As June moved to July, we saw some of the country’s biggest real estate markets mimicking summer weather and getting even hotter. For others, the story was a bit different.
Let’s look at the numbers for some of the country’s biggest real estate markets, and see how the latest July real estate trends compare to last year:
We saw a steep drop in the number of active listings in Atlanta — about 23% — but that isn’t too much of a surprise. We mentioned last month that Atlanta is one of the fastest-growing cities in the country, so the inventory has generally been on the decline. There was a bump last fall in September, so we’ll keep an eye out for a similar fall inventory spike this year.
Though Austinites strive to keep things weird, they’re probably hoping the real estate market is one exception. For at least three years starting in 2011, Austin was the fastest-growing city in the country — a surge that can create some inventory issues. Those linger even now: Compared to last July, there are 28% fewer listings and 26% fewer sales — a sign that supply is still trailing demand.
Though days on market and listing price have stayed relatively stable in Boston, the spike in sales price is notable. Boston’s booming job market is making it a much more competitive real estate market, with houses selling for 12% more than last July. The past three months in particular have seen average sales prices near $700K, though we’ll see if that holds in August and September — when sales prices took a dip in 2017.
Add Charlotte to the list of big housing markets struggling to meet the demand for housing. Though homes are spending a few extra days on market, what’s more noteworthy is that there are 27% fewer listings and 25% fewer sales than last July. Sales prices aren’t increasing at the same rate as listing prices, but they’re still creeping up by 5%. If you’re a buyer, keep in mind that sales prices did dip a bit last fall.
After a big 30% bump in inventory in June, July saw a drop — about 19% fewer homes in Chicago. Chicago buyers looking for more listings to browse might see another spike this fall — last September saw an inventory increase before a dip backward as the colder winter months set in. While inventory fluctuates, sales prices have stayed relatively even from July last year.
Another competitive market, Denver is proving a goldmine for sellers. Not only is the gap between listing and sales price tightening, but the average sales price is 10% higher than last July. Scarcity is also an issue in Denver, though like many of the cities on this list, it’s proved to have a surge of listings in previous fall seasons..
Even though homes are spending 10% longer on the market in LA compared to last July, the trend on the whole is a downward one. After reaching a peak of 115 days on market in February, that number keeps dropping as the warmer weather sets in. Sales price also jumped 10% from last July — perhaps a sign that pricier homes are the ones getting snagged, since there are still plenty of listings compared to sales on the whole.
The days on market continue to rise for homes in Miami, which has added a lot of properties to the market without an equally hungry demand. Houses are taking 21% longer to sell compared to last July, but that isn’t stopping sellers from bumping the listing price by 10%.
Though houses are flying off the market a little bit faster in Minneapolis than its sister city St. Paul, both are seeing incredible competition in the market. An all-time low for the past year, houses are only lasting 53 days on average. Now’s the time for sellers for take advantage of the demand — as temperatures lower, so do sales prices (patient buyers, however, might see that as a good thing!). And, houses stay on the market nearly twice as long.
Folks have been flocking to Nashville for affordable housing in a bustling city, though prices are slowly creeping up. On average, homes are 7% more expensive compared to last July — and some stipulate that first-time homebuyers might seek suburban homes that aren’t as pricey. Though that’s the prediction, the reality is that this market is still seeing strong demand right now.
Seattle buyers are breathing a sigh of relief — in June and July, inventory finally crept above 6,000 listings — a number they hadn’t seen in more than a year. The year-over-year jump was 27%, which surely is welcomed by buyers who face one of the most competitive markets in the country. Homes are still jumping off the market in about 49 days.
As we mentioned earlier, the Twin Cities are both competitive markets. Last year, the days on market dipped to its lowest point in August, and then climbed back up as the weather got colder — so if you’re looking for a reprieve from the inventory shortage, it likely won’t come until winter. Since last July, the number of listings has dropped by 33%.
Compared to last year, there isn’t much fluctuation — a little increase in listing price (4%) and sales price (1%), and nearly identical inventory. Where buyers are feeling it — and where sellers are basking in it — is that homes are still flying off the market faster than last July by about 8%. Compared to recent months, though, that number is increasing — maybe giving a tiny bit of breathing room to buyers.