Want to know where the hottest housing markets are in America right now? September 2024's data is in, and it's a wild ride. Let's dive into America's 20 Hottest Housing Markets: September 2024 Rankings and uncover some fascinating trends.
This isn't just some dry statistics report; we'll break down the numbers and offer some real-world insights to help you make sense of this dynamic market. Trust me, the information here is useful whether you're looking to buy, sell, or just stay informed.
America's 20 Hottest Housing Markets: September 2024 Rankings
The Big Picture: A Nation Divided
The U.S. housing market continues to be a bit of a mixed bag. While national home prices dipped slightly in September, some areas are absolutely on fire. Realtor.com's “Market Hotness” ranking helps us understand this. It combines two key factors: the number of people looking at homes (demand) and how quickly homes sell (market pace). High demand and low inventory? That's a recipe for a hot market!
This month, the Northeast and Midwest regions completely dominated the top 20, just like they have for the past year. That's a significant pattern we need to understand.
Manchester-Nashua, NH: The Reign Continues
For the ninth month in a row, Manchester-Nashua, NH snatched the top spot! This area, close to Boston, has been consistently hot for over three years. What's the secret? High demand and a seriously low supply of homes for sale. Buyers are scrambling for available houses, leading to quick sales and intense competition. This makes Manchester-Nashua a prime example of a super-hot market.
Price Growth: A Tale of Two Markets
While national home prices edged down 1% year-over-year, the hottest markets showed moderate growth – around 3.6% on average. This is interesting, isn't it? It tells us that while the national trend is cooling off, high-demand areas are still seeing price increases, indicating resilient markets.
The top performers in price growth were Rochester, NY (+13.0%) and Milwaukee-Waukesha, WI (+11.4%). These areas have experienced remarkable price hikes. This variation highlights the importance of location, location, location!
Inventory: Still a Problem in Hot Markets
Nationally, the number of homes for sale went up. However, the hottest markets saw a less dramatic increase. These areas still have significantly fewer homes available compared to pre-pandemic levels. On average, there were 57% fewer homes for sale in September compared to before the pandemic hit, while nationwide it was 23.2%. This shortage continues to fuel the high demand.
September 2024: The Top 20 Hottest Markets
Let's get down to brass tacks. Here's the September 2024 ranking of the top 20 hottest housing markets, according to Realtor.com data: I've included some key stats to give you a more complete picture. Remember, this data is based on Realtor.com’s Market Hotness index which balances demand and sales pace. It's not simply the highest-priced markets.
| Hottest Metros | Hotness Rank | Hotness Rank YoY | Viewers per Property vs US | Median Days On Market | Days on Market YoY | Median Listing Price (If Active) |
|---|---|---|---|---|---|---|
| Manchester-Nashua, NH | 1 | 0 | 3.4 | 25 | 1 | $563,000 |
| Concord, NH | 2 | -4 | 3.2 | 31 | 0 | $552,000 |
| Rockford, IL | 3 | -7 | 3 | 29 | -2 | $223,000 |
| Springfield, MA | 4 | -3 | 2.9 | 28 | -3 | $393,000 |
| Hartford-West Hartford-East Hartford, CT | 5 | -12 | 3.8 | 33 | -5 | $412,000 |
| Worcester, MA-CT | 6 | 3 | 2.5 | 30 | 3 | $525,000 |
| Oshkosh-Neenah, WI | 7 | 0 | 2.7 | 35 | 3 | $305,000 |
| Providence-Warwick, RI-MA | 8 | -7 | 2.3 | 35 | -1 | $568,000 |
| Akron, OH | 9 | -8 | 2.3 | 36 | 0 | $230,000 |
| Racine, WI | 10 | -10 | 2.2 | 36 | 4 | $323,000 |
| Canton-Massillon, OH | 11 | -18 | 2 | 32 | -5 | $259,000 |
| Erie, PA | 12 | -47 | 3.1 | 39 | -5 | $240,000 |
| Boston-Cambridge-Newton, MA-NH | 13 | -3 | 2 | 31 | 0 | $840,000 |
| Dayton, OH | 14 | 1 | 2.1 | 36 | 4 | $250,000 |
| Norwich-New London, CT | 15 | -31 | 2.9 | 39 | -4 | $474,000 |
| Columbus, OH | 16 | 8 | 2.2 | 37 | 7 | $377,000 |
| Janesville-Beloit, WI | 17 | -42 | 2.9 | 39 | -5 | $332,000 |
| Rochester, NY | 18 | 16 | 2.2 | 38 | 21 | $283,000 |
| Milwaukee-Waukesha-West Allis, WI | 19 | -13 | 1.8 | 31 | 1 | $390,000 |
| Peoria, IL | 20 | -26 | 2.2 | 38 | -2 | $173,000 |
| Toledo, OH | 20 | -26 | 2 | 35 | -2 | $249,000 |
(Note: Data from Realtor.com, October 10, 2024. Always verify information with the original source.)
Who's Moving Up? Who's Falling Behind?
Looking at year-over-year changes is crucial. Some markets are gaining popularity, while others are cooling down. For example, Sioux Falls, SD, Bloomington, IL, and Poughkeepsie-Newburgh-Middletown, NY saw major jumps in their rankings, suggesting rising interest from buyers.
On the flip side, some Southern and Western markets saw a significant decrease in their hotness ranking, pointing to potentially softening demand.
What This Means For You
The housing market is complex, and national trends don't always tell the whole story. For buyers, areas with high demand mean more competition. Sellers in hot markets can expect strong interest but need to be prepared for the intensity of the market.
The good news is that lower mortgage rates are making homes slightly more affordable. However, many homeowners are “locked in” with their low rates, so a massive surge in demand is unlikely.
Ultimately, the best course of action is to do your homework, understand local market dynamics, and work with a knowledgeable real estate agent.
Recommended Read:
- Hottest Real Estate Markets in Maine: Top Locations for 2024
- The Hottest Housing Markets in Seattle Area (2024)
- America's 20 Hottest Housing Markets: July 2024 Rankings
- Top 10 Hottest Real Estate Markets in the World
- Hottest Housing Markets Predicted for 2024
- Zillow’s Predictions for the Hottest Housing Markets of 2024
- 68 Housing Markets Where Prices Have Doubled the Fastest
