SPOKANE, Wash. — According to a list made by realtor.com, Spokane is one of the 20 hottest real estate markets in the country for the month of March.
Being ranked as a top market means these are some of the most competitive markets to buy in. Homebuyers are already facing a tough market with low inventory and high prices, according to realtor.com.
The ranking system is determined by multiple factors. Economists that work with realtor.com look at data based on the number of unique viewers per property and the number of days a listing has stayed active on the site. The markets currently listed received up to four times the number of views per listing compared to the national average. They are also selling 23 to 44 days more quickly than a property in other markets.
Realtor.com said affordability is also usually a factor in the demand of a housing market. However, many markets on the list saw listing prices up to 18 percent higher than the national price during the month of March. The site said a reason for this might reflect a willingness of buyers to pursue pricier homes in hopes they will keep good mortgage rates. The mortgage rates in these markets have been increasing lately and are projected to keep climbing.
Ten states were included in the list for March 2021. In addition to Washington, California, Idaho, Indiana, Massachusetts, Nevada, New Hampshire, North Carolina, Ohio and Wisconsin were featured.
The market with the no. one spot was Nashua, New Hampshire.