Home buyers are turning out in markets across the country for the spring selling season, and some markets are seeing more action than others.
“We are now firmly in the time of the year when peak demand and peak inventory levels typically occur, through spring and early summer,” says Jonathan Smoke, realtor.com®’s chief economist. “Buyers should expect substantial competition, especially in the hottest markets, and for affordably priced homes within most markets.”
The median list price for a home was $220,000 in March – 11 percent higher than a year ago, according to realtor.com®’s preliminary analysis of its site data in March of 200 of the largest markets across the country.
Homes are selling faster too. The median number of days on the market fell to 89 in March – 13 percent lower than a year ago.
The following 20 markets homes had homes selling at some of the fastest speeds:
- San Jose, Calif.: 22 days (median days home spent on the market in March)
- San Francisco, Calif.: 26 days
- Santa Roa, Calif.: 32 days
- Denver, Colo.: 37 days
- Seattle, Wash.: 37 days
- Boulder, Colo.: 38 days
- Vallejo, Calif.: 38 days
- Los Angeles, Calif.: 41 days
- Minneapolis, Minn.: 43 days
- San Diego, Calif.: 43 days
- Santa Cruz, Calif.: 43 days
- Fargo, N.D.: 44 days
- Sioux Falls, S.D.: 44 days
- Oxnard, Calif.: 45 days
- Dallas, Texas: 46 days
- Portland, Ore.: 46 days
- Austin, Texas: 48 days
- Greeley, Colo.: 48 days
- Modesto, Calif.: 48 days
- Sacramento, Calif.: 48 days
Realtor.com® also reported that site traffic and searches for listings set record highs last month, as the site reached its highest number of unique visitors ever recorded in March. What’s more, realtor.com® reported a 50 percent increase in page views in March year-over-year, as well as 40 percent more searches by visitors for homes for-sale.
Source: “These Are the 20 Hottest Housing Markets in the U.S. Right Now,” realtor.com® (April 8, 2015)