Midwest Is the New Hotness for Homebuyers
In July, about one-third of the nation's hottest housing markets were in the Midwest, including Fort Wayne, Ind., Columbus, Ohio, and Detroit.
According to Realtor.com's monthly hotness analysis, buyers are shying away from California's expensive markets in favor of more affordable ones in the Midwest. The combined median list price in the hottest Midwestern markets was $236,000, while the national average is $299,000. Midland, Texas was the number one market for the second month in a row in July, with a median 29 days on the market, and a booming oil sector.
“With the median home list price hovering at a record level, affordable markets are very attractive for buyers, which is contributing to the popularity of many Midwestern markets,” said Danielle Hale, chief economist of realtor.com. “Although construction is increasing in many regions, inventory remains scarce due to strong buyer demand and years of underbuilding."