According to the latest market report from Zillow, new listings of homes for sale have increased by 13% from a year ago. Despite this increase in availability, “we’re still starved for inventory in the for-sale market,” according to Orphe Divounguy, a senior economist at Zillow. The housing market remains in recovery mode following the COVID-19 pandemic, with an inventory that is still 34% below pre-pandemic numbers. The US Census Bureau reported an estimated 480,000 new homes for sale nationwide at the end of April 2024. This number is representative of a supply lasting 9.1 months at the current sale rate. With the median sales price of a home hovering around $433,500 and 30-year mortgage rates averaging between 6.8% and 7.5%, the demand for homes has dropped in recent months despite the increase in availability.
Across the US, there may be a general cooling off of housing sales, but there are still areas where homes have remained affordable, and the market is meeting and exceeding expectations. In all but six of these mentioned below, the typical list price is lower than the national median of $433,500. In only two of these locations, the typical number of days homes were listed on the market increased year-over-year. These are indicators of stability and sustainability in what may feel like a slow and expensive home buying and selling period.
Using data from Realtor.com, 24/7 Wall St. identified America’s 30 hottest housing markets. Metro areas are ranked by their Market Hotness Index score, a proprietary measure from Realtor.com that takes into account how long homes are on the market and several measures of supply and demand dynamics. All data is for December 2023. When two metro areas have the same index score, the city where the median list price has climbed more in the last year ranks higher.
Why Are We Writing About the US Housing Market?
An increase in housing demand and prices impacts economic growth through spending on construction, notably having a major impact on employment numbers. Economists often look to the number of new home builds to determine American household wealth and sensitivity to interest rate changes.
These are the hottest housing markets in America.
30. Youngstown-Warren, OH-PA
- Hotness Index Score (December 2023): 82.72 out of 100
- Days Spent on the Market: 52
- Median Listing Price: $164,500
- Year-Over-Year Change in Median Days on Market: -10.3%
- Year-Over-Year Change in Median List Price: +10.0%
29. Johnson City, TN
- Hotness Index Score (December 2023): 85.23 out of 100
- Days Spent on the Market: 54
- Median Listing Price: $369,650
- Year-Over-Year Change in Median Days on Market: -7.8%
- Year-Over-Year Change in Median List Price: -2.7%
28. Allentown-Bethlehem, PA-NJ
- Hotness Index Score (December 2023): 85.23 out of 100
- Days Spent on the Market: 50
- Median Listing Price: $369,450
- Year-Over-Year Change in Median Days on Market: -16.1%
- Year-Over-Year Change in Median List Price: +1.2%
27. New Haven-Milford, CT
- Hotness Index Score (December 2023): 85.23 out of 100
- Days Spent on the Market: 53
- Median Listing Price: $399,000
- Year-Over-Year Change in Median Days on Market: +0.0%
- Year-Over-Year Change in Median List Price: +14.0%
26. Toledo, OH
- Hotness Index Score (December 2023): 85.40 out of 100
- Days Spent on the Market: 48
- Median Listing Price: $174,900
- Year-Over-Year Change in Median Days on Market: -5.9%
- Year-Over-Year Change in Median List Price: +16.7%
25. Springfield, IL
- Hotness Index Score (December 2023): 85.91 out of 100
- Days Spent on the Market: 49
- Median Listing Price: $168,950
- Year-Over-Year Change in Median Days on Market: +8.9%
- Year-Over-Year Change in Median List Price: +2.4%
24. Concord, NH
- Hotness Index Score (December 2023): 86.41 out of 100
- Days Spent on the Market: 54
- Median Listing Price: $574,950
- Year-Over-Year Change in Median Days on Market: -0.9%
- Year-Over-Year Change in Median List Price: +15.0%
23. Cincinnati, OH-KY-IN
- Hotness Index Score (December 2023): 86.74 out of 100
- Days Spent on the Market: 44
- Median Listing Price: $335,123
- Year-Over-Year Change in Median Days on Market: -13.7%
- Year-Over-Year Change in Median List Price: +3.1%
22. Reading, PA
- Hotness Index Score (December 2023): 87.25 out of 100
- Days Spent on the Market: 45
- Median Listing Price: $316,750
- Year-Over-Year Change in Median Days on Market: -21.9%
- Year-Over-Year Change in Median List Price: +15.2%
21. Lafayette-West Lafayette, IN
- Hotness Index Score (December 2023): 87.58 out of 100
- Days Spent on the Market: 45
- Median Listing Price: $309,500
- Year-Over-Year Change in Median Days on Market: -12.6%
- Year-Over-Year Change in Median List Price: -1.7%
20. Norwich-New London, CT
- Hotness Index Score (December 2023): 87.58 out of 100
- Days Spent on the Market: 52
- Median Listing Price: $449,900
