Fast-growing Midwest markets are overtaking pricy California cities on property search website realtor.com‘s hottest markets report, which looks at the areas of the country in which properties are selling at the fastest rates (by days on market).
The July list, released Wednesday by the News Corp-owned website, named seven midwest markets and five in California, with markets in Texas, Colorado, New York and Massachusetts rounding out the rest of the top 20 locales.
“With the median home list price hovering at a record level, affordable markets are very attractive for buyers, which is contributing to the popularity of many Midwestern markets,” realtor.com chief economist Danielle Hale said in a statement.
“Although construction is increasing in many regions, inventory remains scarce due to strong buyer demand and years of underbuilding. Even these affordable markets run the risk of what we’ve seen elsewhere if they aren’t able to keep pace with new construction.”
Realtor.com identifies its 20 hottest markets through listing views and median days on market. Properties in the 20 markets chosen moved 17 to 30 days more quickly than homes in the rest of the country.
Homes in these 20 markets spent four days fewer on the market on average than this time a year ago. Listing views were 1.8 times higher than the national average and 16 percent higher than last year, realtor.com said.
The top market, Midland, Texas, has earned that designation for four months in a row now.
Here are the top 20 hottest markets for July, according to realtor.com:
- Midland, Texas
- Fort Wayne, Indiana
- Boise City, Idaho
- San Francisco-Oakland-Hayward, California
- Columbus, Ohio
- Colorado Springs, Colorado
- Detroit-Warren-Dearborn, Michigan
- Racine, Wisconsin
- Vallejo-Fairfield, California
- Rochester, New York
- Sacramento-Roseville-Arden-Arcade, California
- Janesville-Beloit, Wisconsin
- Boston-Cambridge-Newton, Massachusetts
- Dallas-Fort Worth-Arlington, Texas
- Pueblo, Colorado
- Buffalo-Cheektowaga-Niagara Falls, New York
- Stockton-Lodi, California
- Fresno, California
- Odessa, Texas
- Grand Rapids-Wyoming, Michigan