The housing recovery’s top “turnaround towns” in the nation are Detroit; Santa Barbara, Calif.; and Reno, Nev., according to realtor.com®’s third-quarter Turnaround Towns Report.
In the past year, these markets have seen significant increases in their median list prices and a drop in inventory levels.
“We’re noticing a clear split between markets that have experienced major highs and lows in recent years, and those that have proved more resilient,” says Errol Samuelson, president of realtor.com®. “With the recent moderation in some of the more volatile markets, the subtler acceleration activity becomes more visible.”
Among markets that have been less impacted by the highs and lows of housing the past several years are Ann Arbor, Mich.; Dallas; Boston; and Boulder, Colo., realtor.com® notes.
In an analysis of more than 800 MLSs nationwide, realtor.com® identified the top towns in its Turnaround Report by evaluating key housing indicators, such as inventory, median list price, days on the market, and search and listing activity in the realtor.com® database.
The following 10 towns rose to the top of realtor.com®’s list for the third quarter:
- Santa Barbara-Santa Maria-Lompoc, Calif.
- Reno, Nev.
- Fort Lauderdale, Fla.
- Ann Arbor, Mich.
- West Palm Beach-Boca Raton, Fla.
- Boston-Westchester-Lawrence-Lowell-Brockton, Mass.-N.H.
- Boulder-Longmont, Colo.
- Las Vegas, Nev.-Ariz.