{"id":4193,"date":"2023-12-22T10:50:10","date_gmt":"2023-12-22T10:50:10","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/12\/22\/want-to-save-140k-on-a-house-3-surprising-new-markets-where-homebuyers-are-scoring-bargains-galore\/"},"modified":"2023-12-22T10:50:10","modified_gmt":"2023-12-22T10:50:10","slug":"want-to-save-140k-on-a-house-3-surprising-new-markets-where-homebuyers-are-scoring-bargains-galore","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/12\/22\/want-to-save-140k-on-a-house-3-surprising-new-markets-where-homebuyers-are-scoring-bargains-galore\/","title":{"rendered":"Want To Save $140K on a House? 3 Surprising New Markets Where Homebuyers Are Scoring Bargains Galore"},"content":{"rendered":"

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Despite chilly headwinds coming from still-high mortgage rates<\/a> and home prices, certain real estate markets are still shockingly active as homebuyers race to seal deals before the new year.<\/p>\n

A new Realtor.com\u00ae report<\/a> has found that November\u2019s hottest markets lie squarely in two areas of the U.S.: the Northeast, with 11 metros in the top 20, and the Midwest, with the remaining nine metros. (Rankings are based on the number of views that listings in these metropolitan areas receive on Realtor.com<\/a>, and how quickly properties are selling.)<\/p>\n

The hottest market of all in November was Manchester, NH<\/a>, about an hour\u2019s drive north of Boston.<\/p>\n

\u201cManchester has been a mainstay of the hottest markets list, ranking first a total of 22 times,\u201d said Realtor.com\u00a0economist\u00a0Hannah Jones<\/strong> in her analysis. \u201cThis is the fifth time the area has ranked No. 1 in 2023, but the area has been in the top three each month since February 2021.\u201d<\/p>\n

The reason Manchester remains at or near the top of the list is fairly simple: Despite its median prices being fairly high at $520,000, the area is essentially a bedroom community of Boston, where median home prices are much higher at an eye-watering $824,000<\/a>.<\/p>\n

The Rochester, NY,<\/a> metro, about a three-hour drive from the Canadian border, came in second on the hottest markets list with a much friendlier median home price of $239,000.<\/p>\n

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Where America\u2019s newest hot markets are hiding<\/h2>\n

Although the Northeast remains the most sought-after region of the U.S., the Midwest is not far behind, with Rockford, IL,<\/a> holding the No. 3 spot. This area also recently welcomed three newcomers to the rankings.<\/p>\n

Two of those Midwestern metros joined the list in October and have held on in November. At No. 17 is Lafayette, IN<\/a>, and tied for No. 18 are Canton, OH,<\/a>\u00a0and Erie, PA<\/a>.<\/p>\n

\u201cCanton and Lafayette have both been on the hottest markets list before, but this was the first month in the data\u2019s history that Erie, PA, has appeared on the list,\u201d explained Jones.<\/p>\n

Erie, named for neighboring Lake Erie, is a growing city known for offering jobs in medicine, manufacturing, and tourism.<\/p>\n

In all, \u201cthese new hot spots drew 1.8 to 2.3 times the number of viewers per property that the typical U.S. listing in November attracted,\u201d added Jones.<\/p>\n

The Midwest\u2019s affordability advantage<\/h2>\n

The Midwest, known as America\u2019s heartland, might be edging out the Northeast\u2019s reign as the nation\u2019s hottest real estate region largely due to its bargain home prices.<\/p>\n

\u201cThe three new Midwest markets boasted median listing prices $140,000 or more below<\/em> the national median in November,\u201d said Jones. (The national median home price was $420,000<\/a> in November.)<\/p>\n

Homes in Lafayette cost a median of $280,000, while prices in Canton are a mere $235,000. And home shoppers can find the lowest prices in Erie, at about $225,000.<\/p>\n

Yet these wallet-friendly deals might not last forever.<\/p>\n

\u201cPrices increased only slightly nationwide in November, but the month\u2019s hottest markets saw more substantial price growth due to high demand,\u201d cautioned Jones.<\/p>\n

In addition to rising prices, homes in this Midwest metro trio spent fewer days on the market than a typical home.<\/p>\n

In November, homes nationwide spent a median of 52 days on the market. Yet homes in Lafayette were snapped up after only 37 days. Meanwhile, Canton and Erie homes spent 35 and 42 days on the market respectively. So buyers looking for great prices should act fast.<\/p>\n

For those homebuyers who simply cannot stand the cold no matter the savings, \u201cthe Phoenix metro area saw the largest increase in its hotness ranking among large U.S. metros compared to last year, climbing 127 spots to rank as the 140th hottest U.S. market in November,\u201d said Jones.<\/p>\n

The home prices? Equally hot at $522,000.<\/p>\n

The post Want To Save $140K on a House? 3 Surprising New Markets Where Homebuyers Are Scoring Bargains Galore<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images Despite chilly headwinds coming from still-high mortgage rates and home prices, certain real estate markets are still shockingly active as homebuyers race to seal deals before the new year. A new Realtor.com\u00ae report has found that November\u2019s hottest markets lie squarely in two areas of the U.S.: the Northeast, with 11 metros in…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4193","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\/4193","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=4193"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4194"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4193"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}