Western metros reigned as the best cities for home sellers in 2014 with several California metros leading the charge, according to projections from online brokerage firm ZipRealty, Inc. (NASDAQ: ZIPR).
Basing expectations on three housing metrics provided by the National Association of Realtors (NAR), ZipRealty compiled its “best cities” list by viewing median sales prices, median days on the market and total housing inventory per capita.
ZipRealty then analyzed how the housing markets of certain metro areas stacked up against the national averages.
San Francisco Bay Area was projected as the top metro for home sellers in 2014, as this area boasted a median home sales price increase of nearly 35% compared to 2012—far exceeding the national average of 11.5%.
In this area, homes stayed on the market for an average of 19 days, compared to the national average of 35 days. Per capita, 1.1 homes on average were available per 1,000 people.
Nationwide, the per capita average is 6.6 homes per 1,000 people.
Sacramento ranked as the second best metro for home sellers in 2014, according to ZipRealty’s expectations.
The metro had median home sales prices that increased 32% compared to 2012, while homes here stayed on the market for an average of 15 days, and per capita, 3.3 homes were available per 1,000 people.
Other metros rounding out ZipRealty’s list include San Diego, Las Vegas, Orange County, Los Angeles, Dallas, Houston, Washington D.C. and Chicago.
“The real estate markets in the western region soared compared to the rest of the country in 2013, based on data we compiled over the past year in our Housing Trends Report,” said ZipRealty CEO Lanny Baker in a statement.
While ZipRealty expects these top metros to outperform once again this year, Baker says it should be at a more measurable pace.
Written by Jason Oliva