{"id":5048,"date":"2020-05-20T09:30:15","date_gmt":"2020-05-20T14:30:15","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=5048"},"modified":"2022-03-01T21:49:56","modified_gmt":"2022-03-02T02:49:56","slug":"realtyhop-market-health-report-may-2020","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/realtyhop-market-health-report-may-2020\/","title":{"rendered":"RealtyHop Market Health Report: May 2020"},"content":{"rendered":"
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In this May 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 \u201cmarket health\u201d 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.\n<\/p>\n
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1. Gilbert, Arizona<\/a> was the healthiest housing market in the U.S. this past month, as real estate listings required only a 1.78% drop in price to be taken off the market. This change represented a $9,000 discount on the initial list price.<\/p>\n 2. Chandler, Arizona<\/a> fell from the top spot despite its real estate market remaining stable over the month. The median price drop for Chandler was 1.84%, compared with 1.82% last month. Despite not holding the top spot, Chandler remains one of the healthiest markets in the country.<\/p>\n 3. Colorado Springs, Colorado<\/a> saw listings this May require a 2.09% drop in order to be taken off the market, equating to $10,000 of the total initial asking price. This was a slightly larger discount compared to last month\u2019s figure of 2.04%.<\/p>\n 4. Plano, Texas<\/a> increased one spot to retake the fourth hottest spot. Listings in Plano required a 2.11% price drop in order to be taken off the market, slightly better than last month\u2019s 2.15%. This constituted a $10,000 discount from the initial sales price.\n<\/p>\n 5. Mesa, Arizona<\/a> fell to the fifth hottest housing market spot this May. Mesa real estate required a $7,850 discount on average to be sold, equating to a price drop of 2.12%.<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n 1. Detroit, Michigan<\/a> continues to be the coldest market for home sellers in the country. Real estate listings required steep discounts in order to be sold, with the median price drop in the month coming in at 8.33%. This equated to a $5,000 discount off of initial list price.\n<\/p>\n 2. Cleveland, Ohio<\/a> retained the second coldest spot, as the average property in Cleveland required a significant 7.01% discount in order to be sold or taken off of the market.<\/p>\n 3. Buffalo, New York<\/a> became the third coldest market, despite real estate requiring slightly lower cuts compared to last month. Listings this month saw a median price drop of 5.77%, compared with 5.81% over the month prior. Buffalo\u2019s price change per listing was -$10,000.<\/p>\n