While expensive coastal markets are cooling off a bit, inland markets with shrinking housing supplies are having more homes go under contract within days, according to Redfin.
Based on the four weeks ending Oct. 14, Redfin ranked the top 25 markets based on declines in inventory, increases in the share of homes going under contract with two weeks and increases in the share of homes selling for more than their list price.
Wilmington, Del.; Philadelphia and Atlanta topped Redfin’s rankings.
“Competition in Wilmington has become fierce, and often buyers have to offer over asking and compete against three to six other offers,” Redfin agent Claryssa McEnany said in a release. “I’m working with several buyers moving to the area from New Jersey who have expressed that they want to escape the higher property taxes that they can no longer fully deduct.”
The other markets topping Redfin’s list were Rochester, N.Y.; Greensboro, N.C.; Akron, Ohio; Richmond, Va.; and Buffalo, N.Y.
Redfin said it’s likely even if the real estate slowdown becomes more widespread, the inexpensive markets on its list will continue to show strength thanks to their big advantage in affordability.
Homes in the metro areas that are heating up are also considerably less expensive than in coastal markets such as Seattle and San Jose, but also offer median prices that are less than the national median price of about $300,000.