Hot Housing Markets in 2019 vs. 2020
September 28, 2020 — 6 min read
Hottest Markets in 2019
Booming mega-cities like NYC, LA, and Seattle have become "luxury cities" over the past few years as taxes, rent, and housing prices continue to soar, forcing current residents to consider living elsewhere. A recent Zillow report claims that suburban housing markets have not strengthened at a disproportionately rapid pace compared to urban markets in 2020. However, they also note that suburbs displaying persistent sales, despite a more-limited supply, could suggest hotter market conditions. Last year, these five cities ranked the highest on our list, based on population, time on the market, and median listing price.Grand Rapids, Michigan
Two hours northwest of Detroit is a quiet city with plenty of parks and nightlife to keep residents happy and busy in their free time. Millennial buyers make up 48% of new purchase mortgages.
- Population: 193,887
- Time on Market (Before Selling): 10 days
- Median Listing Price: $178,050
Omaha, Nebraska
Highly rated school districts with a low cost of living are just a few attractive qualities about Omaha. Millennial buyers make up 43% of new purchase mortgages.
- Population: 443,072
- Time on Market (Before Selling): 21 days
- Median Listing Price: $238,950
Boise, Idaho
Home to Boise State University, endless amenities, and an average home value amount 14% higher than the US average, it's no surprise that Boise is on this list. Millennial buyers make up 28% of new purchase mortgages.
- Population: 218,677
- Time on Market (Before Selling): 14 days
- Median Listing Price: $289,950
Shawnee, Kansas
With a population less than 70,000, this little city is known for its walkable downtown, boutiques, and restaurants. Homebuyers looking for a small-town feel with a low cost of living will love Shawnee. Millennial buyers make up 43% of new purchase mortgages.
- Population: 64,444
- Time on Market (Before Selling): 13 days
- Median Listing Price: $220,050
Rochester, New York
Packed with a diverse culture, job opportunities, and exciting amenities, Rochester continues to attract young homebuyers looking for adorable living with a big city feel. Millennial buyers make up 43% of new purchase mortgages.
- Population: 210,291
- Time on Market (Before Selling): 17days
- Median Listing Price: $125,050
Hottest Markets in 2020
With most cities still in the late stages of reopening, and some cities reclosing due to increasing Covid-19 cases, it's hard to say if buyers would rank location over availability and affordability in this economic climate. That being said, these markets are currently on the rise and on our radar.Unexpected Cities
"Hot" markets tend to vary across different sites, graphics, and reports. Some sources take factors such as crime and nightlife into their rankings, whereas others focus primarily on the cost of living, location, and median listing price. According to AreaVibes, a website that takes education, employment, crime, cost of living, amenities, and many more factors into consideration, Ohio is the place to be. Three of their top five highest-ranking cities (based on a livability score) are all in Ohio, just outside of Columbus. The sites' top 10 include:- Grandview Heights, OH
- Hilliard, OH
- Huntington Woods, MI
- Upper Arlington, OH
- Papillon, NE
- Worthington, OH
- Glendale, MO
- East Grand Rapids, MI
- Grosse Pointe Park, MI
- Ankeny, IA
- New York City - 66
- LA - 53
- Chicago - 60
- Houston - 73
- Phoenix - 63
- Philadelphia - 57
- San Antonio - 78
- San Diego - 70
- Dallas - 74
- San Jose - 67
Trending Cities
Diving into other statistics, such as time on market and buyer interest, the list of trending cities is much more diverse. In a recent study by Realtor.com, the site recognized the following ten cities as "hot" in 2020.- Colorado Springs, CO
- Average No. of Days on Market: 13
- Median List Price: $287,000
- Reynoldsburg, OH
- Average No. of Days on Market: 17
- Median List Price: $204,000
- Rochester, NY
- Average No. of Days on Market: 18
- Median List Price: $162,000
- Melrose, MA
- Average No. of Days on Market: 19
- Median List Price: $644,000
- South Portland, ME
- Average No. of Days on Market: 21
- Median List Price: $377,000
- Topeka, KS
- Average No. of Days on Market: 19
- Median List Price: $184,000
- Hudson, NH
- Average No. of Days on Market: 22
- Median List Price: $350,000
- Worcester, MA
- Average No. of Days on Market: 21
- Median List Price: $318,000
- Springfield, VA
- Average No. of Days on Market: 7
- Median List Price: $553,000
- Raleigh, NC
- Average No. of Days on Market: 25
- Median List Price: $273,000
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