Realtor.com recently released their Market Hotness Index, ranking the current hottest real estate markets around the country according to the latest statistics on housing inventory and demand. In August 2017, the national median home price sits at $275,000 with a national median age of inventory of 66 days.
Top 10 Hottest Markets and Age of Inventory
- Vallejo-Fairfield, CA: 31 days
- San Jose-Sunnyvale-Santa Clara, CA: 29 days
- San Francisco-Oakland-Hayward, CA: 32 days
- Detroit-Warren-Dearborn, MI: 39 days
- Stockton-Lodi, CA: 34 days
- Kennewick-Richland, WA: 34 days
- Fort Wayne, IN: 40 days
- Columbus, OH: 41 days
- San Diego-Carlsbad, CA: 38 days
- Sacramento-Roseville-Arden-Arcade, CA: 39 days
“Detroit jumped into realtor.com’s top five hottest housing markets last month,” says Danielle Hale, chief economist for realtor.com. “While prices are increasing in Detroit, homes are still priced about 20 percent below the national average, which has made the market a hotbed for buyers. On top of that, the market’s median income is nearly identical to the national average, which gives those looking for a home a lot of buying power in this metro.”
The revitalization of metros like Detroit is encouraging, providing options for local and migrating homebuyers seeking affordability.
Realtor.com also reports that national home prices increased 10 percent this August from just one year ago and there were nine percent less homes on the market. While hot markets can be welcome news to real estate professionals, the rising prices and decreased inventories spell trouble for hopeful homebuyers with a stringent budget.