Buffalo, N.Y., Grand Rapids, Mich., and Omaha, Neb. are now the fastest-selling housing markets in the nation, according to new data from Redfin.
The typical home in these three markets costs less than the national median, and went under contract to be sold after about 28 days on the market in January 2019. The pace sped up by seven days in Buffalo, slowed down two days in Grand Rapids, and Omaha was the third-fastest with a median 29 days with no annual change. San Jose, Calif., by contrast, has the 28th-fastest sales pace, 46 days.
Other signs also indicate that the Buffalo, Grand Rapids and Omaha housing markets are heating up. Home prices rose faster annually in January in all three areas than they did nationwide, and supply in each metro was either flat or down, compared with a 6.3 percent increase nationally.
“During the recession, job seekers migrated to employment hubs like the Bay Area and New York to find work,” said Redfin chief economist Daryl Fairweather. “But now that unemployment is low across the nation, workers have the opportunity to move to small, affordable cities, like Buffalo, Grand Rapids and Omaha, without sacrificing job security.”