RISMedia's Real Estate Magazine

AUG 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1007402

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Page 101 of 126

RISMedia's REAL ESTATE August 2018 97 June's five hottest housing mar- kets, based on median days on market and online views, were: 1. MIDLAND, TEXAS Age of Inventory: 29 days 2. COLUMBUS, OHIO Age of Inventory: 32 days 3. BOSTON-CAMBRIDGE-NEWTON, MASS.-N.H. Age of Inventory: 33 days 4. FORT WAYNE, IND. Age of Inventory: 34 days 5. BOISE CITY, IDAHO Age of Inventory: 33 days According to Danielle Hale, chief economist at realtor.com®, demand is expanding inland, where buyers are meeting more practical prices. "As the record pace of sales con- tinues to challenge would-be home- buyers, the hottest market rankings show that buyers are looking for mar- kets that offer relative affordability," says Hale. There is a what-if: Amazon's ar- rival is likely to pressure prices up, Hale says. In Columbus, for ex- ample—No. 2 in the ranking—the median is $250,000, which has been consistent for the past year. If Amazon were to bring HQ2 into town, affordability could suffer. "In the three cities that were on Amazon's list of possible HQ2 con- tenders—Columbus, Ohio, Boston and Dallas—affordability isn't tak- ing as big a hit as in other hot mar- kets, despite properties selling fast- er than just about everywhere else," says Hale. "This would change if Amazon were to come to town." Based on median days on market and online views, the remainder of the top 20: 6. SAN FRANCISCO-OAKLAND- HAYWARD, CALIF. Age of Inventory: 25 days 7. VALLEJO-FAIRFIELD, CALIF. Age of Inventory: 30 days 8. BUFFALO-CHEEKTOWAGA-NIAG- ARA FALLS, N.Y. Age of Inventory: 36 days 9. COLORADO SPRINGS, COLO. Age of Inventory: 30 days 10. DETROIT-WARREN-DEARBORN, MICH. Age of Inventory: 37 days 11. RACINE, WIS. Age of Inventory: 38 days 12. GRAND RAPIDS-WYOMING, MICH. Age of Inventory: 31 days 13. SACRAMENTO-ROSEVILLE- ARDEN-ARCADE, CALIF. Age of Inventory: 35 days 14. ROCHESTER, N.Y. Age of Inventory: 38 day s 15. KENNEWICK-RICHLAND, WASH. Age of Inventory: 38 days 16. STOCKTON-LODI, CALIF. Age of Inventory: 36 days 17. DALLAS-FORT WORTH-ARLING- TON, TEXAS Age of Inventory: 38 days 18. WORCESTER, MASS. CONN. Age of Inventory: 38 days 19. SPOKANE-SPOKANE VALLEY, WASH. Age of Inventory: 36 days 20. SANTA CRUZ-WATSONVILLE, CALIF. Age of Inventory: 40 days RE For more information, please visit www.realtor.com. Suzanne De Vita is RISMedia's online news editor. Email her your real estate news ideas at sdevita@rismedia.com. Demand Expands to Hot Inland Markets C alifornia's domination as the hottest housing state is weakening, as other affordable markets trend up, according to a recent ranking by realtor.com®. California dipped out of the top five markets for the first time in six years, with the Bay Area finishing at No. 6. Close to half of the top 20 markets in the ranking had median values under the median nationally, or $299,000. by Suzanne De Vita

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