Turnaround Towns: Top 10 Cities of the Housing Market Recovery



With an average of 1.8 million homes on the market on any given day in the second quarter of 2013, home list prices are rising in major metro markets around the nation as housing inventory continues shrinking, but the city of Detroit, which filed for bankruptcy last month, is that one surprising dark horse among the Top 10 of Realtor.com's Turnaround Towns Report.

With a median list price up by 37.8 percent, Detroit is second only to Oakland, Calif., where the median list price rose 41.3 percent. And in Detroit, the rate as which homes in this category are selling beats out every single town east of the Rockies.

"Detroit has made remarkable progress in the last year, shrinking its inventory of unsold homes by more than 26 percent and becoming one of the most balanced markets in the nation," said Steve Berkowitz, CEO of Move, which operates Realtor.com.

However, despite it's progress, Detroit ranks No. 7 overall on this list of the top turnaround towns. See if you can guess which towns made up the other nine, and then test your answers against the slideshow below. Hint: No town in Florida made the list this quarter.

TOP 10 TURNAROUND TOWNS:

More about hot housing markets:
Today's Housing Market Is Extra-Tough for First-Time Homebuyers
Top 10 Turnaround Towns of 2012's Second Quarter

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vlady1000

Useless info and carries no creditability if they act as if investing in a Detroit home would have been a wise move. Numbers can always be spun, in many ways, to help show what you want them to.

August 09 2013 at 6:43 PM Report abuse +1 rate up rate down Reply
aguilamnstr

Bush CRASH? Clinton's community redevelopment actalmosr forced hanks to do negative amortization and 100% no docloans. Besides clintonlkikes theyoung Bush.

August 09 2013 at 6:41 PM Report abuse +1 rate up rate down Reply
a2004ssr

Markets are still trying to recover from the Bush housing crash.

August 09 2013 at 6:36 PM Report abuse rate up rate down Reply
batsugan

"However, despite it's progress, Detroit..."
ARE YOU ILLITERATE??

August 09 2013 at 7:06 AM Report abuse +2 rate up rate down Reply
wjmmedipro

Inventory is down because they bull-dozed more than half the houses in Detroit. Taxes on that $125,000 house are probably close to $10,000

August 09 2013 at 6:30 AM Report abuse +1 rate up rate down Reply
Phil

These are the same markets that hit bottom during the crash. No place to go but up and they act like this is a surprise. It\'s called basic math.

August 08 2013 at 6:12 PM Report abuse +1 rate up rate down Reply
1 reply to Phil's comment
vlady1000

detroit was not too far from the bottom BEFORE the crash

August 09 2013 at 6:44 PM Report abuse rate up rate down Reply
foosielucy

Something fishy about this list

August 08 2013 at 4:19 PM Report abuse +1 rate up rate down Reply
FRANCINE

Between fires and earthquakes, are these homes still being sold?

August 08 2013 at 11:42 AM Report abuse +1 rate up rate down Reply
worried man

who in their right mind wants to move to Detroit?

August 08 2013 at 11:03 AM Report abuse +1 rate up rate down Reply
2 replies to worried man's comment
roborose2005

People with limited income and the intelligence to see a turnaround or "tipping point."

August 08 2013 at 6:48 PM Report abuse rate up rate down Reply
vlady1000

if you want to be supported without having to work, come join the family

August 09 2013 at 6:46 PM Report abuse +2 rate up rate down Reply
photo171717

All those California cities had no where to go BUT UP. Geez......now we have some non scientific study saying these liberals areas are on the rebound? Sounds like they are losing their tax base in droves and need to figure out a way to spin this.

August 08 2013 at 10:59 AM Report abuse rate up rate down Reply