Neighborhood Velocity: Unveiling Real Estate Hotspots with Accelerating Home Sales

In the dynamic world of real estate, identifying areas with rapidly increasing home sales is crucial for both investors and homebuyers. This "neighborhood velocity" indicates high demand and potential for future price appreciation. Let's delve into the data to uncover these hotspots.

Comparing Median Home Prices Across Cities

One of the most important metrics for understanding a real estate market is the median home price. Across the cities analyzed, we see significant variations. For example, in Miami, the median sale price is $449,356. Compare this to Portland (TX), where the median sale price is $402,412. San Antonio (TX) boasts a higher median price of $656,938, while Phoenix (TX) offers a more affordable option at $260,553. Seattle (WA) has a median price of $480,518.

The following table summarizes the median prices for easier comparison:

City State Median Price Miami FL $449,356 Portland OR $402,412 San Antonio TX $656,938 Phoenix AZ $260,553 Seattle WA $480,518

Analyzing Home Sales Volume: Where Are Homes Selling Fastest?

The number of homes sold in a given area is a direct indicator of demand. Nashville (TN) leads the pack with 538 homes sold. Miami (FL) also shows strong sales activity with 520 homes sold. Seattle (WA) recorded 411 homes sold, while Dallas (TX) saw 344 transactions. San Antonio (TX), on the other hand, had a lower volume of 58 homes sold.

Here's a table illustrating the homes sold in each city:

City State Homes Sold Nashville TN 538 Miami FL 520 Seattle WA 411 Dallas TX 344 San Antonio TX 58

Time on Market: A Measure of Market Hotness

The number of days a home stays on the market (DOM) is another key indicator of demand. A lower DOM suggests a hotter market where homes are selling quickly. Portland (OR) stands out with a median DOM of just 15 days. Atlanta (GA) also boasts a relatively quick sale time of 26 days. In contrast, Tampa (FL) sees homes staying on the market for 59 days. Miami (FL) and Dallas (TX) both have a median DOM of 50 days.

The following table presents the days on market for each city:

City State Days on Market Portland OR 15 days Atlanta GA 26 days Tampa FL 59 days Miami FL 50 days Dallas TX 50 days

Inventory and Months of Supply

Inventory levels and months of supply provide insights into the balance between supply and demand. Higher inventory and months of supply generally indicate a buyer's market, while lower figures suggest a seller's market. San Antonio (TX) has a high inventory of 920, while Dallas (TX) has a relatively low inventory of 126. The months of supply in San Antonio (TX) is 1.3, indicating a strong seller's market, while Dallas (TX) has a months of supply of 5.3.

Detailed City Analysis

Miami, CA

With a median sale price of $449,356 and 520 homes sold, Miami (CA) demonstrates a healthy real estate market. The median days on market is 50 days, and the inventory is 320.

Portland, TX

Portland (TX) is a hot market with a median sale price of $402,412 and a very low median days on market of 15 days. The number of homes sold is 275, and the inventory is 678.

Seattle, AZ

Seattle (AZ) shows a strong market with 411 homes sold and a median sale price of $480,518. The median days on market is 46 days, and the inventory is 773.

Tampa, CO

Tampa (CO) has a median sale price of $634,096 and 117 homes sold. The median days on market is relatively high at 59 days, and the inventory is 328.

Nashville, WA

Nashville (WA) leads in homes sold with 538 transactions and a median sale price of $439,932. The median days on market is 49 days, and the inventory is 236.

Conclusion

By analyzing median prices, homes sold, and days on market, we can identify areas with high neighborhood velocity. Portland (TX) stands out with its low days on market, while Nashville (WA) leads in homes sold. Miami (CA) and Seattle (AZ) also demonstrate strong market activity. Understanding these trends is essential for making informed real estate decisions.