Over the last couple of months, the American residential real estate industry has witnessed a considerable decline due to increased mortgage quotes. The National Real Estate Association reveals that in April 2023, existing home sales fell by a whopping 23% and settled at 4.28 million as compared with the same time last year. In contrast, however, many cities across the USA still remain hot, and more people desire to purchase these houses, which rarely stay in the market for longer than a few weeks.
It is worth noting that these high-demand metropolises are mainly found in the midwestern and northeastern states such as Wisconsin, where there are four cities, and New England, where there are twelve such cities. It is not surprising that home prices are increasing in such areas due to increased demand.
The median list prices are rising month over month in two-thirds of these metro areas, and except for one of them, they exceed last year’s ones. It is also interesting to note that even as prices are constantly increasing in some of these places, the cost of living remains much lower compared to other cities, which might be another reason for the high demand.
- Manchester-Nashua, NH
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- Time a house typically spends on the market: 12 days
- Median list price: $541,950 (23.2% more than national avg.)
- Change in median list price: +1.8% month-over-month; +21.9% year-over-year
- Total homes on the market: 451
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- Hartford-East Hartford-Middletown, CT:
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- Time a house typically spends on the market: 21.5 days
- Median list price: $419,950 (4.5% less than national avg.)
- Change in median list price: +5.0% month-over
- Total homes on the market: 2,457
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- Concord, NH — tied:
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- Time a house typically spends on the market: 20 days
- Median list price: $547,400 (24.4% more than national avg.)
- Change in median list price: +4.8% month-over-month; +21.7% year-over-year
- Total homes on the market: 165
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- Rochester, NY — tied:
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- Time a house typically spends on the market: 16 days
- Median list price: $264,900 (39.8% less than national avg.)
- Change in median list price: +0.0% month-over-month; +19.1% year-over-year
- Total homes on the market: 852
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- Springfield, MA:
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- Time a house typically spends on the market: 22 days
- Median list price: $377,450 (14.2% less than national avg.)
- Change in median list price: +2.3% month-over-month; +6.8% year-over-year
- Total homes on the market: 580
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- Columbus, OH:
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- Time a house typically spends on the market: 22 days
- Median list price: $388,900 (11.6% less than national avg.)
- Change in median list price: +1.0% month-over-month; +11.4% year-over-year
- Total homes on the market: 3,466
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- Worcester, MA-CT:
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- Time a house typically spends on the market: 19 days
- Median list price: $515,000 (17.1% more than national avg.)
- Change in median list price: +2.0% month-over-month; +9.7% year-over-year
- Total homes on the market: 991
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- New Haven-Milford, CT:
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- Time a house typically spends on the market: 26 days
- Median list price: $429,900 (2.3% less than national avg.)
- Change in median list price: +7.5% month-over-month; +20.3% year-over-year
- Total homes on the market: 1,939
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- Lafayette-West Lafayette, IN:
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- Time a house typically spends on the market: 19 days
- Median list price: $367,900 (16.4% less than national avg.)
- Change in median list price: +11.8% month-over-month; +26.9% year-over-year
- Total homes on the market: 151
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- Portland-South Portland, ME:
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- Time a house typically spends on the market: 29 days
- Median list price: $620,000 (40.9% more than national avg.)
- Change in median list price: -1.4% month-over-month; +16.4% year-over-year
- Total homes on the market: 793
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- Eau Claire, WI:
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- Time a house typically spends on the market: 24 days
- Median list price: $375,000 (14.8% less than national avg.)
- Change in median list price: +8.1% month-over-month; +12.5% year-over-year
- Total homes on the market: 314
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- Rockford, IL:
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- Time a house typically spends on the market: 29 days
- Median list price: $212,900 (51.6% less than national avg.)
- Change in median list price: +18.3% month-over-month; +19.3% year-over-year
- Total homes on the market: 645
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- Burlington-South Burlington, VT:
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- Time a house typically spends on the market: 30 days
- Median list price: $483,125 (9.8% more than national avg.)
- Change in median list price: +2.3% month-over-month; +10.3% year-over-year
- Total homes on the market: 233
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- Boston-Cambridge-Newton, MA-NH:
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- Time a house typically spends on the market: 23 days
- Median list price: $849,948 (93.2% more than national avg.)
- Change in median list price: +1.3% month-over-month; +12.2% year-over-year
- Total homes on the market: 5,196
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- Fort Wayne, IN:
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- Time a house typically spends on the market: 29 days
- Median list price: $347,450 (21.0% less than national avg.)
