The housing market is on fire for 2017. Real estate agents have been busier than ever in brokering buying and selling, according to the most recent data released in June of this year. Inventory for professionals has been on a steady decline, indicating that there is a serious shortage of houses and other type dwellings. The nationwide median home price is over $275,000 which reflects a 9% increase in value over the past year. Although this is not the case in every market, it is a trend that is spreading further throughout the United States. There are simply fewer homes up for sale when compared with the data from the previous year.
The majority of homes that are placed on the market are selling in record time. In 2016, the average time that a property sat on the market was 60 days and a year later it is 55. New homes are being listed with over 530,000 added in the past year, however, there are fewer on the market in comparison because they are selling so fast. It appears that there is a market for new construction to ramp up its efforts.
Here are the top 20 hottest real estate markets in the United States as set by the shortest average length of time that houses sit on the market: