After nearly two years of unprecedented competition, the residential real estate market is finally showing signs of cooling off. Amid concerns about high inflation, the Fed has begun to raise interest rates, and the increased costs of borrowing are discouraging buyers and lowering purchase budgets. To determine the locations with the hottest real estate markets of 2021, researchers calculated a composite index that considered the one-year change in median sale price, median number of days on the market, percentage of homes sold above asking, and average sale-to-list percentage. Cities and states were then ranked accordingly.

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