Cicely Wedgeworth of Realtor.com gives us insight on hottest real estate markets of 2017.
Each month at realtor.com®, we identify the country's hottest metropolitan markets for real estate—the ones whose homes attract the most listing views and spend the fewest days on market as buyers snap them up. Sometimes we see places dominate the top of the list for months without a break; other times we see quick rises and even quicker falls, as the economic circumstances of key players change.
So as we near the end of the year, we decided to take stock: What were the flat-out hottest real estate markets of 2017—and which were the ones whose fortunes changed the most?
The year's five biggest success stories illustrate the comebacks and challenges faced by Americans across the country, as home prices marched steadily upward, pushed by the perennial shortage of homes for sale.
The biggest gainer: Cincinnati, which jumped 53 spots to land at No. 64 on the overall hottest markets list (drawn from the 300 largest metropolitan areas). Like much of the Midwest, Cincinnati offers homes with prices that are actually within reach for many buyers.
“Cincinnati is all about relative affordability; it’s one of the last affordable pockets of inventory available in the country," says Javier Vivas, manager of economic data for realtor.com.
Relative affordability is also the key selling point for Riverside, CA, which went up 34 spots, and Phoenix, which went up 24. About 60 miles east of downtown Los Angeles, Riverside is a bargain oasis in uber-expensive California, whereas Phoenix appeals to cost-conscious buyers along the western swath of the country.
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