Could less-dense cities grow in popularity? The housing market saw some shifts in March as a global pandemic struck the U.S. and prompted stay-at-home orders across cities and states.
Realtor.com®’s monthly top 20 list for March “is not fully reflective of the effect of the coronavirus,” says Javier Vivas, director of economic research at realtor.com®. “We’re still about a month away from seeing how supply and demand are going to play out at the local level.”
But in the current situation, low population density could become a new draw for consumers, Vivas says. “Less-dense cities have seen less need for social distancing,” he adds. Those have also seen fewer listings pulled off the market.
Home buyers’ focus on smaller, more affordable metros started to emerge prior to the pandemic in realtor.com®’s monthly rankings. Each month, realtor.com® ranks markets based on those that see the fastest sales and have the most views in listings at its site.
Moving forward, Vivas says, buyers will undoubtedly be drawn to markets with not just affordability and supply but also job supply and less deceleration in their economy.
Topping realtor.com®’s list in March was Colorado Springs, Colo., in which half of all homes sold in fewer than 28 days last month—32 days faster than the rest of the country.
The following are the 20 housing markets that topped realtor.com®’s list in March:
- Colorado Springs, Colo.
- Modesto, Calif.
- Manchester, N.H.
- Rochester, N.Y.
- Lafayette, Ind.
- Fort Wayne, Ind.
- Columbus, Ohio
- Topeka, Kan.
- Vallejo-Fairfield, Calif.
- Sacramento, Calif.
- Boston
- Fresno, Calif.
- Yuba City, Calif.
- Spokane, Wash.
- Stockton-Lodi-Calif.
- Dayton, Ohio
- Milwaukee
- Pueblo, Colo.
- Bakersfield, Calif.
- Worcester, Mass.
Source: “These Were the Hottest Markets for Real Estate in March 2020—Will We See a Change?” realtor.com® (April 9, 2020)
