October’s Real Estate Hot List

The median list price of properties nationwide zoomed to a new record for the month of October, reaching $250,000. That is 8 percent higher than a year ago, realtor.com® reports.

Read more: Home Buyer Advantage Starts Now

“We are seeing evidence of stronger-than-normal demand this off-season, as buyers remain eager to make purchases,” says Jonathan Smoke, realtor.com®’s chief economist. “As a result, the number of homes for sale declined more in October than at any other point this summer, and left us with 11 percent fewer active listings than last October. That’s the biggest monthly inventory decline since July 2015.” Homes for sale in October are selling 2 percent more quickly than they did a year ago, according to realtor.com®’s data.

And a handful of markets are seeing the majority of that activity. Realtor.com®’s research team compiled its monthly list of the 20 hottest markets in the country. In these markets, homes are seeing high demand (as measured by listing views by market on realtor.com®) and getting quick sales (measured by days on the market).

California cities continue to dominate most of the top 20. However, a new city emerged this month’s list: Boston. The Boston metro area – which includes Cambridge, Newton, and parts of New Hampshire – leaped 17 spots this month to land in the top 10. Boston saw the median age of its inventory decrease by a full week.

The following are the 20 hottest U.S. markets in October, according to realtor.com®:

  • San Francisco
  • Denver
  • Vallejo, Calif.
  • Dallas
  • Fort Wayne, Ind.
  • San Diego
  • San Jose, Calif.
  • Boston
  • Stockton, Calif.
  • Columbus, Ohio
  • Modesto, Calif.
  • Detroit
  • Santa Rosa, Calif.
  • Sacramento, Calif.
  • Eureka, Calif.
  • Colorado Springs, Colo.
  • Fresno, Calif.
  • Waco, Texas
  • Nashville
  • Santa Cruz, Calif.

Source: “America’s 20 Hottest Real Estate Markets for October 2016,” realtor.com® (Oct. 27, 2016)

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