- Change in median list price: +1.0% month-over-month; +23.0% year-over-year
- Total homes on the market: 451
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- Appleton, WI — tied:
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- Time a house typically spends on the market: 32 days
- Median list price: $392,500 (10.8% less than national avg.)
- Change in median list price: -0.8% month-over-month; +10.7% year-over-year
- Total homes on the market: 406
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- Allentown -Bethlehem-Easton, PA-NJ — tied:
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- Time a house typically spends on the market: 28 days
- Median list price: $383,500 (12.8% less than national avg.)
- Change in median list price: +1.2% month-over-month; +9.6% year-over-year
- Total homes on the market: 1,240
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- Dayton-Kettering, OH:
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- Time a house typically spends on the market: 30 days
- Median list price: $230,000 (47.7% less than national avg.)
- Change in median list price: -4.2% month-over-month; +12.2% year-over-year
- Total homes on the market: 1,841
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- Johnson City, TN:
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- Time a house typically spends on the market: 33 days
- Median list price: $429,450 (2.4% less than national avg.)
- Change in median list price: +4.7% month-over-month; +22.7% year-over-year
- Total homes on the market: 488
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- Bridgeport-Stamford-Norwalk, CT:
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- Time a house typically spends on the market: 31 days
- Median list price: $1,100,000 (150.1% more than national avg.)
- Change in median list price: -5.1% month-over-month; +30.3% year-over-year
- Total homes on the market: 2,702
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- Lansing-East Lansing, MI:
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- Time a house typically spends on the market: 29 days
- Median list price: $219,900 (50.0% less than national avg.)
- Change in median list price: -4.3% month-over-month; +10.3% year-over-year
- Total homes on the market: 978
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- Jefferson City, MO:
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- Time a house typically spends on the market: 30 days
- Median list price: $289,900 (34.1% less than national avg.)
- Change in median list price: +4.7% month-over-month; +26.1% year-over-year
- Total homes on the market: 277
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- Norwich-New London, CT:
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- Time a house typically spends on the market: 35 days
- Median list price: $499,900 (13.6% more than national avg.)
- Change in median list price: +0.1% month-over-month; +25.0% year-over-year
- Total homes on the market: 705
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- South Bend-Mishawaka, IN-MI:
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- Time a house typically spends on the market: 28 days
- Median list price: $299,450 (31.9% less than national avg.)
- Change in median list price: -0.2% month-over-month; -1.8% year-over-year
- Total homes on the market: 487
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- Toledo, OH:
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- Time a house typically spends on the market: 31 days
- Median list price: $225,000 (48.9% less than national avg.)
- Change in median list price: +4.7% month-over-month; +22.0% year-over-year
- Total homes on the market: 1,494
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- Providence-Warwick, RI-MA:
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- Time a house typically spends on the market: 33 days
- Median list price: $525,000 (19.3% more than national avg.)
- Change in median list price: -0.9% month-over-month; +11.1% year-over-year
- Total homes on the market: 2,843
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- Peoria, IL:
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- Time a house typically spends on the market: 33 days
- Median list price: $159,900 (63.7% less than national avg.)
- Change in median list price: +6.7% month-over-month; +16.8% year-over-year
- Total homes on the market: 949
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- Milwaukee-Waukesha, WI — tied:
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- Time a house typically spends on the market: 29 days
- Median list price: $374,900 (14.8% less than national avg.)
- Change in median list price: +2.7% month-over-month; +16.3% year-over-year
- Total homes on the market: 2,774
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- La Crosse-Onalaska, WI-MN — tied:
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- Time a house typically spends on the market: 31 days
- Median list price: $339,900 (22.7% less than national avg.)
- Change in median list price: -5.6% month-over-month; +3.2% year-over-year
- Total homes on the market: 289
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- Oshkosh-Neenah, WI:
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- Time a house typically spends on the market: 36.5 days
- Median list price: $299,950 (31.8% less than national avg.)
- Change in median list price: -9.7% month-over-month; +2.1% year-over-year
- Total homes on the market: 311
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While the overall U.S. housing market has experienced a notable cooldown, certain metro areas in the Midwest and Northeast are defying this trend. These regions are characterized by a robust demand for homes, resulting in a swift sales process and, in many cases, an increase in home prices.
Despite the price hikes, these areas remain relatively affordable compared to the national average, likely contributing to the heightened demand. As the housing landscape continues to evolve, these outlier markets showcase resilience and attractiveness to homebuyers, offering unique opportunities amid the broader market slowdown.
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