Yahoo Finance Top 10 Seller's Markets Defy High Interest Rates With Strong Demand And Rising Prices
Despite high interest rates, some of the nation's housing markets have such strong demand that bidding wars persist, making them sellers' markets.
Rochester, New York, is currently the nation's top seller's market because of its affordability, which gives buyers a reprieve from high interest rates. According to Realtor.com, homes in the community are selling for almost 10% more than the asking price.
"Low inventory in Rochester means multiple offers on many properties, said real estate agent Karin Morabito of Karin Morabito Homes. "You can find waterfront properties here. You can get anywhere in 20 minutes. It's super convenient."
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In a seller's market, demand from potential buyers is higher than the number of homes on the market.
"The areas where sellers are faring the best in today's market are concentrated in the Northeast and Midwest," said Realtor.com economist Hannah Jones.
She noted that seller's markets have "relatively high buyer demand, resulting in scarce inventory and a brisk pace of sale."
Rochester isn't the only market where homes sell above the list price. On average, homes in the top 10 sellers' markets sold for 4.2% above the asking price. Nationally, homes sold for about 3% less than the initial list price.
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Top 10 Seller's Markets
Rank | City | Median price | Median days on market | Number of listings |
1. | Rochester, New York | $295,000 | 16 | 727 |
2. | San Jose, California | $1,466,953 | 21 | 1,109 |
3. | Manchester, New Hampshire | $577,450 | 14 | 251 |
4. | Kansas City, Kansas | $422,000 | 47 | 3,989 |
5. | Topeka, Kansas | $255,000 | 32 | 242 |
6. | Lancaster, Pennsylvania | $423,725 | 29 | 374 |
7. | San Francisco | $1,026,500 | 28 | 4,354 |
8. | Wichita, Kansas | $324,900 | 41 | 1,112 |
9. | Hartford, Connecticut | $406,125 | 30 | 858 |
10. | Syracuse, New York | $272,500 | 55 | 514 |
Source: Realtor.com
Tech companies like Adobe, Apple Inc., Nvidia Corp. and Intel drive demand for homes in the San Jose-Sunnyvale-Santa Clara, California, market, where the median price is nearly $1.5 million. Another California tech hub, San Francisco, also ranks high as a seller's market
"There are always more buyers versus homes," said real estate agent Cara Ameer of Coldwell Banker. "Buyers make strong incomes, which often push the prices above asking. Everyone wants to live at the hub of innovation."
Kansas City, Kansas, has numerous job opportunities in health care, aerospace and technology, and residents say the community is a great place to raise a family.
People are also drawn to neighboring Topeka, Kansas, ranked 5th on the list, due to the city's robust public school system, museums, and parks.
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