In this November 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. Specifically, 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 cities across the U.S. right now.
1. Gilbert, Arizona was the hottest market for sellers this November, as listings required a low 1.87% average price drop to be sold. While still the strongest city in the country, it represented a slightly deeper discount compared to October’s 1.82%.
2. Chandler, Arizona placed narrowly behind Gilbert at an average price drop of 1.89%. In dollar terms, this equated to a $10,000 price reduction per listing.
3. Irvine, California was the third hottest housing market in the country, as real estate listings required a drop of only $19,500, or 2.02% off list price, to sell. This was consistent with last month’s average reduction of -2.03%.
4. Plano, Texas remained stable after a rise in our rankings over the past two months. Listings in Plano required a $10,200 average price reduction in order to sell, which equated to 2.08% off the original list price.
5. Henderson, Nevada rounded out the five hottest housing markets this month, as listings required only a 2.10% price drop, or $9,000 per home, to be taken off the market.
1. Detroit, Michigan had the lowest housing demand of any city this November. Real estate listings on average required a steep 7.39% discount in order to sell, representing a $9,000 reduction in dollar terms.
2. Buffalo, New York saw property require a $10,000 average price drop to be taken off the market. This equated to 5.59% off the original list price, slightly larger than last month’s 5.56%.
3. Cleveland, Ohio had its market health improve this month. The city’s average listing drop was 5%, compared with 5.11% in October. In dollar terms, this equated to a $5,950 reduction per property.
4. Laredo, Texas dropped nine spots on our ranking, as real estate listings required an $8,500 discount to be sold. This 4.89% drop was a considerably deeper discount compared with last month’s 3.93%.
5. San Francisco, California’s market health remained stable, as listings saw a $61,100 price reduction on average to sell. This equated to 4.83% of the original list price.
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 datapoints are 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.