{"id":64241,"date":"2018-11-09T04:45:53","date_gmt":"2018-11-09T12:45:53","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=64241"},"modified":"2020-10-06T12:59:44","modified_gmt":"2020-10-06T19:59:44","slug":"inland-markets-heat-up-coastal-markets-cool","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/inland-markets-heat-up-coastal-markets-cool\/","title":{"rendered":"Akron, Richmond and Buffalo Among the Eight Inland Housing Markets that are Heating Up as the Coasts Cool"},"content":{"rendered":"<p>While expensive coastal markets on the coasts like Seattle and San Jose are cooling off, with homes lingering on the market longer than this time last year as bidding wars become less common, some smaller, affordable inland metro areas are heating up. <a href=\"https:\/\/redfin.com\/city\/30756\/GA\/Atlanta\">Atlanta<\/a>, <a href=\"https:\/\/redfin.com\/city\/244\/OH\/Akron\">Akron, Ohio<\/a> and <a href=\"https:\/\/redfin.com\/city\/16162\/NY\/Rochester\">Rochester, New York<\/a> are a few of the metro areas where supply is shrinking, leaving more homes to go under contract within days, and for above-list price than a year ago.<br \/>\nTo find the markets that are still heating up we ranked the top 25 metro areas with populations of at least 500,000 people according to three indicators of a competitive seller\u2019s market, based on data for the four weeks ending October 14, compared with the same period a year earlier:<\/p>\n<ul style=\"margin:0 0 25px 50px\">\n<li>Declines in the number of homes for sale (inventory)<\/li>\n<li>Increases in the share of homes going under contract within two weeks of their market debut<\/li>\n<li>Increases in the share of homes selling for more than their list price<\/li>\n<\/ul>\n<h3>Top metro areas where the market is heating up the most<\/h3>\n<table style=\"font-size: 14px\">\n<thead>\n<tr style=\"height: 14px !important\">\n<th style=\"text-align: left;width:130px\">Metro Area<\/th>\n<th style=\"text-align: right\">YoY percent change in Inventory<\/th>\n<th style=\"text-align: right\">Off Market in 2 Weeks<\/th>\n<th style=\"text-align: right\">YoY percentage point change in Off Market in 2 Weeks<\/th>\n<th style=\"text-align: right\">Sold Above List<\/th>\n<th style=\"text-align: right\">YoY percentage point change in Sold Above List<\/th>\n<th style=\"text-align: right\">Median Sale Price<\/th>\n<th style=\"text-align: right\">YoY percent change in Median Sale Price<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"height: 14px !important\">\n<td style=\"text-align: left\"><a href=\"https:\/\/redfin.com\/city\/19583\/DE\/Wilmington\">Wilmington, DE<\/a><\/td>\n<td style=\"text-align: right;background-color: #990000 !important;color:#FFFFFF\">-24.5%<\/td>\n<td style=\"text-align: right\">25.0%<\/td>\n<td style=\"text-align: right;background-color: #93C47D !important\">+6.4 pts<\/td>\n<td style=\"text-align: right\">22.1%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+4.5 pts<\/td>\n<td style=\"text-align: right\">$219,900<\/td>\n<td style=\"text-align: right\">+4.8%<\/td>\n<\/tr>\n<tr style=\"height: 14px !important\">\n<td style=\"text-align: left\"><a href=\"https:\/\/redfin.com\/city\/15502\/PA\/Philadelphia\">Philadelphia, PA<\/a><\/td>\n<td style=\"text-align: right;background-color: #990000 !important;color:#FFFFFF\">-22.9%<\/td>\n<td style=\"text-align: right\">21.4%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+2.4 pts<\/td>\n<td style=\"text-align: right\">21.2%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+3.0 pts<\/td>\n<td style=\"text-align: right\">$195,000<\/td>\n<td style=\"text-align: right\">+8.3%<\/td>\n<\/tr>\n<tr style=\"height: 14px !important\">\n<td style=\"text-align: left\"><a href=\"https:\/\/redfin.com\/city\/30756\/GA\/Atlanta\">Atlanta, GA<\/a><\/td>\n<td style=\"text-align: right;background-color: #CC0000 !important;color:#FFFFFF\">-19.7%<\/td>\n<td style=\"text-align: right\">28.8%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+4.1 pts<\/td>\n<td style=\"text-align: right\">21.1%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+1.0 pts<\/td>\n<td style=\"text-align: right\">$235,000<\/td>\n<td style=\"text-align: right\">+7.3%<\/td>\n<\/tr>\n<tr style=\"height: 14px !important\">\n<td