Housing's Top 10 Turnaround Towns
Which U.S. cities are leading the nation's housing recovery? Realtor.com® has released its second quarter rankings based on indicators such as inventory, median list price, days on the market, and search and listing activity on its site.
Despite its recent filing for bankruptcy, Detroit emerged as No. 7 on the list. The median list prices in Detroit were nearly 38 percent higher for the second quarter than last year at this time, and the market’s median age of inventory was 45 days — the second lowest in the nation.
“Detroit has made remarkable progress in the last year, shrinking its inventory of unsold homes by more than 26 percent and becoming one of the most balanced markets in the nation,” says Steve Berkowitz, CEO of Move. “We’ll be watching the inventory levels in the months ahead, but if this past quarter is any indication, Detroit won’t be giving up without a fight.”
The following are realtor.com®’s top 10 turnaround towns:
1. Oakland, Calif.
Quarterly year-over-year median list price: up 41.3%
Quarterly year-over-year median age of inventory: down 53.1%
2. Orange County, Calif.
Quarterly year-over-year median list price: +29.4%
Quarterly year-over-year median age of inventory: -43.3%
3. Santa Barbara-Santa Maria-Lompoc, Calif.
Quarterly year-over-year median list price: +34.3%
Quarterly year-over-year median age of inventory: -30.9%
4. San Jose, Calif.
Quarterly year-over-year median list price: +25%
Quarterly year-over-year median age of inventory: -64%
5. Seattle-Bellevue-Everett, Wash.
Quarterly year-over-year median list price: +17.2%
Quarterly year-over-year median age of inventory: -55.8%
6. Los Angeles-Long Beach, Calif.
Quarterly year-over-year median list price: +30.3%
Quarterly year-over-year median age of inventory: -27.2%
7. Detroit
Quarterly year-over-year median list price: +37.8%
Quarterly year-over-year median age of inventory: -25%
8. Portland, Ore.-Vancouver, Wash.
Quarterly year-over-year median list price: +12%
Quarterly year-over-year median age of inventory: -45.8%
9. San Diego
Quarterly year-over-year median list price: +21.1%
Quarterly year-over-year median age of inventory:-26.4%
10. Reno, Nev.
Quarterly year-over-year median list price: +26%
Quarterly year-over-year median age of inventory: -32.3%
Source: realtor.com®
Despite its recent filing for bankruptcy, Detroit emerged as No. 7 on the list. The median list prices in Detroit were nearly 38 percent higher for the second quarter than last year at this time, and the market’s median age of inventory was 45 days — the second lowest in the nation.
“Detroit has made remarkable progress in the last year, shrinking its inventory of unsold homes by more than 26 percent and becoming one of the most balanced markets in the nation,” says Steve Berkowitz, CEO of Move. “We’ll be watching the inventory levels in the months ahead, but if this past quarter is any indication, Detroit won’t be giving up without a fight.”
The following are realtor.com®’s top 10 turnaround towns:
1. Oakland, Calif.
Quarterly year-over-year median list price: up 41.3%
Quarterly year-over-year median age of inventory: down 53.1%
2. Orange County, Calif.
Quarterly year-over-year median list price: +29.4%
Quarterly year-over-year median age of inventory: -43.3%
3. Santa Barbara-Santa Maria-Lompoc, Calif.
Quarterly year-over-year median list price: +34.3%
Quarterly year-over-year median age of inventory: -30.9%
4. San Jose, Calif.
Quarterly year-over-year median list price: +25%
Quarterly year-over-year median age of inventory: -64%
5. Seattle-Bellevue-Everett, Wash.
Quarterly year-over-year median list price: +17.2%
Quarterly year-over-year median age of inventory: -55.8%
6. Los Angeles-Long Beach, Calif.
Quarterly year-over-year median list price: +30.3%
Quarterly year-over-year median age of inventory: -27.2%
7. Detroit
Quarterly year-over-year median list price: +37.8%
Quarterly year-over-year median age of inventory: -25%
8. Portland, Ore.-Vancouver, Wash.
Quarterly year-over-year median list price: +12%
Quarterly year-over-year median age of inventory: -45.8%
9. San Diego
Quarterly year-over-year median list price: +21.1%
Quarterly year-over-year median age of inventory:-26.4%
10. Reno, Nev.
Quarterly year-over-year median list price: +26%
Quarterly year-over-year median age of inventory: -32.3%
Source: realtor.com®
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