Realtor.com has identified Oshkosh in the midwest as the most hot housing market for the United States by July 2024.
This surprising leader reflects an overall trend where smaller cities with more affordable housing are outpacing traditional powerhouses in real estate like San Francisco and New York City.
The report highlights the changing dynamics of the US housing market. This is driven by high demand and limited inventory as well as a significant migration from major metropolitan areas.
Midwest real estate dominates market
Oshkosh’s rise to the top is part of a trend that favors midwestern cities.
Four other Midwest cities were also included in the top 10 of Realtor.com’s analysis. These include Rockford, Akron and Monroe.
This regional dominance can be attributed to the fact that a growing number people are leaving major cities for more affordable and spacious housing options.
Since February 2022, the Midwest has consistently been on Realtor.com’s list of desirable market.
The Northeast region has also maintained a strong demand for real estate, with cities such as Hartford, Manchester, New Haven and Rochester making the list.
These areas continue attracting buyers despite the broader economic challenges including rising mortgage rates.
What makes Oshkosh such a popular destination?
Oshkosh’s appeal lies in its affordability, and in the picturesque setting. This is especially true in a housing market with higher mortgage rates that are pricing many potential buyers out.
Hannah Jones, a Realtor.com economic research analyst, said that the median list price for a home in Oshkosh in July 2024 was $374,000
Oshkosh’s charm and its price point have sparked a lot of interest. Oshkosh listings receive 3.7 times the number of views than the national average.
The real estate market in Oshkosh is also marked by a severe imbalance between supply and the demand.
The number of homes listed for sale in the city is still 72.8% lower than pre-pandemic levels, despite a 24.2% increase year-on-year.
Oshkosh has risen to the top of the housing market in the country due to a combination of a shortage of properties and high demand.
Shifts in buyer preferences
The rise of Oshkosh, and other midwestern cities, as top real estate markets highlights a significant change in buyer preferences.
These smaller cities are becoming more popular as people look for affordability and quality of living outside of major metropolitan areas.
This trend is likely continue, particularly as housing affordability and economic conditions remain challenging in large cities.
The limited inventory in these markets may pose challenges to prospective buyers and investors. However, the demand could be a growth opportunity for investors.
As the US housing industry continues to change, it is important to keep an eye on the emerging hotspots.
This shift in the housing markets highlights the importance of understanding regional trends, adapting to the new market realities and adapting to the new market realities where affordability and quality-of-life are increasingly driving buyer decision.
This post which US housing market is hottest? Updates may change the conclusion that smaller cities outpace San Francisco, and NYC.
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