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Wednesday, June 3, 2015
Denver: "Hottest Home-Buying Market in the U.S."
A story put out by the Denver Business Journal shows that Metro Denver is the hottest home-buying market in the country, according to a ranking from Realtor.com released Monday.
Realtor.com takes several factors into consideration when determining the ranking, including supply and demand, the number of views per listing on its website and the median age of inventory in each market.
Denver was ranked in the No. 1 position in both May and April as well.
Only two other states, Texas and Michigan, have two cities on the ranking. "Denver resoundingly maintained the top ranking as inventory there shave six days off the median age while listing views grew 7 percent over April," Realtor.com said in a release. "Denver is experiencing substantial economic growth, and the tight supply of housing is resulting in the fastest moving inventory in the country. Additionally, Boulder places at No. 13, up four spots from No. 17 last month."
The median price of a home nationwide rose 7 percent to $228,000, according to the report. In April, the median price of a home in metro Denver was $361,000, according to the Denver Metro Association of Realtors.
Following Denver on the ranking for residential real estate markets were the San Francisco and San Jose metro areas.