America's Hottest Housing Markets Signs of Cooling Off

Lisa Mailhot  |  April 4, 2024

Buyers

America's Hottest Housing Markets Signs of Cooling Off

 

America's real estate landscape has been a roller coaster ride, with some markets defying the odds and maintaining their scorching pace despite unfavorable conditions. However, recent data suggests that even the hottest markets might be cooling off, offering a glimmer of hope for homebuyers who have been priced out.

Realtor.com's report identified the 20 hottest markets, mainly in the Northeast and Midwest. The top 4 spots went to Manchester-Nashua, NH, Rochester, NY, and Worcester, MA.

While hot markets typically see higher price growth due to demand, four cities experienced median price drops year-over-year: Oshkosh-Neenah, WI (-12.3%) to a median of $325,000, Bridgeport-Stamford, CT (-9.8%) to $869,000, Lancaster, PA (-0.5%), and Dayton-Kettering, OH (-0.7%) which falls to $218,000.

 

This deceleration is partly due to smaller, lower-priced homes hitting the market. However, the price per square foot increased in most hot markets, signaling space tradeoffs for affordability.

Once-popular Southern and Sun Belt metros lost momentum as prices and mortgage rates impacted demand, while the Midwest and Northeast gained traction, pointing to potential rebalancing.

Bottomline

If you're considering moving to Orange County, the shifting trends in America's hottest housing markets present challenges and opportunities. Let's connect and explore how these changes could impact your real estate goals in this dynamic region.

 

 

Reference: “America’s Hottest Markets Might Be Cooling Off—With Price Drops in 4 Cities” by Jillian Pretzel. Published on April 2, 2024.


Recent Blog Posts

Stay up to date on the latest real estate trends.

Buyers

Navigating Lessons from the Real Brokerage Settlement's Shifting Landscape

Lisa Mailhot  |  April 12, 2024

Discover insights into the recent $9.25 million settlement between Real Brokerage and commission suits. Learn about the implications for buyers, sellers, and agents in… Read more

Buyers

Hot Vacation Home Markets Ripe for Investment in 2024

Lisa Mailhot  |  April 12, 2024

Discover the top vacation home markets across the U.S. experiencing remarkable price appreciation in 2024. Learn how to capitalize on these trending destinations as an… Read more

Buyers

New Rules Shine a Light on Cash Deals in Real Estate

Lisa Mailhot  |  April 11, 2024

The U.S. government is tightening regulations to combat money laundering in residential real estate transactions. This blog explores the proposed rules requiring real … Read more

Buyers

A Beginner's Guide to Building Wealth and Financial Wellness

Lisa Mailhot  |  April 10, 2024

Discover how to kickstart your financial journey with expert advice from Tiffany Aliche, The Budgetnista. Learn three essential steps to release financial shame, seek … Read more

Buyers

Embrace Luxury Living in Pasadena's Brantwood for Active Seniors

Lisa Mailhot  |  April 9, 2024

Discover Brantwood, a luxurious 55-unit apartment complex in Pasadena's vibrant Playhouse Village, offering all-inclusive lease plans and boutique hotel-style service… Read more

Buyers

Shifting Grounds in Real Estate After NY Lawsuit

Lisa Mailhot  |  April 8, 2024

Dive into the heart of a groundbreaking antitrust lawsuit in New York that could redefine real estate transactions nationwide. This blog post offers a comprehensive an… Read more

Buyers

Celebrating Endurance and Vision: Lessons from 50 Years in Real Estate

Lisa Mailhot  |  April 5, 2024

Explore the journey and insights of William Raveis, a real estate visionary, who has led his brokerage to success over five decades. Learn the secrets of endurance, in… Read more

Buyers

America's Hottest Housing Markets Signs of Cooling Off

Lisa Mailhot  |  April 4, 2024

Renters often feel limited in making their homes eco-friendly, but there are small steps you can practice to reduce your carbon footprint and live more sustainably, ev… Read more

Buyers

Thriving Through Turmoil: Realtors' Guide to Crisis Management 

Lisa Mailhot  |  April 3, 2024

Learn essential crisis management tips for handling commission uncertainty in the ever-changing real estate landscape. Gain insights from industry expert Julia Lashay … Read more

Let’s Talk

You’ve got questions and we can’t wait to answer them.