Despite the general cooling of the housing market due to high mortgage rates and elevated home prices, certain areas in the U.S. continue to sizzle. Particularly notable are regions in the chilly Northeast, which are defying the broader trend.
According to a recent analysis, the Northeast stands out with 12 of the top 20 hottest housing markets in the country, based on listing views and sale durations. Leading the pack is the Manchester–Nashua, NH area, marking its fourth time at the top in 2023.
The appeal of these Northeastern markets lies in their relative affordability. For example, Manchester-Nashua boasts a median list price of $524,000, significantly lower than Boston’s staggering $837,000, making it a preferred choice for those seeking proximity to major urban centers without the hefty price tag.
Interestingly, America’s larger urban markets have also been heating up. As the pandemic wanes and businesses recall employees to offices, these areas have seen increased activity, with homes spending less time on the market than the national median.
Newcomers to the top 20 hottest markets this month include Burlington-South Burlington, VT, and Norwich-New London, CT. These markets are not new to the list, having appeared in the top 20 earlier in the year.
In contrast, West Coast markets have been absent from the top rankings but are showing signs of improvement. For instance, the Phoenix metro area jumped 114 spots, becoming the 145th hottest market in October.
While nationwide median home prices have seen only modest increases, the most sought-after markets have experienced more significant growth. Rockford, IL, for instance, saw its median list price climb from $209,000 in September to $213,000 in October. Conversely, some hotspots like Columbus, OH, have seen a decrease in median list prices, offering a glimmer of hope for affordability.
This dynamic landscape underscores the importance of staying informed about shifting market trends, especially for those looking to navigate the complex terrain of home buying and selling.
