Spring home sales may be in a funk, but there are still plenty of cities where homes are selling fast.
Spring is typically the most active season in real estate, however, the broader housing market showed signs of slowing in March compared to a year ago despite some “unexpected hot spots,” according to Realtor Magazine.
Atop the list of unlikely hot spots is Columbus, Ohio, Realtor reported.
“Several markets in Ohio, which are some of the country’s most affordable, are attracting lots of buyer interest, claiming three of the top 20 spots in our monthly ranking of the country’s hottest metros for real estate,” Realtor wrote. “The state capital, Columbus, came in at No. 1 on the list, which reflects a combination of how fast homes take to sell (days on market) and the number of listing views racked up in each market. Both of these are an indicator of buyer demand.”
Columbus sellers enjoyed an average of only 40 days on market, a list price appreciation of 7 percent year over year and a median list price of $249,900. Two other Ohio cities — No. 16 Akron and No. 19 Canton — also earned spots on the list. Following Columbus was No. 2 Boston and No. 3 Midland, Texas.
In total, 11 states were represented in Relator’s top 20 list, including Ohio, Massachusetts, Texas, California, Colorado, Indiana, New York, Washington, Wisconsin, Michigan and New Hampshire. California, however, dominated the ranking with 7 markets making it on the top 20 list.
The Midwest has tangentially benefited from the housing slowdowns in large U.S. metros, said Relator chief economist Danielle Hale.
“Historically there wasn’t much demand in those areas,” Hale said. “Now that home prices are higher across the board, people are looking to those [more wallet-friendly] areas to buy. Columbus is super affordable, with a median $249,900 compared to the national listing price of $300,000, which attracts a lot of younger buyers.”
For more information on this list, check out the graphic below