The Midwest region is considered as one of the hottest housing markets across the country. In fact, it has been dominating the index of hottest housing markets for months now.
The shift to the region is a strong indication of the country’s severe issue in the housing shortage.
As the area continues to draw in homebuyers and the supply is not able to keep up with the demand, pricing increases. This is even true in the country’s depressed areas like in the Midwest Rust Belt.
Realtor.com has released a report underscoring that the rise in energy prices is also one of the factors that are driving price growth and home sales in the area. “Driven by a surging oil economy, the median age of inventory in Midland is 29 days, with homes receiving 2.4 times more listing views than the U.S. overall.”