Copy linkEmailFacebookWhatsAppXLinkedInBlueskyThreadsImpact Link
SaveSaved
This story is available exclusively to Business Insider
subscribers. Become an Insider
and start reading now.Have an account? .
September was a record-breaking month for the US housing market.
2020-10-20
Per a Redfin report, the national median home price rose 14.4% year-over-year in September to $333,900, the largest annual increase recorded since Redfin begin tracking in 2012.
While the housing market historically slows during the fall months, such seasonal trends aren't applicable to the 2020 market.
"Demand typically abates in late summer and early fall, but seasonal patterns don't stand a chance against the other factors motivating homebuyers this year. Homebuyers are seeking spacious homes in areas outside big cities to accommodate homeschooling and remote work. That plus low mortgage rates and record-low inventory are fueling historically high price growth and the fastest market in recent history," Redfin chief economist Daryl Fairweather was quoted in the report.
Low mortgage rates and the pandemic-driven desire for more space have sparked low inventory and soaring demand, which is driving up prices.
But where are they rising the most?
The report, which analyzed the year-over-year change in median sales price in September in the largest US metros, found that no metro saw home prices decline, while Connecticut had two of the top 10 hottest markets, including the top spot overall.
Keep reading for the top 10.
10. Birmingham, Alabama
John Coletti/Getty Images
Year-over-year price growth as of September 2020: 18.9%
Libertina Brandt is a real-estate reporter for Business Insider. She covers real-estate trends around the world from both a luxury and an affordability standpoint.Find her on twitter @BrandtLibertina or email her at Lbrandt@jkmperu.com.