- Year-Over-Year Change in Median Days on Market: -16.8%
- Year-Over-Year Change in Median List Price: +3.4%
19. Wausau, WI
- Hotness Index Score (December 2023): 87.75 out of 100
- Days Spent on the Market: 51
- Median Listing Price: $316,950
- Year-Over-Year Change in Median Days on Market: -28.2%
- Year-Over-Year Change in Median List Price: +5.7%
18. Trenton, NJ
- Hotness Index Score (December 2023): 87.75 out of 100
- Days Spent on the Market: 46
- Median Listing Price: $380,000
- Year-Over-Year Change in Median Days on Market: -28.1%
- Year-Over-Year Change in Median List Price: +6.4%
17. Milwaukee-Waukesha, WI
- Hotness Index Score (December 2023): 88.09 out of 100
- Days Spent on the Market: 44
- Median Listing Price: $335,000
- Year-Over-Year Change in Median Days on Market: -4.4%
- Year-Over-Year Change in Median List Price: -0.9%
16. Topeka, KS
- Hotness Index Score (December 2023): 88.26 out of 100
- Days Spent on the Market: 47
- Median Listing Price: $226,950
- Year-Over-Year Change in Median Days on Market: +9.3%
- Year-Over-Year Change in Median List Price: -0.2%
15. Peoria, IL
- Hotness Index Score (December 2023): 88.42 out of 100
- Days Spent on the Market: 48
- Median Listing Price: $149,900
- Year-Over-Year Change in Median Days on Market: -12.0%
- Year-Over-Year Change in Median List Price: +7.2%
14. Canton-Massillon, OH
- Hotness Index Score (December 2023): 88.42 out of 100
- Days Spent on the Market: 44
- Median Listing Price: $230,000
- Year-Over-Year Change in Median Days on Market: -6.4%
- Year-Over-Year Change in Median List Price: +21.1%
13. Racine, WI
- Hotness Index Score (December 2023): 89.09 out of 100
- Days Spent on the Market: 46
- Median Listing Price: $334,000
- Year-Over-Year Change in Median Days on Market: -10.8%
- Year-Over-Year Change in Median List Price: +11.4%
12. Columbus, OH
- Hotness Index Score (December 2023): 91.11 out of 100
- Days Spent on the Market: 49
- Median Listing Price: $359,900
- Year-Over-Year Change in Median Days on Market: -2.0%
- Year-Over-Year Change in Median List Price: +9.1%
11. Monroe, MI
- Hotness Index Score (December 2023): 91.28 out of 100
- Days Spent on the Market: 46
- Median Listing Price: $239,900
- Year-Over-Year Change in Median Days on Market: -15.6%
- Year-Over-Year Change in Median List Price: +2.2%
10. Providence-Warwick, RI-MA
- Hotness Index Score (December 2023): 92.62 out of 100
- Days Spent on the Market: 45
- Median Listing Price: $499,900
- Year-Over-Year Change in Median Days on Market: +0.0%
- Year-Over-Year Change in Median List Price: +5.2%
9. Lancaster, PA
- Hotness Index Score (December 2023): 93.29 out of 100
- Days Spent on the Market: 42
- Median Listing Price: $411,157
- Year-Over-Year Change in Median Days on Market: -16.0%
- Year-Over-Year Change in Median List Price: +4.1%
8. Oshkosh-Neenah, WI
- Hotness Index Score (December 2023): 94.13 out of 100
- Days Spent on the Market: 48
- Median Listing Price: $294,900
- Year-Over-Year Change in Median Days on Market: -5.0%
- Year-Over-Year Change in Median List Price: +5.4%
7. Akron, OH
- Hotness Index Score (December 2023): 94.46 out of 100
- Days Spent on the Market: 44
- Median Listing Price: $214,995
- Year-Over-Year Change in Median Days on Market: -10.2%
- Year-Over-Year Change in Median List Price: +19.4%
6. Worcester, MA-CT
- Hotness Index Score (December 2023): 96.14 out of 100
- Days Spent on the Market: 44
- Median Listing Price: $479,950
- Year-Over-Year Change in Median Days on Market: -15.4%
- Year-Over-Year Change in Median List Price: +7.7%
5. Hartford-West Hartford, CT
- Hotness Index Score (December 2023): 96.81 out of 100
- Days Spent on the Market: 45
- Median Listing Price: $389,900
- Year-Over-Year Change in Median Days on Market: -18.2%
- Year-Over-Year Change in Median List Price: +6.8%
4. Rockford, IL
- Hotness Index Score (December 2023): 98.15 out of 100
- Days Spent on the Market: 40
- Median Listing Price: $199,900
- Year-Over-Year Change in Median Days on Market: -23.1%
- Year-Over-Year Change in Median List Price: +17.7%
3. Manchester-Nashua, NH
- Hotness Index Score (December 2023): 98.66 out of 100
- Days Spent on the Market: 43
- Median Listing Price: $549,900
- Year-Over-Year Change in Median Days on Market: +0.0%
- Year-Over-Year Change in Median List Price: +10.2%
2. Springfield, MA
- Hotness Index Score (December 2023): 98.99 out of 100
- Days Spent on the Market: 38
- Median Listing Price: $316,950
- Year-Over-Year Change in Median Days on Market: -13.6%
- Year-Over-Year Change in Median List Price: +5.7%
1. Rochester, NY
- Hotness Index Score (December 2023): 98.99 out of 100
- Days Spent on the Market: 35
- Median Listing Price: $249,900
- Year-Over-Year Change in Median Days on Market: -7.9%
- Year-Over-Year Change in Median List Price: +8.7%
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