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Northeast housing markets stay hottest on tight inventory
Rochester, Hartford, Boston, and Buffalo all rank among the top five hottest metros for the week ending Aug. 7, with inventory as low as 1.0 months of supply.
The Northeast is continuing to lead the nation in “hottest” single-family housing markets, with Rochester, Hartford, Boston, and Buffalo among the top five metros for the week ending Aug. 7, according to HousingWire Data.
HousingWire reports that tight inventory, sometimes as low as one month of supply, is keeping pressure on buyers to compete, sustaining multiple offers and above-asking sales even as affordability remains a constraint.
Agents told HousingWire they are still seeing homes priced at or slightly above asking move quickly when properties are well maintained and well priced. Boston-based broker associate Andrew Veneziano said condos and single-family homes are up slightly versus last year, while inventory remains down.
On a national basis, HousingWire said active single-family inventory totaled 865,709 homes, with a median list price of $448,665 and 63 days on market. Price reductions climbed to 41.4%, and months of supply measured 2.4, while leading Northeast markets ran far tighter, including Rochester at 1.0 months, Hartford at 1.1 months, and Boston and Buffalo each at 1.4 months.