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September 2022 Hottest Housing Markets: Seeking Affordable Homes

CEO Khai Intela
In September, the housing market saw Manchester-Nashua, NH and Rochester, NY tied as the hottest housing markets. This is Manchester-Nashua's 10th time topping the list in the past year, while Rochester has held the top...

Hottest Housing Markets

In September, the housing market saw Manchester-Nashua, NH and Rochester, NY tied as the hottest housing markets. This is Manchester-Nashua's 10th time topping the list in the past year, while Rochester has held the top spot six times. These markets continue to offer affordability, with 14 markets below the national median listing price.

Affordability Sustains Demand in Relatively Affordable Metros

Interestingly, there are no Western region markets on this month's list. Usually, Western markets dominate, but this month, the focus is on the Northeast and Midwest. These regions account for 18 of the 20 hot markets. This shift is likely due to the affordability these markets offer compared to their Western counterparts.

Affordable Metros Caption: Affordable metros sustain high demand.

Out of September's hottest markets, 14 had median listing prices below the national median. The average listing price for the top 20 markets increased to $364,000, still 14.8% lower than the national median. The entrance of the Boston metro to the list skewed the average price higher, with a median listing price of $742,000. The Northeast, and specifically Boston, are hubs of activity and demand, as seen in the 2022 Hottest Zip Codes report.

Affordable Midwest metros held eight spots on the list, with an average listing price of $269,000, which is 37.0% lower than the national median. Indiana had three markets on the list, offering affordability to buyers. Massachusetts also had three markets on the list. The least expensive market was Rockford, IL, with a median home price of $187,000.

The Northeast claimed ten spots on the list, including three Massachusetts locales: Boston, Springfield, and Worcester. These areas surround the Boston metro and highlight the demand to be near this Northeast hub. The presence of Boston on the list suggests that buyers are exploring all options to be favorably located for returning to the office. The two Southern region markets on the list were Kingsport-Bristol, TN, and Johnson City, TN.

Hot Markets - High Demand and Price Growth

The hottest housing markets are areas where homes sell quickly, attracting many potential buyers. Realtor.com's 20 Hottest Housing Markets have 1.6 to 3.1 times more views per property compared to the national rate. Homes in these markets sell up to 25 days faster than the average property in the United States.

Price Growth Caption: Hot markets see high demand and price growth.

The median national home price for active listings fell again in September to $427,000, up 13.9% year-on-year. Despite the national trend, most of September's hottest markets are still relatively affordable. On average, these markets saw prices increase by 17.7% compared to last year. This price growth outpaces the national rate and historical monthly hot market average price growth.

It is worth noting that demand for affordability is driving high price growth in these otherwise affordable locales. This trend is consistent with greater interstate home shopping observed in the Realtor.com Q2-2022 Cross Market Demand Report.

Manchester-Nashua, NH Shares Crown with Rochester, NY

Manchester-Nashua

The Manchester-Nashua, NH, and Rochester, NY metros tied as the hottest markets in the country. Manchester-Nashua saw slightly higher demand, while Rochester had a quicker pace of sale. Both markets offer value to buyers. Rochester is extremely affordable compared to the rest of the country, while Manchester-Nashua provides an affordable alternative to the expensive Boston metro area.

Manchester-Nashua has held the title of hottest market 15 times, with homes selling in under 30 days in September. Properties in this metro attracted 2.8 times more views per property than the typical home in the US. The median listing price in Manchester-Nashua was $487,000, up 17.1% year-over-year. The typical home listing in this area is priced 14.1% above the national median price.

Similarly, homes in Rochester sold in just 25 days, attracting 2.5 times more views than the typical US property. The median home price in Rochester was $223,000, more than $100,000 lower than the national median.

Most Improved Large Markets

In September, larger urban markets remained consistent, with only a slight increase in hotness rank compared to last year. The most improved large housing markets were primarily in the Midwest: St. Louis, MO, Chicago, IL, Milwaukee, WI, Indianapolis, IN, and Atlanta, GA. These markets offered affordability, with listing prices below the national median.

The St. Louis, MO housing market saw the fastest year-over-year hotness growth, rising 101 spots in rank. Homes in St. Louis typically spent 45 days on the market, 5 days fewer than the typical US home. Properties in this metro garnered 24.0% more viewers than the typical US property.

As affordability continued to gain traction in the Midwest, Atlanta made its way to the third most improved large market. The median listing price in Atlanta was $419,000, making it more affordable than the national median.

Conclusion

September's hottest housing markets offer affordability and sustained demand. While national real estate trends are important, local market conditions can vary greatly. Buyers and sellers should pay attention to their specific market and have their finances in order to take advantage of opportunities. The housing market continues to be dynamic, with shifting trends and evolving demands.

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