Realtor.com announced today that data from August revealed that the national housing market was “hotter” than it has been in the past decade with fast moving inventory and record-high prices for the residential real estate market. When breaking down the information on a regional basis, the Columbus metro area landed in 7th place on their list of hot markets with houses only sitting available for a median of 46 days.
“Summer 2016 was one of most competitive buying seasons that we have ever witnessed, fueled by historically low mortgage rates and inventory shortages that resulted in record-high prices,” said Jonathan Smoke, chief economist for realtor.com. “With the school year starting now in most of the country, we’re seeing some drop-off in demand, which may provide some relief for buyers weary from battling it out against other buyers all summer.”
The national average for listings is 72 days with a median price of $250,000, which is eight percent higher it was a year ago.
The six regions to top Columbus on the list of hot housing markets are Vallejo-Fairfield (California), Dallas, Denver, San Francisco, Stockton (California) and San Diego. The only other midwestern cities to make the list were Detroit (9th place) and Fort Wayne (11th place).