If you live in Midland, it comes as no surprise — economists are saying that the market is hot, hot, hot.
How hot? Last month, the city was at the top of Realtor.com’s Hottest Real Estate Markets rankings (out of 300 metro areas) — beating out the Boston area by a full half point and third place finisher San Francisco by almost two points.
Realtor.com arrives at its “hotness” scale by using several metrics, including the city’s home inventory and price growth.
“This is a ‘Very Hot’ market that is ‘Heating Up’ compared to last month, and ‘Heating Up’ compared to last year,” Realtor.com’s analysis said. “Median days on market is 28 days, with inventory moving 23 percent ‘Faster’ than last year and 27 days ‘Faster’ than the US overall.”
“Listings in the area receive an average of 764 views per month on realtor.com, which is 2.7 times ‘Higher’ than the US average.”
Midland’s placement on the top of the list marks the second month in a row the oil town has beaten markets like San Francisco and other California markets for the top spot.
“Our May hotness index further confirms we’re seeing that as prices in California continue to soar, people are increasingly looking elsewhere,” said Realtor.com director of economic research Javier Vivas, who authored the report.
Nearby Odessa ranked 17th and Dallas-Fort Worth was 19th.
Zillow market analysis adds more to the picture.
“The median home value in Midland is $216,000. Midland home values have gone up 8.9 percent over the past year and Zillow predicts they will rise 2.8 percent within the next year,” the market analysis said. “The median price of homes currently listed in Midland is $304,495.”
Foreclosures are right at the national average of 1.6 percent.