{"id":5312,"date":"2024-04-26T07:20:55","date_gmt":"2024-04-26T07:20:55","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/04\/26\/the-no-1-housing-market-to-watch-is-one-most-americans-probably-havent-heard-of\/"},"modified":"2024-04-26T07:20:55","modified_gmt":"2024-04-26T07:20:55","slug":"the-no-1-housing-market-to-watch-is-one-most-americans-probably-havent-heard-of","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/04\/26\/the-no-1-housing-market-to-watch-is-one-most-americans-probably-havent-heard-of\/","title":{"rendered":"The No. 1 Housing Market To Watch Is One Most Americans Probably Haven\u2019t Heard Of"},"content":{"rendered":"

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Getty Images<\/p>\n

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When most folks think of the nation\u2019s top housing markets to watch, Rockford, IL<\/a>, probably doesn\u2019t come to mind.<\/p>\n

However, the midsized city in northern Illinois topped the annual Wall Street Journal\/Realtor.com Housing Market Ranking<\/a>. The list identified some of the strongest housing markets in the nation that are poised to continue growing in the coming months.<\/p>\n

\u201cThese are places where prices are picking up relatively quickly, demand is higher than we see in other parts of the country, and where homes aren\u2019t spending long on the market,\u201d says Hannah Jones<\/strong>, senior economic research analyst at Realtor.com\u00ae<\/a>. \u201cThey also boast strong economies and a great variety of things to do.\u201d<\/p>\n

The ranking looked at the 200 largest metropolitan areas and weighed real estate demand; housing inventory; median days on the market; price trends; property taxes; climate risks; unemployment rate; wages; regional price parities; percentage of foreign-born residents; small businesses; amenities; and commute times in these areas.<\/p>\n

These places also offer more affordably priced housing. Three-quarters of the top 20 markets boasted price tags below the national median list price<\/a> of $424,900.<\/p>\n

More than half of the cities were in the Midwest, with five in Ohio and a few in the Northeast and the South. Not a single market on the list was in the West.<\/p>\n

\u201cA lot of these areas are suffering from low inventory, so buyers are more likely to see more competition and prices are likely to rise,\u201d says Jones. \u201cThese are also areas that have lower exposure to extreme climate risks over the next 30 years.\u201d<\/p>\n

Rockford, located about 90 miles northwest of Chicago and 90 miles southwest of Milwaukee, boasted one of the lowest median home prices on our ranking. The typical home in the metro was listed for just $235,000 in March.<\/p>\n

\u201cThe reason it\u2019s so hot is the lack of inventory<\/a>,\u201d says local real estate agent David Dale Johnson<\/strong>, of Berkshire Hathaway HomeServices Crosby Starck Real Estate.<\/p>\n

The area is home to several hospital systems, an aerospace industry, and manufacturing jobs. However, the unemployment rate in the city, 6.8%, was higher than the national average of 3.9% in February, according to the Bureau of Labor Statistics.<\/p>\n

\u201cA lot of our buyers are coming out of the Chicago metro area,\u201d says Johnson. \u201cFor the buyers who can work from home several times a week or maybe entirely, they\u2019re finding it much more affordable to live in the Rockford area and commute to Chicago.\u201d<\/p>\n

Homes in the Rockford area were about 37.3% cheaper than in Chicago, where the typical home cost $374,900 in March.<\/p>\n

But Rockford isn\u2019t exactly an easy market for buyers. Homes priced below $225,000 often receive multiple offers, says Johnson.<\/p>\n

\u201cThe lower the price, the more offers,\u201d he says. \u201cAs a general rule, the house is going to sell for full price or more.\u201d<\/p>\n

In Fort Wayne, IN<\/a>\u2013another Midwestern market, which nabbed the No. 6 spot in the ranking\u2014competition is still brisk for homes priced below $300,000.<\/p>\n

Real estate broker Beth<\/strong> Walker<\/strong>, of Fairfield Group Realtors, is seeing multiple offers and offers over the asking price for these homes as first-time buyers<\/a> and investors battle it out.<\/p>\n

\u201cIt\u2019s tough,\u201d she says, noting that some buyers use escalation clauses while others are waiving home inspections and appraisals to gert their offers accepted. \u201cSometimes they\u2019re having to make more than one offer on a home.\u201d<\/p>\n

