March’s hottest real estate markets
With home prices (and interest rates!) skyrocketing lately, homebuyers are wondering where in the U.S. can they afford to purchase a home. Well, thanks to a recent report from Realtor.com® we can point out a few places that might still be affordable.
Here are March’s hottest real estate markets:
1 Manchester, NH – Median List Price $462,000
2 Concord, NH – Median List Price $427,000
3 La Crosse, WI – Median List Price $300,000
4 Topeka, KN – Median List Price $195,000
5 Burlington, NC – Median List Price $350,000
6 Raleigh, NC – Median List Price $449,000
7 Burlington, VT – Median List Price $451,000
8 Worcester, CN – Median List Price $440,000
9 Santa Maria, CA – Median List Price $1,498,000
10 Rochester, NY – Median List Price $220,000
11 Portland, MN – Median List Price $520,000
12 Columbus, OH – Median List Price $329,000
13 Johnson City, TN – Median List Price $350,000
14 Springfield, MA – Median List Price $325,000
15 Columbia, MO – Median List Price $317,000
16 New Haven, CN – Median List Price $355,000
17 Billings, MT – Median List Price $483,000
18 Santa Cruz, CA – Median List Price $1,263,000
19 Hickory, NC – Median List Price $312,000
20 Boulder, CO – Median List Price $798,000
A ranking of March’s hottest markets indicates that the Midwest is fast becoming the most in-demand real estate in the country. Although Manchester, NH continues its reign in the #1 spot for hottest market, La Crosse, WI, and Topeka, KS, came in third and fourth on the list respectively. (Hotness rankings combine demand—measured by the number of unique views per home listing—and how quickly homes are selling in each area.)
“The March 2022 Hottest Housing list highlights the search for affordability, and places the spotlight on markets with solid local job markets and lower comparable prices,” says George Ratiu, manager of economic research for Realtor.com.
Homebuyers are showing renewed interest in smaller metropolitan areas within striking distance of larger cities, and are flocking to these Midwest markets because home prices are still a relative bargain. Home prices nationwide have risen 13.5% over the past year to $405,000, property prices in La Crosse remain modest at $300,000. Topeka’s cheaper still, at $195,000. Half of March’s hottest markets have median listing prices below the current benchmark of $405,000.
“Situated on the western edge of the state, La Crosse is located along an important trade route, I-90, about halfway between Minneapolis and Milwaukee,” says Ratiu. “With a median price for a home in the metro area at $300,000, it is not surprising that many buyers are looking at the market, including 37% who are seeking homes from out of state.”
That number rises to 40% of buyers viewing Topeka homes.
Learn more at: https://www.realtor.com/research/reports/hottest-markets/ Original Article From Realtor.com. Image from Pexels.