- California continues to be the most-represented state in the top-20 hottest housing markets, however its markets are most affected by the slowdown
- Three affordable Ohio metros made the top 20 list this month
- The biggest movers among large metros are also affordable markets
March 2019 20 Hottest Markets
As a group, Realtor.com’s Hottest Markets are seeing inventory sell 3 days more slowly than last March. This remains unchanged from February, which was the first increase in days spent on market by the top list since December 2014. On the top 20 list, 15 markets are now seeing properties move more slowly than last year. The biggest deceleration was visible in the Californian markets of Vallejo, Sacramento, and Santa Cruz, where time on the market increased by 11, 9, and 9 days, respectively, since last March.
However, the hottest markets continue to receive strong buyer interest relative to other markets. The markets on the list received 1.5 to 2.5 times the number of views per property compared to the national average. In terms of supply, these markets are seeing inventory move 12 to 36 days more quickly than the typical property in the US overall.
Columbus, OH, and Boston, MA, beat Midland, TX, to claim the first two spots on the list, respectively. Although Chico, CA- supported by demand from displaced families in the aftermath of the November Camp Fire- is still on the list, demand waned in Yuba City, which dropped to number 26.
This month, 11 states were represented in the top 20 list, including Ohio, Massachusetts, Texas, California, Colorado, Indiana, New York, Washington, Wisconsin, Michigan and New Hampshire. California markets still outnumbered others, with 7 markets making it to the top list. However, this month three Ohio markets made it to the list. Ohio markets are among some of the most affordable across the country, and this relative affordability is attracting strong demand from potential buyers amidst market slowdowns in larger, more expensive metros.
This month marked several large changes to the list. Aside from the strength of Ohio markets, there were six new entrants to the list since last month: Lafayette, IN; Milwaukee, WI; Akron, OH; Ann Arbor, MI; Manchester, NH; and Vallejo, CA. Vallejo has topped the list in previous months and although many of the other markets have made it to the list recently, this month marks Manchester’s first time on the list since May 2015.
March 2019 Most Improved Markets
Affordability continues to drive the performance of the most-improved markets overall. Of the largest 40 metros, the most improved metros over the past year were Cleveland, OH (+44 spots); Cincinnati, OH (+38 spots); Philadelphia, PA (+22 spots); Pittsburgh, PA (+21 spots) and Austin, TX (+20 spots). Four of the five most improved markets have a lower median listing price than the national price of $300,000, the exception being Austin, which has a slightly higher median listing price of $360,000.
On the supply side, the most-improved markets combined are seeing inventory move 3 days faster than this time last year. On the demand side, buyer interest in these most-improved markets is also rising, with listing views 1.5 times higher than the national average.
March Top 20 Hottest Housing Markets
|Metro||Rank (March 2019)||Rank (February 2019)||Median Days on Market||Days on Market Y-Y||Views per Property YoY||Median Listing Price||Listing Price YoY|
|Colorado Springs, CO||6||3||40||8||-18%||$399,500||-3%|
|Lafayette-West Lafayette, IN||8||24||46||-6||14%||$219,950||14%|
|San Francisco-Oakland-Hayward, CA||9||5||29||7||-22%||$920,000||-3%|
|Santa Cruz-Watsonville, CA||12||19||40||9||-16%||$945,000||0%|
|Spokane-Spokane Valley, WA||14||4||48||4||8%||$312,055||12%|
|Milwaukee-Waukesha-West Allis, WI||15||21||44||1||-9%||$269,900||16%|
|Ann Arbor, MI||17||54||41||-4||-22%||$379,900||10%|
March’s Most-Improved Major Housing Markets
|Metro||Rank (March 2019)||Rank (March 2018)||Median Days on Market||Days on Market Y-Y||Views per Property YoY||Median Listing Price||Listing Price YoY|
|Austin-Round Rock, TX||76||96||48||1||-2%||$359,990||-2%|
Listing views per property indicate relative demand while median days on market indicate relative supply. Top markets are those with strong relative demand and limited relative supply.
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