June 2022 Hottest Housing Markets – Realtor.com News

 
Concord, NH took the top spot on the hottest housing markets list in June, displacing nearby Manchester-Nashua which held the top spot for 9 of the last 12 months. This area has been in the top 5 hottest markets since March 2022, but has not held the top spot in the data’s history. Manchester first cracked into the top 20 in June 2018, and has regularly appeared in the top 20 since early 2021.
Realtor.com’s Market Hotness rankings take into account two aspects of the housing market: 1) market demand, as measured by unique viewers per property on Realtor.com, and 2) the pace of the market as measured by the number of days a listing remains active on Realtor.com.
There are no West region markets on the list this month, a departure from the June 2017-2021 average of 7 Western hot markets. The popularity of Western markets tends to wane in the summer months, but these markets have never in the data’s history been absent from the list altogether. Pricey western markets have been replaced with more affordable markets in the Northeast and Midwest, which account for 19 of the 20 hot markets. Overall, 16 of June’s hottest markets had median listing prices below the national median. The average listing price for the 20 hottest markets was $359,000 in June 2022, 20.3% lower than the national median, the biggest gap between the metrics since August 2021. Overall, 11 states were represented on our list of top 20 hottest housing markets in June as buyers zero-in on states with affordable metro areas. 
Indiana and Wisconsin both boasted 3 markets on the list in June, tied for the most locales in any state. Indiana brought affordability to the list for the second month with Elkhart-Goshen, Fort Wayne and Lafayette-West Lafayette returning to the list as 3 of the 6 least expensive hot markets this June. The other Midwest markets on the list were Topeka, KS, Oshkosh, WI, Racine, WI, La Crosse-Onalaska, WI, and Columbus, OH, all of which were priced more than $100,000 below the national median. The least expensive market on the list was Topeka, KS, where the median home price was $225,000 in June. The Northeast maintained 11 spots on the list this month, tied with May for the most on the list in the data’s history. The Northeast hot markets included Rochester, NY and Bangor, ME, two of the three least expensive metros on the list. The Northeast was also represented on the high end of the list with the three most expensive hot markets: Portland, ME, Burlington, VT and Manchester-Nashua, NH. The only Southern region market on the list was Burlington, NC.
The states featured in our top 20 list this month are: Connecticut, Indiana, Kansas, Massachusetts, Maine, North Carolina, New York, New Hampshire, Ohio, Vermont and Wisconsin.
Our Hottest Housing Markets, by design, are the areas where homes sell fastest and have lots of potential buyers checking out each listing. As a group, Realtor.com’s 20 Hottest Housing Markets received 1.5 to 3.2 times the number of viewers per home for sale compared to the national rate. These markets are seeing homes-for-sale move up to 20 days more quickly than the typical property in the United States. 
The median national home price for active listings reached a new high of $450,000 in June, up 16.9% year-on-year. The vast majority of June’s hottest markets are relatively affordable Midwest and Northeast markets. The hottest markets saw median listing prices reach $359,000 in June20.3% lower, on average, than the national median of $450,000. Notably, the most expensive market on the list was Portland, ME, where the median home price reached $549,000 in June, 22.0% more expensive than the median US home. Mortgage rates were 279 basis points higher at the end of June 2022 compared to the end of June 2021. Buyer attention has shifted towards affordability as climbing interest rates and slim inventory have made it difficult for many to find a suitable home in their price range. However, recent trends spell hope on the horizon for buyers as active inventory has turned a corner and price growth has begun to slow.
 
 
The Concord, NH metro area has cropped up regularly in the top 20 hottest markets since early 2021, and ranked among the top 5 for the last 3 months before landing the top spot in June. Homes in Concord were selling in under 13 days in June— 4 days faster than last year, and 19 days faster than was typical in the rest of the country. Properties in the metro drew in 3.2 times as many unique viewers per property as the typical home around the United States. 
The median listing price of homes in the Concord area was $457,000 in June, up 20.5% year over year, faster than the 16.9% advance in the national median listing price in the same period. The typical home listing in Concord is priced 1.6% above the national median price of $450,000. Concord offers an affordable alternative to both nearby Boston, MA where the median listing price reached $759,000 in June, and to the number 2 ranked hottest market, Manchester-Nashua, where homes were priced 6.2% (roughly $20,000) higher than in Concord. Home prices grew year-over-year in Concord due to both general price growth and a shift in home size mix. More larger homes were listed in Concord in June, with 60.0% of homes listed sized over 1750 sq. ft., compared to just 55.2% the previous June. All size tiers experienced price growth. 
Larger urban markets held steady in the rankings this month, with the largest 40 markets across the country staying put in their rank, on average, since June 2021. 
Of the largest 40 metros, the top 3 most-improved housing markets were all in the Midwest: Cincinnati, OH (+108 spots), Indianapolis, IN (+66 spots), Milwaukee, WI (+57 spots). These markets offered highly sought-after affordability with listing prices 17.3% to 28.9% below the national median of $450,000. The fourth and fifth most improved markets were Boston, MA (+49 spots), and San Diego, CA (+40 spots).
The Cincinnati, OH housing market saw the fastest year-over-year hotness growth in data history for the metro, earning it the position of fastest-rising large market in June. In the first quarter of 2022, this metro received the most attention from viewers in the Dayton, OH, Detroit, MI and Chicago, IL metro areas. In June, the Cincinnati area rose 108 spots in hotness rank compared to last year. The metro area clocked in as the 67th hottest metro in the US, striking close to its pre-pandemic June 2019 rank of 58th. Matching the nationwide trend of homes spending little time available for sale, the typical Cincinnati home spent 28 days on market, the shortest time on record for the metro. On the demand side, properties in the metro garnered 13.0% more viewers than the typical US property.
As Western region metros fell out of the top 20 hottest markets for the first time, San Diego, CA rose to the fifth most improved large market this month. This improvement is largely a function of homes spending just 22 days on the market in San Diego, the second shortest time on market in the data’s history and 10 days fewer than the US median. Interestingly, due to the area’s high cost, homes in the San Diego metro area were attracting only 59.1% the number of viewers compared to the typical US property, the lowest relative viewership for the area in the data’s history. The hotness of this metro was instead driven by the quick market pace, indicating competition is fierce in the San Diego metro area.
On the supply side, the five most-improved large markets saw inventory move an average 3 days more quickly than last year. In comparison, the largest 40 markets overall saw properties spend 2 days fewer on the market than last year, on average. The typical property spent 26 days on the market in the most-improved metros, 6 days less than the national norm.
 
 
 
 
 
 
 
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