{"id":3799,"date":"2023-11-06T11:21:57","date_gmt":"2023-11-06T11:21:57","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/11\/06\/americas-hottest-housing-markets-have-a-newcomer-so-cheap-homebuyers-will-weep-for-joy\/"},"modified":"2023-11-06T11:21:57","modified_gmt":"2023-11-06T11:21:57","slug":"americas-hottest-housing-markets-have-a-newcomer-so-cheap-homebuyers-will-weep-for-joy","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/11\/06\/americas-hottest-housing-markets-have-a-newcomer-so-cheap-homebuyers-will-weep-for-joy\/","title":{"rendered":"America\u2019s Hottest Housing Markets Have a Newcomer So Cheap, Homebuyers Will Weep for Joy"},"content":{"rendered":"

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Although high mortgage rates<\/a> have plunged most of America\u2019s housing market into early hibernation, if you zoom in closer, you\u2019ll find that certain areas are busier and more bustling than a Black Friday doorbuster.<\/p>\n

These were the findings of a new report by Realtor.com\u00ae<\/a>\u00a0of America\u2019s Hottest Housing Markets<\/a>, which gauges \u201chotness\u201d via the number of views per listing and how long properties remain for sale.<\/p>\n

Despite mortgage rates reaching a recent 23-year high and approaching 8%, homes in the 20 hottest markets in September had no shortage of interest and offers.<\/p>\n

\u201cThese markets are seeing homes for sale move up to 31 days more quickly than the typical property in the United States,\u201d says Realtor economist Hannah Jones<\/strong>\u00a0in her analysis.<\/p>\n\n

Where America\u2019s hottest housing markets are hiding today<\/h2>\n

According to September data, 11 of America\u2019s 20 hottest markets lie in the Northeast, with the Manchester<\/a>\u2013Nashua, NH,<\/a> metropolitan area in the No. 1 spot. This hot market mainstay\u2014where listings receive triple the eyeballs as usual and linger a median of just 24 days before getting snapped up\u2014has ranked in the top three every month since February 2021.<\/p>\n

Following closely behind is the Midwest, with eight of the hottest markets in September. The Oshkosh<\/a>\u2013Neenah, WI,<\/a> area ranked highest for that part of the country, coming in at seventh place.<\/p>\n

\u201cThe Northeast and Midwest have dominated the hottest markets list since early 2022,\u201d notes Jones. \u201cThe Midwest and Northeast have gained in popularity due to their affordability.\u201d<\/p>\n

How low housing inventory creates cutthroat competition<\/h2>\n

Yet although these hot markets still enjoy home sales hurtling forward at a brisk clip, they\u2019re also plagued with a problem that dogs most of America: not enough houses for sale.<\/p>\n

New listing activity fell annually in all 20 of the hottest markets. This disparity has created surprisingly competitive conditions, as homebuyers vie for fewer homes in areas with relatively more affordable price tags.<\/p>\n

This means homebuyers in these markets really must be fully prepared and ready to pounce.<\/p>\n

\u201cBecause homes in the hottest markets move fast,\u201d Jones explains, \u201cshoppers in these areas should be aware of conditions and have their finances in order, including a mortgage pre-approval<\/a>, so that they can submit an offer quickly if they find a home that is a good fit.\u201d<\/p>\n

Why housing markets never remain affordable for long<\/h2>\n

While it\u2019s understandable in today\u2019s high-rate environment for affordable markets to attract the most attention and offers, that affordability might not last for long. High demand and low supply typically lead to higher prices\u2014in fact, it already has.<\/p>\n

While home prices have remained fairly stable across most of the country\u2014hovering at a median of $425,000 in October<\/a>\u2014housing prices in the 20 hottest markets ticked up considerably in September, spiking by up to 27% more in these areas.<\/p>\n

\u201cSeptember is the 14th month in a row that the average hottest markets\u2019 price growth climbed beyond U.S. price growth,\u201d says Jones. \u201cThe wide-ranging search for affordability is driving relatively high price growth in otherwise affordable locales.\u201d<\/p>\n

However, despite growing home prices, these hot spots still remain relatively affordable compared with the country at large, at least so far.<\/p>\n

\u201cOverall, 14 of September\u2019s hottest markets were priced below the national median,\u201d says Jones. The average list price for the 20 hottest markets remained at $390,000 in September, which is 9.2% lower than the national median.<\/p>\n

A newcomer to the top 20 markets<\/h2>\n

While many of America\u2019s hottest markets are mainstays from month to month, September did welcome a newcomer, with Binghamton, NY,<\/a> joining the top 20 for the first time ever, in 11th place.<\/p>\n

The reason is simple: Homes here boast a median list price of just $190,000\u2014less than half the U.S. median. This means buyers in Binghamton financing 80% of a home purchase at today\u2019s mortgage rates would be looking at a monthly housing payment<\/a> of roughly $1,000, versus roughly $2,400 for a typical home.<\/p>\n

\u201cThis housing payment is also roughly on par with the median rent in Oklahoma City<\/a>, the cheapest rent metro that we track,\u201d says Jones. This, in turn, makes \u201chomeownership in Binghamton a deal relative to both buying and renting in much of the country.\u201d<\/p>\n

The post America\u2019s Hottest Housing Markets Have a Newcomer So Cheap, Homebuyers Will Weep for Joy<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images Although high mortgage rates have plunged most of America\u2019s housing market into early hibernation, if you zoom in closer, you\u2019ll find that certain areas are busier and more bustling than a Black Friday doorbuster. These were the findings of a new report by Realtor.com\u00ae\u00a0of America\u2019s Hottest Housing Markets, which gauges \u201chotness\u201d via the…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":3800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/3799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=3799"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/3799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/3800"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=3799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=3799"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=3799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}