Take a look below at the full ranking and the median home prices in those cities.<\/p>\n

1. Rockford, IL<\/a><\/h2>\n

<\/a>This three-bedroom, two-bathroom house is on the market for just under $190,000.<\/p>\n

Realtor.com<\/p>\n

Median home list price in March: $235,000<\/strong><\/p>\n

2. Canton, OH<\/a><\/h2>\n

Median home list price: $248,000<\/strong><\/p>\n

3. Ann Arbor, MI<\/a><\/h2>\n

<\/a>This midcentury modern home is on the market for $720,000.<\/p>\n

Realtor.com<\/p>\n

Median home list price: $525,000<\/strong><\/p>\n

4. Akron, OH<\/a><\/h2>\n

Median home list price: $212,500<\/strong><\/p>\n

5. Springfield, MO<\/a><\/h2>\n

<\/a>This charming three-bedroom, two-bathroom house in Springfield, MO, was listed for just under $300,000.<\/p>\n

Realtor.com<\/p>\n

Median home list price: $340,000<\/strong><\/p>\n

6. Fort Wayne, IN<\/a><\/h2>\n

Median home list price: $325,000<\/strong><\/p>\n

7. Manchester, NH<\/a><\/h2>\n

<\/a>This three-bedroom, two-bathroom house in Manchester, NH, is for sale for $375,000.<\/p>\n

Realtor.com<\/p>\n

Median home list price: $550,000<\/strong><\/p>\n

8. Columbus, OH<\/a><\/h2>\n

Median home list price: $380,000<\/strong><\/p>\n

9. Kingsport, TN<\/a><\/h2>\n

<\/a>This four-bedroom home sits on 2 acres in Kingsport, TN.<\/p>\n

Realtor.com<\/p>\n

Median home list price: $315,000<\/strong><\/p>\n

10. Portland, ME<\/a><\/h2>\n

Median home list price: $623,000<\/strong><\/p>\n

11. Springfield, MA<\/a><\/h2>\n

<\/a>This cute Cape Cod is on the market for $325,000 in Springfield, MA.<\/p>\n

Realtor.com<\/p>\n

Median home list price: $350,000<\/strong><\/p>\n

12. Burlington, VT<\/a><\/h2>\n

Median home list price: $499,000<\/strong><\/p>\n

13. Dayton, OH<\/a><\/h2>\n

<\/a>This three-bedroom, brick ranch is on the market for $192,500 in Dayton, OH.<\/p>\n

Realtor.com<\/p>\n

Median home list price: $230,000<\/strong><\/p>\n

14. Worcester, MA<\/a><\/h2>\n

Median home list price: $500,000<\/strong><\/p>\n

15. Lancaster, PA<\/a><\/h2>\n

<\/a>This four-bedroom townhouse in Lancaster, PA, is on the market for $250,000.<\/p>\n

Realtor.com<\/p>\n

Median home list price: $420,000<\/strong><\/p>\n

16. Appleton, WI<\/a><\/h2>\n

Median home list price: $400,000<\/strong><\/p>\n

17. Hickory, NC<\/a><\/h2>\n

<\/a>This stately Hickory, NC, home is on the market for $699,000.<\/p>\n

Realtor.com<\/p>\n

Median home list price: $360,000<\/strong><\/p>\n

18. Toledo, OH<\/a><\/h2>\n

Median home list price: $230,000<\/strong><\/p>\n

19. Louisville, KY<\/a><\/h2>\n

<\/a>This four-bedroom, brick home is on the market for $575,000 in Louisville, KY.<\/p>\n

Realtor.com<\/p>\n

Median home list price: $315,000<\/strong><\/p>\n

20. Lansing, MI<\/a><\/h2>\n

Median home list price: $225,000<\/strong><\/p>\n

The post The No. 1 Housing Market To Watch Is One Most Americans Probably Haven\u2019t Heard Of<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images When most folks think of the nation\u2019s top housing markets to watch, Rockford, IL, probably doesn\u2019t come to mind. However, the midsized city in northern Illinois topped the annual Wall Street Journal\/Realtor.com Housing Market Ranking. The list identified some of the strongest housing markets in the nation that are poised to continue growing…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":5313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5312","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\/5312","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=5312"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/5312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/5313"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=5312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=5312"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=5312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}