What makes a healthy housing market? According to SmartAsset, it is one that shows stability, affordability, and in which homeowners are able to easily sell their homes with a low risk of losing money over the long run.
The healthiest housing market in the country: Edgewood, Ky., a suburb of Cincinnati. Homes in Edgewood spent an average of 56.3 days on the market, significantly less than the national average of 169.6 days.
Indeed, seven of the top 10 markets in the U.S. are located in towns within the Midwest region, including three markets that are in Michigan.
To determine the healthiest housing markets in the country, SmartAsset took into account factors like the percentage of homeowners with negative equity; the average time a for-sale home spends on the market; affordability as the monthly cost of owning a home (and as a percentage of household income in each county and city); among other factors.
The following 10 cities topped SmartAsset’s list for 2017:
Source: “America’s Healthiest Housing Markets,” SmartAsset (2017)
- Edgewood, Ky.
- Mesquite, Texas
- Northridge, Ohio
- Concord, Mo.
- Jenison, Mich.
- Bethel Park, Pa.
- Forest Hills, Mich.
- Richland, Wash.
- Pearl City, HI
- Clawson, Mich.