real Estate News 052318

Nationally: March Listing Prices Surpass 2017 Record

Nationally: March Listing Prices Surpass 2017 Record
realtor.com   article by Daily Real Estate News | April 5, 2018

House 1039The median list price for homes nationwide this March have now topped a record high set in 2017. The median list price was $280,000, up 8 percent year over year in March, topping last July’s record of $275,000, realtor.com® reports.

Not only are home prices higher but homes are also selling faster this year. Days on the market dropped 7 percent compared to last year, reaching a median of 63 days in March. There are also fewer homes for sale, with inventories of homes for sale dropping 8 percent, according to realtor.com®’s report, which is based on for-sale data culled from U.S. MLSs.

“Our latest inventory data tells us buyers are out in full force this spring,” says Javier Vivas, director of economic research for realtor.com®. “Never in history have there been more eyes on fewer homes than today.”

Vivas says that half of the homes selling this summer will likely be listed above $300,000.

“Buyers are not just paying more for the same home; the mix of homes in the market is rapidly changing,” he adds.

Housing inventories between $200,000 and $350,000 remain low, and homes under $200,000 are even harder to find, realtor.com® notes.

“March housing trends show the inventory depletion we’ve seen over the last two buying seasons is carrying over to this year,” realtor.com® notes in a release. “It’s going to be a languid search for buyers this season as they face the harshest, most competitive buying conditions yet.”

Source: realtor.com®; REALTOR® Magazine Online, Daily Real Estate News 040518

Markets with the Most Rapid Home Sales

Markets with the Most Rapid Home Sales
realtor.com   article by Daily Real Estate News | March 13, 2018

House 1034In some markets, homes are selling at record speeds. Realtor.com®’s research team scoured the listing data to find which markets are seeing the quickest sales, based on the median number of days on the market.

The number of days spent on the market is important for sellers and prospective buyers to know, says realtor.com®’s chief economist Danielle Hale.

“That info can give home buyers an idea of how much competition they face, how limited homes are in the market, and how quickly they need to make a decision if they find a home they like,” says Hale. For sellers, it can give them an idea of how long they may have to move elsewhere.

The median number of days on the market nationwide is dropping due to an imbalance in many places in the low supply of homes compared to high demand from buyers.

Out of the nation’s 300 largest metros, realtor.com®’s research team found that the following places saw the lowest number of days on the market for its homes for sale: (Note: realtor.com® limited its ranking to one metro per state for geographic diversity.)

  1. San Jose, CA.: 28.6 (median days on the market)
  2. Seattle, WA: 34.1
  3. Salt Lake City, UT: 38.2
  4. Denver, CO: 39.2
  5. Nashville, TN: 40.6
  6. Portland, OR: 44.3
  7. Boise, ID: 46
  8. Sioux Falls, SD: 46.8
  9. Omaha, NE: 47.2
  10. Minneapolis, MN: 47.3

Visit realtor.com® to find out where homes are lingering on the market the longest.

Source: “Where Homes Are Flying Off the Market—and Where They’re Lingering Longest,” realtor.com® (March 12, 2018); REALTOR® Magazine Online, Daily Real Estate News 031318