Largely driven by consumer demand, home prices have skyrocketed since the COVID-19 pandemic. The median sale price for a new, single-family home in the U.S. spiked from $310,100 in April 2020 to $406,000 in July 2021, and has remained above $400,000 ever since, according to government data. Meanwhile, amid a series of rate hikes from the Federal Reserve, the average interest on a 30-year fixed rate mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half.
Soaring prices and historically high interest rates has made homeownership prohibitively expensive for a growing number of Americans. Partially as a result, the housing market has cooled considerably. After multiple months of precipitous decline between October 2020 and December 2023, new single-family home sales fell from over 1 million to fewer than 665,000. In the last 11 months alone, existing home sales have fallen by 17%.
According to the real estate market data website, realtor.com, homes are now sitting on the market for months at a time in cities across the United States. Still, in some parts of the country, demand for housing remains relatively high, and most homes find buyers within a matter of weeks.
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, as well as 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.
In all but four of the 30 metro areas on this list, the median home sale price increased in the last year. Another potential sign of growing demand, the typical number of days homes are listed on the market increased in only two of the cities on this list in the last year.
Despite rising prices, homes remain relatively affordable in most of these places. According to realtor.com, the median list price for a home in the U. S. was $410,00 in December 2023. In all but six metro areas on this list, the typical list price is below the comparable national median. (Here is a look at the least expensive housing market in every state.)
Geographically, the metro areas on this list are located almost exclusively in the Midwest and the Northeast. The largest share — six in total — are in Ohio, another four are in Wisconsin, and Connecticut, Illinois, and Pennsylvania are each home to three. (These are the states where saving enough to buy a house takes the longest.)
These are the hottest housing markets in America.
30. Youngstown-Warren, OH-PA
Source: Sean Pavone / iStock via Getty Images
- Hotness index score, Dec. 2023: 82.72 out of 100
- Time a house typically spends on the market: 52 days
- Year-over-year change in median days on market: -10.3%
- Median list price: $164,500
- Year-over-year change in median days on market: +10.0%
29. Johnson City, TN
Source: DenisTangneyJr / iStock via Getty Images
- Hotness index score, Dec. 2023: 85.23 out of 100
- Time a house typically spends on the market: 54 days
- Year-over-year change in median days on market: -7.8%
- Median list price: $369,650
- Year-over-year change in median days on market: -2.7%
28. Allentown-Bethlehem, PA-NJ
Source: aimintang / iStock via Getty Images
- Hotness index score, Dec. 2023: 85.23 out of 100
- Time a house typically spends on the market: 50 days
- Year-over-year change in median days on market: -16.1%
- Median list price: $369,450
- Year-over-year change in median days on market: +1.2%
27. New Haven-Milford, CT
Source: Jon Bilous / iStock via Getty Images
- Hotness index score, Dec. 2023: 85.23 out of 100
- Time a house typically spends on the market: 53 days
- Year-over-year change in median days on market: +0.0%
- Median list price: $399,000
- Year-over-year change in median days on market: +14.0%
26. Toledo, OH
Source: Sean Pavone / iStock via Getty Images
- Hotness index score, Dec. 2023: 85.40 out of 100
- Time a house typically spends on the market: 48 days
- Year-over-year change in median days on market: -5.9%
- Median list price: $174,900
- Year-over-year change in median days on market: +16.7%
25. Springfield, IL
Source: fotoguy22 / iStock via Getty Images
- Hotness index score, Dec. 2023: 85.91 out of 100
- Time a house typically spends on the market: 49 days
- Year-over-year change in median days on market: +8.9%
- Median list price: $168,950
- Year-over-year change in median days on market: +2.4%
24. Concord, NH
Source: halbergman / iStock via Getty Images
- Hotness index score, Dec. 2023: 86.41 out of 100
- Time a house typically spends on the market: 54 days
- Year-over-year change in median days on market: -0.9%
- Median list price: $574,950
- Year-over-year change in median days on market: +15.0%
23. Cincinnati, OH-KY-IN
Source: dougtone / Flickr
- Hotness index score, Dec. 2023: 86.74 out of 100
- Time a house typically spends on the market: 44 days
- Year-over-year change in median days on market: -13.7%
- Median list price: $335,123
- Year-over-year change in median days on market: +3.1%
22. Reading, PA
Source: DenisTangneyJr / iStock via Getty Images
- Hotness index score, Dec. 2023: 87.25 out of 100
- Time a house typically spends on the market: 45 days
- Year-over-year change in median days on market: -21.9%
- Median list price: $316,750
- Year-over-year change in median days on market: +15.2%
