Houses are selling fast in San Francisco and lingering on the market in Baltimore.
Zillow named the nation’s hottest and coldest housing markets based on the share of properties that cut prices and the average number of days that listings spent on the market.
According to Fortune, houses in the nation’s hottest housing market, San Francisco, are only on the market for 51 days, and just 5.4 percent of listings had a price cut before finding a buyer. Conversely, homes in Baltimore stay on sale for 104 days, and 13 percent of sellers had to reduce prices.
Most of the hot markets are located in the west, such as San Jose, Denver, Seattle, and San Diego. The colder markets, which favor buyers, are out east or in the Midwest, including Miami, Chicago, and Detroit.
Zillow also polled 111 housing experts. The majority of them expecting home sales to become a buyer’s market again in 2018 or 2019. The annual increase in home values is expected to slow to 3.5% by the end of the year, compared to the nearly 7% appreciation homeowners are currently experiencing, which is a major factor in the anticipated shift from a seller’s market to a buyer’s market.
Advertisement
Related Stories
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders
Market Data + Trends
January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market
A drop in mortgage rates from recent peaks nudged more homebuyers and sellers into the market, signaling the start of greater supply and demand
