This month, Realtor.com released a report on the hottest housing markets as of July 2024.
The real estate site ranked 300 metro areas based on two aspects of the housing market:
- Market demand, as measured by unique views per property on Realtor.com
- The pace of the market as measured by the number of days a listing remains active on Realtor.com
Major metro areas like New York City and San Francisco didn’t make the top 10. Realtor.com’s report found that the hottest housing markets were in the Northeast and the Midwest. This month’s list is the 10th in a row that contains housing markets from only those two regions.
“Prices were stable nationwide, but the month’s hottest markets saw more substantial price growth due to high demand and scarce for-sale inventory,” the report states.
The report highlights an overall trend of people moving from major cities to Midwest and Northeast metros, which have dominated the list since February 2022.
Oshkosh, Wisconsin has the nation’s hottest housing market
The midwestern city of Oshkosh took the No. 1 spot on Realtor.com’s list. According to the site, homes in OshKosh have a median list price of $374,000. The city received 3.7 times more views per property in July than the national average.
Oshkosh, Wisconsin
Denistangneyjr | Istock | Getty Images
Despite mortgages rising in 2022 and home prices remaining high across the country, the Midwest actually became a hotspot for buyers.
“Oshkosh offers buyers affordability in an idyllic setting,” Hannah Jones, senior economic research analyst at Realtor.com, stated.
The number of listings rose 24.2% year-over-year in Oshkosh in July and there were 72.8% fewer homes for sale this July compared to before the covid-19 pandemic.
“The gap between inventory and buyer demand sent Oshkosh to the top of this month’s list,” Jones said.
Nestled along the shores of Lake Winnebago, Oshkosh is home to the clothing brand OshKosh B’Gosh, which is also a major employer in the area.
The 10 hottest housing markets in the U.S.
- Oshkosh, Wis.
- Hartford, Conn.
- Manchester, N.H.
- Rockford, Ill.
- Akron, Ohio
- Monroe, Mich.
- New Haven, Conn.
- Rochester, N.Y.
- Janesville, Wis.
- Providence, R.I.
Hartford, Connecticut
Marknh | Istock | Getty Images
Hartford, Connecticut, is the No. 2 hottest housing market, with listings in the area receiving 4.3 times more views than the national average. Average homes in Hartford cost $444,000, according to Realtor.com.
A March report from Creditnews Research found that Hartford, Connecticut, was the fastest-selling housing market as of January 2024.
The metro area’s median “days-to-pending” was eight days, down from 52 days in January 2020. This was the biggest percentage drop (-84.62%) of all the metros in the study. The state also had the second-biggest decline in per-capita housing inventory (-67.20%) since 2020.
In 2023, Hartford was one of Realtor.com’s top 10 markets of the year. It is known as the world’s insurance capital because it is home to the headquarters of more than 100 insurance companies.
Want to be more successful and confident with your money? Take CNBC Make It’s new online course. Our expert instructors will help you master your money and discover practical strategies to boost your savings, reduce debt and grow your wealth — in a way that works best for you. Enroll in “Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure” to start your journey to financial freedom today! Get a 30% discount with the coupon code EARLYBIRD until September 2, 2024.
Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.