style=\"text-align: left\"><a href=\"https:\/\/redfin.com\/city\/16162\/NY\/Rochester\">Rochester, NY<\/a><\/td>\n<td style=\"text-align: right;background-color: #CC0000 !important;color:#FFFFFF\">-16.2%<\/td>\n<td style=\"text-align: right\">36.4%<\/td>\n<td style=\"text-align: right;background-color: #93C47D !important\">+5.4 pts<\/td>\n<td style=\"text-align: right\">36.6%<\/td>\n<td style=\"text-align: right;background-color: #93C47D !important\">+8.2 pts<\/td>\n<td style=\"text-align: right\">$141,050<\/td>\n<td style=\"text-align: right\">+4.5%<\/td>\n<\/tr>\n<tr style=\"height: 14px !important\">\n<td style=\"text-align: left\"><a href=\"https:\/\/redfin.com\/city\/7161\/NC\/Greensboro\">Greensboro, NC<\/a><\/td>\n<td style=\"text-align: right;background-color: #CC0000 !important;color:#FFFFFF\">-15.6%<\/td>\n<td style=\"text-align: right\">11.3%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+2.7 pts<\/td>\n<td style=\"text-align: right\">23.2%<\/td>\n<td style=\"text-align: right;background-color: #93C47D !important\">+5.8 pts<\/td>\n<td style=\"text-align: right\">$166,000<\/td>\n<td style=\"text-align: right\">+7.8%<\/td>\n<\/tr>\n<tr style=\"height: 14px !important\">\n<td style=\"text-align: left\"><a href=\"https:\/\/redfin.com\/city\/244\/OH\/Akron\">Akron, OH<\/a><\/td>\n<td style=\"text-align: right;background-color: #CC0000 !important;color:#FFFFFF\">-12.5%<\/td>\n<td style=\"text-align: right\">15.9%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+1.3 pts<\/td>\n<td style=\"text-align: right\">22.4%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+2.9 pts<\/td>\n<td style=\"text-align: right\">$143,500<\/td>\n<td style=\"text-align: right\">+10.3%<\/td>\n<\/tr>\n<tr style=\"height: 14px !important\">\n<td style=\"text-align: left\"><a href=\"https:\/\/redfin.com\/city\/17149\/VA\/Richmond\">Richmond, VA<\/a><\/td>\n<td style=\"text-align: right;background-color: #E06666 !important;color:#FFFFFF\">-8.8%<\/td>\n<td style=\"text-align: right\">39.8%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+1.7 pts<\/td>\n<td style=\"text-align: right\">29.2%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+1.9 pts<\/td>\n<td style=\"text-align: right\">$235,000<\/td>\n<td style=\"text-align: right\">+2.2%<\/td>\n<\/tr>\n<tr style=\"height: 14px !important\">\n<td style=\"text-align: left\"><a href=\"https:\/\/redfin.com\/city\/2832\/NY\/Buffalo\">Buffalo, NY<\/a><\/td>\n<td style=\"text-align: right;background-color: #E06666 !important;color:#FFFFFF\">-8.3%<\/td>\n<td style=\"text-align: right\">38.6%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+4.9 pts<\/td>\n<td style=\"text-align: right\">39.8%<\/td>\n<td style=\"text-align: right;background-color: #D9EAD3 !important\">+2.1 pts<\/td>\n<td style=\"text-align: right\">$159,000<\/td>\n<td style=\"text-align: right\">+8.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Contrast the numbers above with markets like <a href=\"https:\/\/redfin.com\/city\/16163\/WA\/Seattle\">Seattle<\/a>, <a href=\"https:\/\/redfin.com\/city\/17420\/CA\/San-Jose\">San Jose<\/a> and <a href=\"https:\/\/redfin.com\/city\/30772\/OR\/Portland\">Portland<\/a>, where <a href=\"https:\/\/redfin.com\/blog\/2018\/10\/for-sale-home-supply-surges-in-hot-west-coast-markets.html\">inventory has been increasing by double digits<\/a>, and the shares of homes <a href=\"https:\/\/redfin.com\/blog\/2018\/10\/springs-fastest-markets-are-slowing-down-this-fall.html\">going under contract quickly<\/a> is shrinking. Homes in the metro areas that are heating up are also considerably less expensive than not only the hot coastal markets, but also than the national median price of about $300,000. Plus, except for Atlanta and Philadelphia, all of the heating-up metro areas are smaller, with populations under 2 million. Atlanta is also a top migration destination, moving up from <a href=\"https:\/\/redfin.com\/blog\/2017\/11\/migration-report-q3-2017.html\">#5 among long-distance Redfin.com user searches in the third quarter of 2017<\/a> to <a href=\"https:\/\/redfin.com\/blog\/2018\/10\/q3-2018-migration-report.html\">#2 in the third quarter this year<\/a>.