Written by The Business Journal Staff
A new report analyzing the health of the 100 largest housing markets in the U.S. reveals that Fresno is a top performer using one certain metric.
The April RealtyHop Market Health Report analyzed more than 300,000 listings on the website to calculate the difference in price between when real estate listings are first put on the market and when they are eventually sold.
Fresno came in at No. 24, moving up from a previous rank of 29. In Fresno it took a 2.65% reduction in the median listing price to sell a home, for a median price change of about $10,050.
“In theory, stronger markets should exhibit fewer price drops and smaller percentage discounts, while weaker markets should show the opposite. Our results explore this metric and shed light on the market health of each major city across the U.S. right now,” according to the RealtyHop report.
By that calculation, Henderson, Nevada came in as the hottest housing market for April, with a 2.18% average price reduction per listing to sell, or $8,999 in dollar terms. Irvine was the only California city to break the top 5, coming in at No. 4 with a price reduction of 2.3%, or $20,000, to attract offers.
Detroit, Michigan was the coldest housing market last month with an average price reduction of 7.69%