2019’s Hottest Real Estate Markets
As we closed the books on May, even the hottest real estate markets in America were just coasting along, with the typical property selling no faster than at the same time last year. And with buyers on the lookout for affordability, smaller metros in the Midwest and Northeast outshone the more glamorous but high-priced California markets—topped by an unexpected name, an analysis of realtor.com data for the month shows.
“Overall, the slowdown is taking over across the board, and it’s concentrated in the South and West—that’s where the supply has been depleted,” says Javier Vivas, director of economic research for realtor.com.
The Midwest and Northeast are “where the action is concentrated as we go into the summer,” he adds.
Rochester, NY, topped realtor.com’s list of the hottest markets in America for the first time, propelled by price-conscious buyers of all generations interested in urban living. And why not? Perched on Lake Ontario, the city has its own university, good public schools, and over 12,000 acres of parkland, and it’s just a stone’s throw away from the wine-growing Finger Lakes region.