New England city claims title of nation’s hottest housing market — for 29th time

America’s housing market has been sluggish due to high interest rates, but two regions are bucking the trend.

The Northeast and Midwest are the only two regions represented in the top 20 of Realtor.com’s Hottest Housing Markets list for the 11th month in a row.

Both areas continue to attract the attention of homebuyers, as demand in the top 20 – measured by property viewings – was 2.5 times the national level in August. They also saw prices rise by 3.3% year-on-year, even as home prices fell nationally by 1.3%.

“The Midwest and Northeast metros have dominated the list since February 2022,” notes Realtor.com senior economic research analyst Hannah Jones in her report.

America’s Hottest Market is a mainstay on the list

Manchester, NH, ranks as the nation’s hottest housing market in August. This is the 29th time in the data’s history that the metro has topped the list and has been among the top three markets every month for more than three years.

The median home price in Manchester is $550,000 and it’s only 55 miles from Boston, where the median price is $834,500.

Manchester listings received 3.3 times more views in August than the national average.

“High demand is matched by low inventory as buyers claim available homes,” says Jones. “This dynamic has kept time to market fast and competition fierce.”

As a bonus for buyers, New Hampshire also has no state income or sales tax.

Another hot market and a hot country

Second on our list was Oshkosh, WI. Listings here received three times the national average in August, and a typical home costs $330,000.

Wisconsin was also the hottest state in August, with five metros appearing in the top 20.

In addition to Oshkosh, real estate in the Badger State was also hot in La Crosse (No. 10), Racine (No. 12), Janesville (No. 18) and Milwaukee (No. 19).

Wisconsin boasts a low cost of living, along with family-friendly amenities, nationally ranked health care, and proximity to Chicago and Minneapolis.

More hot markets

Rockford, IL, captured the no. 3 place. In August, homes there spent an average of 25 days on the market — which was 28 days less than the national average. The low cost of living attracted buyers, as the median list price was just $215,000 — nearly half the national median price of $429,990.

Rounding out the list’s top five was Springfield, MA, with its listings receiving three times the national average, and Concord, NH, with homes spending an average of 32 days on the market — 23 days less than the national average. national. average.

Newcomers to the list

All but seven markets in the top 20 were also on July’s list.

La Crosse, MN and Erie, PA, jumped from 35th and 39th to 10th and 15th, respectively.

Although those two markets jumped the most, Columbus, OH (No. 16), Dayton, OH (No. 17) and Milwaukee (No. 19) also climbed into the top 20 this month, as did the two cities that tied for No. 20: Lancaster, PA and Toledo, OH.

The meters that were climbed the most – and sunk the most

Markets in the top 300 that got the hottest are Sioux Falls, SD (96 hottest spots), Bloomington, IL (87 hottest spots) and St. New, MN (83 hottest spots).

Meanwhile, the markets that cooled the most on the list include a mix of southern and western metros, according to Jones. They are Albany, GA (down 153 points), Mobile, AL (down 109 points), Tampa, FL (down 108 points) and Wichita Falls, TX (down 107 points).

Faster sales in hot markets

Homes in the hottest markets spent just 32 days on the market in August.

That was the same pace as last year, but about three weeks faster than the national average.

“High demand and tight inventory conditions increase property views, increasing competition for homes in the hottest markets and leading to faster home sales,” says Jones.

Major markets remain flat

The 40 largest markets across the country did not move up in the hotter rankings, on average, compared to last year — marking the first month that major markets haven’t been hotter every year since January 2023.

Prices fell an average of 1.5% in these markets, the second month of the major market’s annual average decline in data history.

“Major markets are beginning to adjust to low buyer demand by lowering home prices and selling homes at lower prices,” says Jones.

This month, the five most improved major metros spread across the country, with three in the Midwest, one in the Northeast and one in the West. They were Las Vegas (up 67 points), Philadelphia (up 62 points), New York City (up 49 points), Pittsburgh (up 48 points) and Kansas City, MO (up 46 points).