Home News Real Estate’s Hottest Markets Reveal a Seismic Shift in Where Homebuyers Want To Live—and a New No. 1

Real Estate’s Hottest Markets Reveal a Seismic Shift in Where Homebuyers Want To Live—and a New No. 1

by admin
0 comment

Summer temperatures are extremely hot, but the once hot western real estate market is on the ice.

In warmer months, there is generally a decline in homebuyers moving to temperate western regions, Realtor.com® Reveals that the west facing area is completely missing from June 20th Hottest real estate market For the first time in the history of data. (The ranking takes into account the combination of demands (measured by the number of unique views per home list) and the speed at which homes are sold in the area.)

Instead, the East Coast is dominant because it is simply more affordable. In another first example of a chronology of data, the new hottest market took the top spot in June. Concord, New Hampshire..

In this picturesque New England town, homes remained on the market in just 13 days before buyers got their homes. This is almost one-third of the already speedy national average of 32 days.

Currently the hottest market in the United States

The spiciness of Concord can be annoying at first glance.The average listing price for the capital of New Hampshire is the new national average $ 450,000 (This is an increase of 16.9% from last year).

Still, Concord’s home price is about $ 20,000 Less than Than the city it replaced for the hottest market title—Manchester, New HampshireMaintained the top spot in 9 of the last 12 months.

In the past, homebuyers were drawn to Manchester because the median home price in nearby Boston Metro was high and surged to $ 759,000 in June.

But now, with Manchester homes priced at $ 478,000, underfunded homebuyers are looking for affordable alternatives nearby. And like Manchester, Concord is within a driving distance (about an hour) from Boston. In addition, home sellers who take advantage of Manchester’s hot streaks need to go somewhere.

“What’s happening is that sellers in the state are moving,” says a real estate broker. Pamela Young, Of Re / Max Insight, which sells homes in both Concord and Manchester. “Concord is north of Manchester and the price is better. You get more homes at a better price.”

Young also says there are buyers flocking to New Hampshire from Tennessee, Georgia, Texas, Oklahoma and Hawaii. In addition, both Manchester and Concord enjoy the lack of income and sales tax in the state of “Live Free or Die”. Still, these homebuyers to New Hampshire need to act quickly, especially at Concord.

“We will see multiple offers on Concord properties within a week,” Young warns. “My client offered to a house that had been on the market for three days, but was declined. There were already seven offers.”

Why the Western real estate market is chilling

Indeed, the decline from California’s bounty may seem abrupt, given that Golden State had a whopping five metros in the top 20 hottest markets in January. (Metro includes central cities and their surrounding suburbs, towns, and smaller urban areas.)

By April, there was no California subway on the list. And now, the sun for home purchases is setting not only in California, but throughout the western region.

More from National Association of Realtors members:

“If you look at the West Coast markets in Oregon, Washington, California, Arizona or Nevada, home prices continue to rise as mortgage rates soar.” George LatiuRealtor.com Economic Research Manager.

Back earlier this year, mortgage rates were 3.55% for fixed rate 30-year mortgages.According to the report, the rate soared to 5.3% in the week leading up to July 7. Freddie Mac.. And the still rising mortgage rates (and home prices) could be the driving force behind finding homes in the decent price range.

“Rising interest rates have increased monthly mortgage payment costs by about 60% over a year ago,” Ratiu adds. [San Francisco] Bay area, the effect is expanded. Buying a $ 900,000 home suddenly costs you $ 1,600 more a month. “

Correspondingly, low-priced markets in the northeast and midwest (accounting for 19 of the 20 hot markets) have completely robbed the expensive western market. According to the hottest market data, the average listing price of the top 20 markets in June was $ 359,000, 20.3% lower than the national median of $ 450,000.

The most affordable hotmarket in the United States today

The western region is not the only home market that homebuyers are turning their backs on. In general, there are large and expensive cities across the country, with affordable subways.

I take the Topika, KN, Metropolitan area, minimum listing price is moving at $ 225,000. It’s the cheapest place on the list, but the house still sold in 23 days.

Topeka is not only very affordable, but also in the Midwest and in the heart of the provincial capital. The latest data, the city’s unemployment rate in May, was 2.5%, well below the national average of 3.6%. However, Manchester-Concord dynamics are also active in Kansas.

“When we look at who is shopping at Realtor.com in Topeka, it’s interesting to note that 25% of homeshoppers are from the state and Kansas City is the number one viewer,” adds Ratiu.

So do homebuyers need to keep moving from one city in the state to another to find bargains?

“If buyers can wait a few months, they will find a better market with more options and more affordability,” says Ratiu. “There are far more new lists on the market, especially as we move into the fall and winter …. and for me it’s really encouraging. It’s a missing element in the market over the last few years. Because it was. “”

June’s hottest real estate market

The hottest metro Hotness rank Median number of days in the market Year-on-year changes in the market Median listing price
Concord, New Hampshire 1 13 -Four $ 457,000
Manchester, New Hampshire 2 12 2 $ 478,000
Burlington, Vermont 3 16 16 -8 $ 484,000
Portland, Maine Four 20 3 $ 549,000
Burlington, NC Five 18 18 -1 $ 380,000
Rochester, NY 6 12 1 $ 230,000
La Crosse, Wisconsin 7 twenty two -7 $ 335,000
Hartford, Connecticut 8 twenty one -8 $ 375,000
Oshkosh, Wisconsin 9 twenty three -11 $ 300,000
Elkhart, Indiana Ten 19 19 2 $ 279,000
Worcester, Massachusetts 11 11 16 16 0 $ 450,000
Springfield, Massachusetts 12 twenty one -1 $ 362,000
Columbus, Ohio 13 17 17 2 $ 350,000
Topika, KN 14 twenty three 9 $ 225,000
Fort Wayne, Indiana 15 twenty three 9 $ 286,000
Claremont, New Hampshire 16 16 26 -17 $ 399,000
Racine, Wisconsin 17 17 twenty four -12 $ 325,000
Lafayette, Indiana 18 18 twenty four Four $ 289,000
New Haven, Connecticut 19 19 twenty three -6 $ 362,000
Bangor, Maine 20 26 0 $ 254,000


Watch: 10 U.S. Markets Where Home Sales Are Slow

post The hottest market for real estate reveals earthquake changes in places where homebuyers want to live, revealing the new No. 1 First appeared Real Estate News & Insights | realtor.com®..

You may also like