- The housing market slowdown has affected even the hottest markets in the country
- California continues to be the most-represented state in the top-20 hottest housing markets, however its markets are most affected by the slowdown
- The biggest movers among large metros are affordable markets
February 2019 20 Hottest Markets
The housing market slowdown has penetrated even the nation鈥檚 hottest markets. As a group, Realtor.com鈥檚 Hottest Markets are seeing inventory sell 3 days more slowly than last February. This increase in days spent on market by the top list hasn鈥檛 been seen since December 2014. On the top 20 list, 13 markets are now seeing properties move more slowly than last year. The biggest deceleration was visible in the Californian Markets of Santa Cruz, Sacramento, Modesto, Stockton-Lodi and San Francisco, where time on the market increased by 25, 13, 11, 9, and 8 days, respectively, since last February.
However, the hottest markets continue to receive strong buyer interest relative to other markets. The markets on the list received 1.4 to 2.5 times the number of views per property compared to the national average. In terms of supply, these markets are seeing inventory move 20 to 55 days more quickly than the typical property in the US overall.
Midland, TX, retained its number one spot on the list and both Chico and Yuba City, CA, retained their number 2 and 7 spots from last month. These two markets continue to be supported by a strong inflow of demand from displaced families in the aftermath of November鈥檚 Camp Fire.
This month, 9 states were represented in the top 20 list, including Texas, California, Colorado, Washington, New York, Ohio, Indiana, Massachusetts and Idaho. California markets still outnumbered others, with 8 markets making it to the top list. However, the biggest market slowdowns are also occurring within Californian markets.
New to the Top 20 list this month are Santa Cruz, CA; Pueblo, CO; Canton, OH; and Boise City, ID. Although Santa Cruz, Pueblo and Boise have made the list at various times in 2018, this is Canton鈥檚 first time in the top 20 since Realtor.com began tracking the metros in 2013. Canton鈥檚 views per listing have grown by 42 percent over the past year, more than any other market in the top 20. The number of days a typical property spends on the market in Canton has also decreased by 12 days to 51. This quickening of the pace of sales is also the greatest of any of the top 20 markets on the list.
February 2019 Most Improved Markets
Affordability continues to drive the performance of the most-improved markets overall. Of the largest 40 metros, the most improved metros were Cleveland, OH (+47 spots); Philadelphia, PA (+45 spots); Cincinnati, OH (+43 spots); Charlotte, NC (+28 spots) and Virginia Beach, VA (+17 spots). Four of the five most improved markets have a lower median listing price than the national price of $295,000, the exception being Charlotte, which has a fairly comparable median listing price of $325,000.
On the supply side, the most-improved markets combined are seeing inventory move 5 days faster than this time last year. Virginia Beach, Cincinnati and Cleveland buck the national trend of increasing inventory, as their inventory continues to fall by 6 percent for Virginia Beach and 3 percent for the other two markets. Philadelphia inventory has remained nearly flat, growing slightly by 1 percent. Inventory in Charlotte, however, has grown by 13 percent over the year, higher than the national rate of 6 percent.
On the demand side, buyer interest in these most-improved markets is also rising, with listing views 1.4 times higher than the national average and increasing 22% year-over-year on average.
February Top 20 Hottest Housing Markets
| Metro | Rank | Rank YY | Median Days on Market | Days on Market YY | Views Per Property YY | Median Listing Price | Listing Price YY |
| Midland, TX | 1 | 2 | 41 | 3 | 1% | $349,900 | 5% |
| Chico, CA | 2 | 11 | 34 | -5 | 12% | $335,000 | 15% |
| Colorado Springs, CO | 3 | 6 | 46 | 3 | -4% | $384,900 | -4% |
| Spokane-Spokane Valley, WA | 4 | 14 | 49 | -1 | 13% | $299,900 | 11% |
| San Francisco-Oakland-Hayward, CA | 5 | -4 | 29 | 8 | -17% | $890,000 | -1% |
| Sacramento–Roseville–Arden-Arcade, CA | 6 | -1 | 50 | 13 | 3% | $462,039 | 2% |
| Yuba City, CA | 7 | 23 | 59 | -11 | 25% | $317,700 | 0% |
| Rochester, NY | 8 | 17 | 58 | -5 | 20% | $193,719 | 12% |
| Columbus, OH | 9 | 7 | 59 | 3 | -6% | $235,345 | 3% |
| Stockton-Lodi, CA | 10 | -2 | 47 | 9 | -5% | $392,450 | 3% |
| Fort Wayne, IN | 11 | 9 | 63 | 2 | 25% | $201,800 | 13% |
| Modesto, CA | 12 | 0 | 48 | 11 | 4% | $348,243 | 0% |
| Boston-Cambridge-Newton, MA-NH | 13 | 6 | 63 | 3 | 6% | $518,600 | 4% |
| Pueblo, CO | 14 | 8 | 53 | 2 | 11% | $252,900 | 3% |
| Odessa, TX | 15 | 13 | 57 | -3 | 18% | $274,200 | 28% |
| Dallas-Fort Worth-Arlington, TX | 16 | -2 | 54 | 8 | -10% | $335,655 | -4% |
| Fresno, CA | 17 | 0 | 50 | 6 | -3% | $299,913 | 0% |
| Canton-Massillon, OH | 18 | 53 | 51 | -12 | 41% | $141,950 | 9% |
| Santa Cruz-Watsonville, CA | 19 | -13 | 62 | 25 | -10% | $899,463 | 0% |
| Boise City, ID | 20 | 1 | 48 | -2 | -4% | $339,945 | 9% |
February鈥檚 Most-Improved Major Housing Markets
| Metro | Rank | Rank YY | Median Days on Market | Days on Market YY | Views Per Property YY | Median Listing Price | Listing Price YY |
| Cleveland-Elyria, OH | 26 | 47 | 81 | -6 | 29% | $175,950 | 10% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 6 | 45 | 78 | -4 | 25% | $256,922 | 9% |
| Cincinnati, OH-KY-IN | 28 | 43 | 68 | -5 | 23% | $246,450 | 7% |
| Charlotte-Concord-Gastonia, NC-SC | 24 | 28 | 68 | -5 | 13% | $325,000 | -1% |
| Virginia Beach-Norfolk-Newport News, VA-NC | 37 | 17 | 69 | -5 | 20% | $284,950 | 6% |
Methodology: 聽
Listing views per property indicate relative demand while median days on market indicate relative supply. Top markets are those with strong relative demand and limited relative supply. 聽
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