At Homesnap, real-time data is our bread and butter. That’s why we wanted to dig into the real estate trends for June to see how the data compare to this same time last year.
Let’s look at the numbers for the country’s biggest real estate markets:
DC’s market continues to be competitive, with houses flying off the market in just 67 days — about 8% faster than last June. We saw 37% more listings in June compared to May (a welcome jump for buyers) and a big leap from June 2017 (about 28% more).
We’re keeping an eye on DC’s housing market to see if it follows last year’s trend, which saw a spike in listings in July — a welcome sight for homebuyers looking to move this fall. If you’re feeling the pressure in a competitive market, check out our blog on how to navigate a hot housing market.
Similar to DC, Denver’s also grown more competitive since last year. Houses are off the market in about 60 days, and there’s a bump of almost 12% in sale prices while listing prices actually dipped slightly.
Sellers could be under-listing to try and get more eyes on their home, or buyers could be overbidding to try and lock down their dream house. Regardless, we do know one thing: July and September tend to be prime listing times for the area (insert sigh of relief from Denver home buyers).
Seattle remains one of the country’s most competitive real estate markets. In June, homes spent just 49 days on the market. Though the number of active listings jumped by 75% compared to last June, buyers still aren’t getting much relief.
Seattle is one of the fastest growing cities in the nation, with population growth at twice the national rate. That competition is staying high!
This June, Chicago homes remained on the market about 106 days, just a few days longer than last year. Listing prices have jumped by 13.5% compared to last June, but on average, sellers aren’t really pocketing more money since sales prices are nearly level.
We might see a bit of a bump in inventory come July and September, but aren’t expecting any huge shifts. Chicago’s housing market hasn’t picked up speed as quickly as other urban markets in the last decade – due in part to slow employment growth and population loss.
Though Atlanta is the third fastest-growing city in the US (evident in the 35% more sales that happened this June compared to last year), this market is a bit more affordable than some of the other metro cities on this list.
Even though the average listing price tops half a million, the actual average sales prices is in the $200Ks — making it a great investment opportunity.
Perhaps surprisingly, in this nearly-always-hot housing market, LA homes are staying on the market about 11% longer than they did last year. It could be that the listing prices – an average $100,000 higher than last June – are outpacing what people are willing or able to spend.
The number of properties for sale in Miami has skyrocketed by 77% in the last year, which has led to quite a surplus in the market. Houses are staying on the market, on average, for 204 days (25% longer than last June).
Why are homes staying on the market for six months or longer? Foreign investment is up in Miami, and contractors are flooding the market with luxury condos. Some say the pace of the construction is outpacing population growth, and others say the price tags might be a bit high.
If you’re an agent in Miami, you might consider Homesnap Pro Ads as a way to get the word out about properties you’re selling so they reach more buyers.
As you can see from the numbers above, every market’s real estate trends are different — even big cities vary widely in terms of how much homes cost and what inventory looks like. That’s why it’s crucial to have instant access to what’s happening near you via the Homesnap app, and for homebuyers and sellers to have a real estate agent who’s an expert in the area.
Fall is quickly approaching, so it’ll be interesting to see what happens in July — we anticipate many spikes in home inventory before an equally big push from buyers and sellers to get moving in August and September before winter comes.