Grand Rapids is 9th 'hottest' housing market in US
Grand Rapids’ housing market is heating up.
New data from realtor.com shows Grand Rapids has jumped up to become the No. 9 “hottest” housing market in the country for the month of May.
The jump was one of the largest in the monthly ranking, as Grand Rapids sat at number No. 25 in April.
Fort Wayne, Indiana made the largest jump, going from No. 30 in April to No. 10 in May.
Realtor.com attributed the changes to spillover demand from more expensive markets, as well cold weather delaying the start of the spring buying season.
Midwestern states are climbing the ranking as California home prices continue to rise. Four California markets made the May top 20, compared to two months ago when California “dominated” half the ranking.
"The California housing market has been hot for a long time but may be too hot,” said Javier Vivas, director of economic research, realtor.com. “Our May ‘hotness’ index further confirms we're seeing that as prices in California continue to soar, people are increasingly looking elsewhere."
The ranking is based on listing views by market, an indicator of demand, and median days on market, an indicator of supply.
Realtor.com data shows inventory declined nationwide by six percent year over year in May and increased 6 percent compared to April.
Realtor.com also shows median listing prices grew eight percent year over year for the third month in a row, down from 10 percent in February. Part of the deceleration can be attributed to 557,000 new listings hitting the market in May, the highest number since July 2015.
The top 20 "hottest" housing markets in May
1. Midland, Texas
2. Boston-Cambridge-Newton, Massachusetts-New Hampshire
3. San Francisco-Oakland-Hayward, California
4. Columbus, Ohio
5. Vallejo-Fairfield, California
6. Boise City, Idaho
7. Stockton-Lodi, California
8. Buffalo-Cheektowaga-Niagara Falls, New York
9. Grand Rapids-Wyoming
10. Fort Wayne, Indiana
11. Colorado Springs, Colorado
12. Sacramento-Roseville-Arden-Arcade, California
13. Worcester, Massachusetts-Connecticut
14. Rochester, New York
15. Ann Arbor
17. Odessa, Texas
18. Spokane-Spokane Valley, Washington
19. Dallas-Fort Worth-Arlington, Texas
20. Racine, Wisconsin