Homes.com’s Local Market Reports for December reveals 42 out of the top 100 markets measured continued to show a complete price recovery – up two markets from November’s report, contributing to a 39% recovery across the U.S. Jackson, MS & Nashville-Davidson-Murfreesboro-Franklin, TN have fully recovered, posting a rebound percentage of 100.15% and 100.16%, respectively. Additionally, the Midsized Markets Report for smaller markets (population rank from 101 to 300) highlights that 75 markets have rebounded more than 100%, which is 4 markets more than reported in November. A rebound of 100% or more means pricing for the market has surpassed its prior peak and reached full recovery. Tuscaloosa-AL has bounced back since it first fell out of rebound in October with a rebound percentage of 100.54%. Green Bay, WI, Janesville-Beloit, WI & Bellingham, WA are the other midsize markets to rebound and collected rebound percentages of 100.32%, 100.10% and 100.06%. This brings the total to 117 (39%) of the U.S. markets achieving a full recovery.
Of the top 100 markets, 94 markets increased their three-month average index point change in December, up 1 market from November. The six markets that did not see increases over a three month average are again located in the Northeast region, specifically in the New England area. In December, the monthly percentage gains ranged from a low of -0.20% to a high of 0.89% with Atlanta-Sandy Springs-Roswell, GA having the highest gain of 0.89% followed by Tampa-St. Petersburg-Clearwater, FL with a 0.85% gain. The year-over-year gains in December 2014 for the top ten markets ranged from a low of 5.66% to a high of 6.69%, which is similar to the range reported in November’s report. When we compare the Top 100 Markets, the average YoY change in December 2014 is 4.25% versus the 8.43% YoY change seen in December of 2013. From our review of the index, December 2013 was the peak of the YoY annual change, and has fallen since that point.
In December, the number of midsize markets posting three-month average gains was 195, which is up 18 markets from November’s report. Of the midsize markets, Rapid City, SD took the top spot on an annual basis at 8.89% while Rocky Mount, NC topped the three-month average mark at 1.02%. All markets in the top 10 three-month average list are from the South, suggesting upward movement in pricing for those markets located in milder climates. Annually, the South also dominates with nine markets from that region. The average annual price appreciation for all mid-tier markets for December was 4.61%, down 3.19 basis points from the average annual appreciation in December 2013 which was 7.80%.
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Christine is the Content Marketing Coordinator for Homes.com. She's a small town girl at heart, who currently lives in Norfolk, VA with her husband and their fur baby. When she's not working, she enjoys cooking, decorating, traveling, and binge watching Netflix. As a proud Virginia Tech alum, she also loves cheering on the Hokies!
