California dominates the list as it is home to 13 out of the top 20 hottest markets in the country
Let’s get this out of the way right away; yes, San Francisco is number one on the list for the hottest real estate markets in the U.S. for March. Listing the hottest real estate markets has become like listing the best basketball players of all time; everyone just agrees on Michael Jordan being in the number one spot and the debate starts from there.
While we can avoid talking about San Francisco from here on out, it may be a bit difficult to avoid talking about California in general, as (not including the city that shall not be named) there are still 12 other markets located in California on the list. However, with the spring homebuying season in full bloom, Realtor.com reports that despite California’s dominance, some Eastern markets are starting to make a comeback.
Boston, Mass.; Raleigh, N.C.; and Lafayette, Ind. all found themselves on this list for March ranking in at number 16, 15, and 20 respectively. Other non-California markets on the list were Denver, Colo.; Dallas, Texas; Colorado Springs, Colo.; and Boulder, Colo. Dallas and Denver were the only two states not located in The Golden State to crack the top ten.
Additionally, the inventory of homes for sale began to increase more steadily in March, but it is still being outpaced by demand, which caused a parallel increase in home prices. March has a projected median list price of $238,000, which is a 3 percent increase from February and an eight percent increase from last March.
That being said, there is still projected to be 2 percent fewer homes on the market as compared to last March, which is a major reason homes for sale in March only stayed on the market for a median of 77 days, which was 20 percent shorter than February and 13 percent shorter than the previous year.
The spring is typically the busiest season for home buying and, this year, we are entering it with the lowest amount of inventory in three years.
To see the full list of the hottest real estate markets in March, click the link below.