<br \/>\n\u201cCompetition in Wilmington has become fierce and often buyers have to offer over asking and compete against three to six other offers,\u201d said local Redfin agent <a href=\"https:\/\/redfin.com\/real-estate-agents\/claryssa-mcenany\">Claryssa McEnany<\/a>. \u201cI\u2019m working with several buyers moving to the area from New Jersey who have expressed that they want to escape the higher property taxes that they can no longer fully deduct.\u201d<br \/>\nMarkets like Wilmington are still deep in seller\u2019s market territory, \u201cToo many sellers are staying put!\u201d according to McEnany. \u201cBuyers are motivated and want to move now but there just aren\u2019t enough homes available.\u201d<br \/>\nIn the face of the inventory shortage that has been worsening since early 2016, some of McEnany\u2019s clients are choosing to expand their search area or make more compromises to get into a home.<br \/>\nIt\u2019s likely that even if the real estate slowdown becomes more widespread, these inexpensive markets will continue to show strength thanks to their big advantage in affordability.<br \/>\n<em>Featured photo: <a href=\"https:\/\/redfin.com\/PA\/Philadelphia\/305-W-Hortter-St-19119\/home\/38620541\">305 W Hortter St., Philadelphia, listed by Redfin<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While expensive coastal markets on the coasts like Seattle and San Jose are cooling off, with homes lingering on the market longer than this time last year as bidding wars become less common, some smaller, affordable inland metro areas are heating up. Atlanta, Akron, Ohio and Rochester, New York are a few of the metro [&hellip;]<\/p>\n","protected":false},"author":13505,"featured_media":64294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32],"coauthors":[],"class_list":["post-64241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Akron, Richmond and Buffalo Among the Eight Inland Housing Markets that are Heating Up as the Coasts Cool - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/inland-markets-heat-up-coastal-markets-cool\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Akron, Richmond and Buffalo Among the Eight Inland Housing Markets that are Heating Up as the Coasts Cool\" \/>\n<meta property=\"og:description\" content=\"While expensive coastal markets on the coasts like Seattle and San Jose are cooling off, with homes lingering on the market longer than this time last year as bidding wars become less common, some smaller, affordable inland metro areas are heating up. Atlanta, Akron, Ohio and Rochester, New York are a few of the metro [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/inland-markets-heat-up-coastal-markets-cool\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-09T12:45:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-06T19:59:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2018\/11\/305-W-Hortter-St-Philadelphia.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tim Ellis\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tim Ellis\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/inland-markets-heat-up-coastal-markets-cool\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/inland-markets-heat-up-coastal-markets-cool\\\/\"},\"author\":{\"name\":\"Tim Ellis\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/18d447d70adabf376e05ea45cfb78a2e\"},\"headline\":\"Akron, Richmond and Buffalo Among the Eight Inland Housing Markets that are Heating Up as the Coasts Cool\",\"datePublished\":\"2018-11-09T12:45:53+00:00\",\"dateModified\":\"2020-10-06T19:59:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/inland-markets-heat-up-coastal-markets-cool\\\/\"},\"wordCount\":547,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/inland-markets-heat-up-coastal-markets-cool\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2018\\\/11\\\/305-W-Hortter-St-Philadelphia.jpg\",\"keywords\":[\"Housing Market Tracker\"],\"articleSection\":[\"Housing Market News\",\"Monthly Market Update\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/inland-markets-heat-up-coastal-markets-cool\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/inland-markets-heat-up-coastal-markets-cool\\\/\",\"name\":\"Akron, Richmond and Buffalo Among the Eight Inland Housing Markets that are Heating Up as the Coasts Cool - 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