The residential real estate market has begun to come undone after two years of record price growth. However, a small number of markets have done extremely well recently. The best-performing markets are Rochester, N.Y., and Manchester-Nashua, N.H. These markets are extremely different from one another, showing how geographically and demographically successful residential real estate can be.
[in-text-ad]
The same problem has undercut most markets. That is mortgage rates that have risen from 3% for a 30-year fixed-rate mortgage last year to an interest rate that is closer to 7%.
Rochester and Manchester-Nashua have avoided the effects of these changes in home financing. A study by Realtor.com shows how they have done so. The September 2022 Hottest Housing Markets has rated markets based on “unique views of properties” on Realtor.com and the number of days homes stay on its website.
Manchester-Nashua is a fairly wealthy city, based on the median price of a home on the market last month. At $487,400, the figure is above the national number. However, “median days on market” are an extremely low 30.
Rochester’s median price for a home on the market is $222,500. This is among the lowest across the major metros in the country. The median days on the market for Rochester were 25.
24/7 Wall St.Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.