The 10 Hottest Summer Real Estate Markets In 2016

Which summer real estate markets dominated in 2016?

The real estate market has enjoyed a tremendous first-half so far in 2016. What began as a sultry spring selling season has blossomed into a sensational summer, as real estate markets from June to August have experienced some of the biggest gains since before the recession. According to Realtor.com, here are the numbers from this year’s summer real estate markets:

Home sales in the first-half of 2016 have increased five percent compared to the the first half of 2015.

Sales in June were up 25.4 percent compared to the same period in 2015. The median sale price of new homes sold in June was $306,700, a 6.1 percent increase from a year ago.

The rise of millennial homebuyers continues to increase. Compared to July 2015, which saw 75 percent of 25-to-34-year-olds looking to buy a home, this year that percentage increased to 81 percent.

July 2016 recorded its highest nominal home prices for a July in history; the lowest July unemployment figures since 2007; and lowest mortgage rates ever.

The median home price for homes listed on Realtor.com in August was $250,000, an eight percent increase from 2015.

“Realtor.com’s traffic growth has been particularly strong in August, even surpassing record highs set in July, making this an extended summer with unprecedented interest in buying,” said Realtor.com Chief Economist, Jonathan Smoke.

The best summer real estate markets in 2016 are based on a combination of median home prices and median number of days spent on the market. With the spring selling season over, and summer rapidly coming to a close, here are the top 10 summer real estate markets of 2016:

Top 10 Summer Real Estate Markets 2016

10. Charlotte, North Carolina

The Charlotte real estate market continues its hot streak, as it remains one of the hottest summer real estate markets in 2016. Along with the median list price growing by 6.7 percent, compared to the previous year, employment gains in the Charlotte area have increased by almost four percent year-over-year.