In this April edition of the RealtyHop Market Health Report, we investigate the strength of the 100 largest housing markets across the United States. To do this, we analyzed over 300,000 real estate listings on RealtyHop to calculate the “market health” of each city — the difference in price between when real estate listings are first put on the market and when they are eventually sold.
In theory, stronger markets should exhibit fewer price drops and smaller percentage discounts, while weaker markets should show the opposite. Our results explore this metric and shed light on the market health of each major city across the U.S. right now.
The 5 Hottest Housing Markets
1. Henderson, Nevada came in as the hottest housing market this month, taking back the top spot from Chandler, AZ. The city required only a 2.18% average price reduction per listing to sell or $8,999 in dollar terms.
2. Gilbert, Arizona rose one spot this month as the second hottest housing market. On average, homeowners looking to sell only had to reduce prices by 2.19%, or $10,500 to sell.
3. Chandler, Arizona dropped two spots but remained one of the hottest U.S. housing markets this April. Listings in the city required a price cut of 2.23% or $10,300 in dollar terms to be taken off the market.
4. Irvine, California remained a strong seller’s market in April, thanks to low inventory and increased buyer interest. Sellers only needed to reduce asking prices by 2.30%, or $20,000, to attract offers.
5. Garland, Texas jumped two spots this month to close out our top five. As part of the Dallas-Fort Worth metropolitan area, Garland has become increasingly popular among homebuyers. Properties on average required a 2.33% price cut, or $8,400, to sell.
The 5 Coldest Housing Markets
1. Detroit, Michigan remained the coldest housing market in April, even though the market has slightly improved compared to the previous month. Properties in Detroit saw an average of 7.69% price reduction per listing.
2. Laredo, Texas fell three spots this April to become the second coldest housing market in the nation. Real estate listings on average required a 6.29% price reduction, which translates to a -$9,500 price change.
3. Cleveland, Ohio fell one spot to become the third coldest housing market this month. On average, sellers would have to slash their asking by 5.89%, or $5,100, to attract buyers.
4. Buffalo, New York improved one spot as the fourth coldest housing market in April. On average, residential properties saw a $10,000 price adjustment or 5.56% off of the initial list price.
5. Oakland, California dropped one spot this month to close out our five coldest housing markets in the country. Listings in Oakland required a price reduction of $49,000 or 5.56% of the asking price, to be taken off the market.
The RealtyHop Market Health Index analyzes proprietary data gathered from RealtyHop over the month prior to publication, providing a snapshot of housing market health across the 100 most populous cities in the United States. Price changes are taken from over 300,000 real estate listings on RealtyHop to identify each city’s “market health” based on the change in asking prices over the past month.
To calculate the index, the following data points were used:
1) Median home price taken from 300,000 listings on RealtyHop.com over the course of the prior month to publication
2) Median price change per listing: the median amount the asking price per listing changed prior to being sold or taken off the market
3) Median price change as a percentage of total sales price: the percentage of the total home price that the price change represents
Cities are ranked in descending order by Median Percentage Price Change.