If you own a home in Denver, now is a great time to sell. If you live in Manhattan, sit tight for a while.
That seems to be the message of consumer-directed real estate brokerage Owners.com, which has released a list of the top 25 metropolitan statistical areas, ranked by home price changes. The list has many mid-size cities enjoying some of the largest price increases in the country, while some larger markets like New York are actually seeing price reductions.
According to Owners.com, in Denver, the median price for a three-bedroom, single-family home increased 11.9 percent from August to September 2014, compared with the same period this year. Trailing Denver on the list are Orlando and Miami, which reported median price increases of 11.6 percent and 11 percent, respectively. The Washington, D.C., area reported a 10.1-percent increase.
Not faring so well is New York, the only metro area to experience a decline. Median home prices in the Big Apple fell 6.7 percent, Owners.com said. Other metro areas at the bottom of the pile are Philadelphia; Columbus, Ohio; Seattle; and Chicago, which all saw modest price increases of about 2 percent to 4 percent.
“This data suggests that secondary markets such as Orlando and Denver have benefited greatly from the overall housing recovery with price gains significantly above larger markets,” said Steve Udelson, president of Owners.com.
“With the spring real estate season around the corner, consumers who are planning to be in the market next year will want to keep an eye on these markets to make savvy buying or selling decisions.”
Owners.com’s list was comprised of the metropolitan statistical areas with the highest existing single-family home transaction volumes in September 2015, where price data and bedroom counts were available.
Year-over-year changes were calculated using transaction volumes and three-bedroom single-family median home price data from August and September 2014 and 2015. Only homes above $50,000 were included in the data set.
Data was provided by RentRange, a data provider to the financial services and real estate industries, using public record data sources from tax assessors and county clerks’ and recorders’ offices.