Two Massachusetts communities made the top 10 list of the hottest markets in the country
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Two Massachusetts communities made the top 10 list of the hottest markets in the country
Two Massachusetts cities are among the top 20 hottest summer housing markets, according to a new report.
The Summer 2024 Wall Street Journal/Realtor.com Housing Market Ranking report features housing markets that provide buyers with a lower cost of living, affordable homes and vibrant local economies that are appealing but not overly crowded.
And in a market where potential homebuyers are still dealing with low inventory, higher prices and mortgage rates nearing 7%, the communities on the list have homes priced more than $100,000 lower than the national median average.
“In fact, only five of the top 20 markets were priced higher than the U.S. median in June, underscoring the importance of affordability to today’s buyers,” according to the report. “The ranking identifies markets that those considering a home purchase should add to their shortlist — whether the goal is to live in it or rent it as a home to others.”
Both Worcester and Springfield made the list for the second year in a row and ranked higher than they did a year ago. Neither city made the top 20 last year.
Worcester ranked 17th with a 3.5% unemployment rate. The median home-sale price in June was $550,000. Last summer, Worcester ranked 28th.
Springfield took the No. 20 spot with a 3.8% unemployment rate. The median home-sale price in June there was $412,000. Last summer, Springfield ranked 35th.
The Boston, Cambridge and Newton areas did not make the top 20 this year, falling 15 spots to No. 31 on the list.
The Wall Street Journal and Realtor.com compared the largest 200 metropolitan areas in the U.S. across eight key metrics in two categories: the real estate market and economic health and quality of life.
In the real estate market category they included: real estate demand, supply, median days on market, median listing price trend, property taxes and climate risk to properties.
For economic and quality of life, the indicators included unemployment, wages, regional-price parities, share of foreign born, small businesses, amenities and commute time.
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Two Massachusetts communities made the top 10 list of the hottest markets in the country
Two Massachusetts communities made the top 10 list of the hottest markets in the country last month.
Realtor.com’s latest report found that while last year buyers were moving away from expensive coastal cities and looking at less-expensive homes in lesser-known communities further inland, this year buyers are looking at one thing and one thing only — “are homes there a bargain?”
What is the #1 priority for homebuyers?
In Realtor.com’s Hottest U.S. Real Estate Markets in August report, affordability proved to be the No. 1 priority among homeowners with 16 of the top 20 markets in the report having home prices below the $435,000 national median.
“The list of hottest markets in August underscored the affordability theme, with the top 20 markets sporting an average list price of only $332,000, a 24% discount from the national median,” said George Ratiu, manager of economic research for Realtor.com. “With home prices, rents, gasoline and energy, as well as other consumer prices leaving less money in consumers’ pockets at the end of every month, homebuyers are seeking high and low for more affordable homes.”
Which Massachusetts communities made hottest US housing markets?
Less than an hour west of Boston, Worcester ranked eighth. The median list price of a home in Worcester was $449,900, up from $390,000 last year.
Springfield ranked 10th with a median list price of $344,900.
How was the housing ranking determined?
The rankings were determined by metro areas where homes are selling the fastest, as well as where potential buyers are looking on the company’s websites and still find deals, according to the report.
