Spring is now fully upon us, and homebuyers are beginning to search the market for their next home. The number of days on market for most homes has decreased, according to Realtor.com.
Although most regions remain the same from last month’s hottest markets, the Midwest seems to be heating up now as well, according to realtor.com.
Realtor.com chief economist Jonathan Smoke emphasized the importance in the change in the Midwest.
“The Midwest region is representative of the status of the broader U.S. recovery,” Smoke said. “When Columbus, OH, is the 10th hottest market in the country, you know that the Midwest, and the U.S. overall, is back and doing well.”
The growth is a continuation of a boom that began in 2015, Smoke said.
“The Northeast is seeing much stronger year-over-year growth in today’s pending home sales data than the Midwest or any other region, but the Midwest’s growth is better than the U.S. overall,” Smoke said.
The Midwest’s market gained almost 550,000 new listings in April, a growth of 2% from March, Smoke said. Due to the quick acceleration of home sales, even this extra inventor can’t keep pace with the demand.
After falling 22 days from February to March, the median age of inventory dropped again by six days in April, according to realtor.com. That is a 4% annual decrease in homes available for sale, and an annual decrease of five days on market.
“Pent-up demand, lower mortgage rates, and strong employment continue to power the strongest and healthiest real estate market we have seen in a decade,” Smoke said.
In the hottest markets, listings received two to three views and are on the market 17 to 45 fewer days.
Here is the list of the 20 hottest metro areas:
20. Sioux City, Iowa
19. Modesto, California
18. Oxnard, California
17. Fort Wayne, Indiana
16. Lafayette, Indiana
15. Raleigh, North Carolina
14. Stockton, California
13. San Diego, California
12. Colorado Springs, Colorado
11. Boston, Massachusetts
10. Columbus, Ohio
9. Ann Arbor, Michigan
8. Sacramento, California
7. Santa Cruz, California
6. Dallas, Texas
5. San Jose, California
4. Santa Rosa, California
3. Denver, Colorado
2. Vallejo, California
1. San Francisco, California