Manchester NH continued to hold the top spot on Realtor.com’s hottest housing markets list in May.
May 2022 – Top 20 Hottest Housing Markets
Metro Rank Med. DOM Med. Listing Price
Manchester NH 1 9 $444,900
Burlington VT 2 11 $439,250
Portland ME 3 15 $538,500
Concord NH 4 17 $449,950
La Crosse WI 5 15 $344,450
Burlington NC 6 13 $369,450
Rochester NY 7 10 $224,950
Elkhart-Goshen IN 8 18 $259,900
Lafayette IN 9 17 $297,450
Fort Wayne IN 10 17 $279,950
Columbus OH 11 14 $340,000
Springfield MA 12 17 $352,500
Worcester MA 13 15 $469,900
Hartford CT 14 21 $362,750
Billings MT 15 20 $549,500
Norwich CT 16 22 $404,500
Kingsport TN 17 25 $299,000
New Haven CT 18 21 $357,450
Claremont NH 19 25 $397,000
Oshkosh WI 20 25 $302,400
Affordability = Key Factor in Hottest Housing Markets
Buyer attention has most definitely shifted towards affordability as fast-climbing mortgage interest rates and scant inventory have made it more challenging than ever for many buyers to find a suitable place to live within their price range.
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After dominating Realtor.com’s hottest markets list in January, you’ll notice that not one California metro is even ranked on this May list. Why? Affordability is the key driving force for today’s buyers.
Overall, sixteen of the twenty hottest markets in May had median listing prices -16.3% lower than the national median of $447,000 (+17.6% y/y) with an average listing price of $374,000.
Midwest markets were all priced more than $100,000 below the national median. Three of the four least expensive hottest markets in May (Elkhart, Fort Wayne and Lafayette) were in Indiana.
Connecticut also came through with affordability as New Haven, Hartford and Norwich all had median prices below the national median.
Hottest Markets Where Homes Sell Fastest & High Number of Viewers
Realtor.com designs its Hottest Housing Market rankings to “reward” the places where homes sell the fastest and have the most views. Overall, these top twenty metros received 1.5 to 3.2 times the number of viewers per home for sale compared to the national rate.
Thanks to Realtor.com.
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