Boston is one of the hottest housing markets in the country, according to a new report from Redfin.
The analysis, which utilized the “Hot Homes” algorithm that Redfin created to track housing activity, computed the percentage of homes in a given market that should sell within 14 days of hitting the market. In Boston, an incredible 49.5 percent of homes are expected to sell that quickly.
Boston was not quite at the top of Redfin’s study – in Denver and Seattle, for instance, 69.6 and 68.5 percent of listings, respectively, will sell in two weeks – but as additional Redfin research below shows, the Boston market is still considerably busier than the national averages:
| Metric | Boston | National Average |
|---|---|---|
| Time on Market | 20 | 47 |
| Average Sale-to-List Price Ratio | 99.2% | 95% |
| Homes Sold Above List Price | 34.6% | 22.5% |
| Redfin Offers Facing Competition | 72% | 60% |
| Months Supply | 2.8 | 3.5 |
| Median Sale Price | $360,000 | $263,900 |
| Median Sale Price Increase (YOY) | 7.1% | 4.8% |