The U.S. housing market has become increasingly expensive over the past years. While some buyers are waiting to see whether mortgage rates or housing prices come down, many parts of the country are still hot.
A recent Realtor.com report found that properties located in the country’s 20 hottest markets received three times as many views per listing as the national average. That’s a record high.
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In that same report, Hannah Jones, an economic analyst, noted the following: “This suggests that the month’s hottest markets are seeing significantly more demand than the typical home nationally, despite still-challenging housing conditions.”
This might be bad news for buyers who are looking for an affordable home, but it’s certainly good news for sellers who are ready to take advantage of a hot market. Here are six states where the housing market is still hot for sellers (and the cities in those states with the hottest markets).
Also here are the most affordable cities for homebuyers.
New Hampshire
- Median days on the market (Manchester): 14
- Median list price (Manchester): $630,000
- Median days on the market (Concord): 17
- Median list price (Concord): $600,000
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Connecticut
- Median days on the market (Hartford): 16
- Median list price (Hartford): $447,000
- Median days on the market (New Haven): 24
- Median list price (New Haven): $427,000
- Median days on the market (Bridgeport): 22
- Median list price (Bridgeport): $1,065,000
- Median days on the market (Norwich): 28
- Median list price (Norwich): $542,000
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Massachusetts
- Median days on the market (Springfield): 17
- Median list price (Springfield): $400,000
- Median days on the market (Worcester): 19
- Median list price (Worcester): $545,000
New York
- Median days on the market (Rochester): 17
- Median list price (Rochester): $310,000
- Median days on the market (Buffalo): 21
- Median list price (Buffalo): $300,000
Illinois
- Median days on the market (Rockford): 21
- Median list price (Rockford): $236,000
- Median days on the market (Springfield): 23
- Median list price (Springfield): $216,000
Ohio
- Median days on the market (Canton): 21
- Median list price (Canton): $270,000
- Median days on the market (Akron): 23
- Median list price (Akron): $252,000
- Median days on the market (Columbus): 24
- Median list price (Columbus): $402,000
What Are Some Signs That Now’s a Good Time to Sell?
There are several signs that now is the time to sell your home, one of which is simply the season.
“Every market has a peak season, which is typically in spring and summer. The warmer temperatures and increased daylight hours make viewing homes easier,” said Danielle Andrews, Real Estate Broker at Realty ONE Group Next Generation in Tallahassee, FL.
But there are other factors, too, like low inventory and rising prices in your area.
“These two conditions typically indicate a strong demand,” said Andrews. “Regular discussions with your trusted real estate professional about the trends you’re noticing in your local real estate market can help provide greater insight into whether now is a good time to sell for you.”
Can You Time the Housing Market?
Many people hold off on selling — or buying — property in hopes of scoring a better deal. But can you actually time the US housing market?
“It really isn’t possible to ‘time the market.’ That’s a myth,” said Andrews. “There are so many factors that impact every real estate market, making it difficult to truly predict. Additionally, markets can change rapidly. The day you list your house could be the first day of an unexpected market shift.”
Rather than trying to time the market, it may be better to sell your home when it’s the “right time” for you.
“I don’t believe there is a ‘perfect’ moment for any homeowner to list their home. Instead, I suggest pushing the aspect of timing out of your mind and entering the market when it best aligns with your personal goals, then navigating the market as it is at that moment,” said Andrews. “When you understand your motivations and stay informed about general trends in your local market, you can then make a well-timed decision that ultimately works best for you.”
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Keep an Eye On the Data
Even though you can’t predict the future, you can use the past and present to help you make an informed decision about selling your home.
“The best thing to look at are the statistics in your area for the market as a whole and then specifically your property type — to determine when the ideal time might be to go on the market,” said Nikki Beauchamp NYRS, an associate broker at Sotheby’s International Realty in New York City.
“Looking at the data will help to discern where investments should be made and how the investments will impact price and time on market,” she continued. “You also need to consider what your next step is after the sale and think of all of the factors, micro and macro at the same time.”
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This article originally appeared on GOBankingRates.com: If You Live in One of These 6 States, Consider Selling While It’s Still Hot
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
