The housing market has recovered unequally across the country, but even the top 25 markets for housing momentum show some differences.

RCLCO, a consulting firm for the real estate market, has ranked these top 25 markets, analyzed the factors contributing to their success, and overlaid the results with these markets' anticipated net in-migration.

Given tight resale inventory and a new home market priced out of reach for many entry-level consumers, a large share of potential buyers remain on the sidelines, contributing to a historically low home-ownership rate. Meanwhile, average home size has continued to increase, driving new home prices higher, despite the fact that many among the two largest demographic cohorts, Millennials and Baby Boomers, are seeking smaller and more affordable housing options.

Metros demonstrating the most momentum are generally in states gaining the most from strong domestic net in-migration, driving supplemental demand in addition to natural population increases. Markets near the bottom of the list, such as Los Angeles, Philadelphia, Chicago, and New York, are located in states with large domestic net out-migration, including to markets at the top of the list, and are more dependent on natural increases and foreign migration.

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