The most recent data for Homes.com’s Local Market Index Reports is in and there is plenty to talk about!
Top 100 Markets
In last month’s report, Knoxville, TN, fell from the list of markets that had surpassed its peak position prior the housing bust. Luckily, they have recovered from this loss and there is once again 37 out of the top 100 markets whose home prices have completely bounced back.
Continuing on a positive note, 99 out of the top 100 markets reported increases for the 3-month average index point change! In other words, all of these markets have consistently witnessed some form of price gains over the past 3 months. Jackson, MS, was the only market out of the top 100 that reported a loss over the 3 month average, with a slight decrease of 0.14%.
Connecticut had a booming month, as four out of the top six markets could be found here. For the second month in a row, Miami-Fort Lauderdale-West Palm Beach, FL, was the lone market representing the South with an 8% annual increase. What may come as a surprise to many is that California, who has topped the charts in almost all previous reports, no longer leads the list of top 10 annual gaining markets. Instead, Utah made a name for itself because it is home to three of these top annually performing markets. Lastly, Wheeling, WV-OH was the only market to see an annual decrease, which was measured at a 5.96% decline.
Top Midsized Markets
Unfortunately, the total number of Midsized Markets (measuring population rank from 101 to 300) to achieve a full recovery decreased by one in the most recent data. With the loss of Columbus, GA-AL, there are now 68 mid-sized markets that have rebound more than 100 percent. The good news is that Homes.com expects the market will bounce back from this loss by next month, but for now, there are 105 (35%) of U.S. markets that can confidently say the effects the housing bust are a thing of the past!
From a regional standpoint, The Northeast had nothing short of stellar performance, claiming the top 3 month average market list but Rapid City, SD actually witnessed the highest gains over a 3 month average basis. Six of the top 10 single-family markets with the highest 3 month average percent change could also be found in the Northeast and the others were located in the Midwest and South regions. With that being said, the West region still posses 9 out of the top 10 ten increasing markets year-over-year with the exception of Rapid City, SD, a market in the Midwest.
Do you have clients or prospects in any of these areas? Share this information with them to keep them up to date on current market conditions, you never know, it could be just the thing they need to decide to come to market. If you’re looking for creative ideas on how to share this data with your community, download the “Homes.com Local Market Index How to Guide.” Here you will find quick and easy suggestions on how to translate this information into easily understandable terms that will make it more effective for your community and will help position you as the local real estate expert!
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