21. Lafayette-West Lafayette, IN
Source: akrassel / iStock via Getty Images
- Hotness index score, Dec. 2023: 87.58 out of 100
- Time a house typically spends on the market: 45 days
- Year-over-year change in median days on market: -12.6%
- Median list price: $309,500
- Year-over-year change in median days on market: -1.7%
20. Norwich-New London, CT
Source: aimintang / iStock via Getty Images
- Hotness index score, Dec. 2023: 87.58 out of 100
- Time a house typically spends on the market: 52 days
- Year-over-year change in median days on market: -16.8%
- Median list price: $449,900
- Year-over-year change in median days on market: +3.4%
19. Wausau, WI
Source: JamesBrey / E+ via Getty Images
- Hotness index score, Dec. 2023: 87.75 out of 100
- Time a house typically spends on the market: 51 days
- Year-over-year change in median days on market: -28.2%
- Median list price: $316,950
- Year-over-year change in median days on market: +5.7%
18. Trenton, NJ
Source: Ultima_Gaina / iStock via Getty Images
- Hotness index score, Dec. 2023: 87.75 out of 100
- Time a house typically spends on the market: 46 days
- Year-over-year change in median days on market: -28.1%
- Median list price: $380,000
- Year-over-year change in median days on market: +6.4%
17. Milwaukee-Waukesha, WI
Source: peeterv / iStock via Getty Images
- Hotness index score, Dec. 2023: 88.09 out of 100
- Time a house typically spends on the market: 44 days
- Year-over-year change in median days on market: -4.4%
- Median list price: $335,000
- Year-over-year change in median days on market: -0.9%
16. Topeka, KS
Source: Davel5957 / E+ via Getty Images
- Hotness index score, Dec. 2023: 88.26 out of 100
- Time a house typically spends on the market: 47 days
- Year-over-year change in median days on market: +9.3%
- Median list price: $226,950
- Year-over-year change in median days on market: -0.2%
15. Peoria, IL
Source: ghornephoto / iStock via Getty Images
- Hotness index score, Dec. 2023: 88.42 out of 100
- Time a house typically spends on the market: 48 days
- Year-over-year change in median days on market: -12.0%
- Median list price: $149,900
- Year-over-year change in median days on market: +7.2%
14. Canton-Massillon, OH
Source: benkrut / iStock via Getty Images
- Hotness index score, Dec. 2023: 88.42 out of 100
- Time a house typically spends on the market: 44 days
- Year-over-year change in median days on market: -6.4%
- Median list price: $230,000
- Year-over-year change in median days on market: +21.1%
13. Racine, WI
Source: DenisTangneyJr / iStock via Getty Images
- Hotness index score, Dec. 2023: 89.09 out of 100
- Time a house typically spends on the market: 46 days
- Year-over-year change in median days on market: -10.8%
- Median list price: $334,000
- Year-over-year change in median days on market: +11.4%
12. Columbus, OH
Source: espiegle / iStock via Getty Images
- Hotness index score, Dec. 2023: 91.11 out of 100
- Time a house typically spends on the market: 49 days
- Year-over-year change in median days on market: -2.0%
- Median list price: $359,900
- Year-over-year change in median days on market: +9.1%
11. Monroe, MI
Source: csfotoimages / iStock via Getty Images
- Hotness index score, Dec. 2023: 91.28 out of 100
- Time a house typically spends on the market: 46 days
- Year-over-year change in median days on market: -15.6%
- Median list price: $239,900
- Year-over-year change in median days on market: +2.2%
10. Providence-Warwick, RI-MA
Source: jjbers / Flickr
- Hotness index score, Dec. 2023: 92.62 out of 100
- Time a house typically spends on the market: 45 days
- Year-over-year change in median days on market: +0.0%
- Median list price: $499,900
- Year-over-year change in median days on market: +5.2%
9. Lancaster, PA
Source: DenisTangneyJr / iStock via Getty Images
- Hotness index score, Dec. 2023: 93.29 out of 100
- Time a house typically spends on the market: 42 days
- Year-over-year change in median days on market: -16.0%
- Median list price: $411,157
- Year-over-year change in median days on market: +4.1%
8. Oshkosh-Neenah, WI
Source: DenisTangneyJr / iStock via Getty Images
- Hotness index score, Dec. 2023: 94.13 out of 100
- Time a house typically spends on the market: 48 days
- Year-over-year change in median days on market: -5.0%
- Median list price: $294,900
- Year-over-year change in median days on market: +5.4%
7. Akron, OH
Source: ChrisBoswell / iStock via Getty Images
- Hotness index score, Dec. 2023: 94.46 out of 100
- Time a house typically spends on the market: 44 days
- Year-over-year change in median days on market: -10.2%
- Median list price: $214,995
- Year-over-year change in median days on market: +19.4%
6. Worcester, MA-CT
Source: SeanPavonePhoto / iStock via Getty Images
- Hotness index score, Dec. 2023: 96.14 out of 100
- Time a house typically spends on the market: 44 days
- Year-over-year change in median days on market: -15.4%
- Median list price: $479,450
- Year-over-year change in median days on market: +7.7%
5. Hartford-West Hartford, CT
Source: SeanPavonePhoto / iStock via Getty Images
- Hotness index score, Dec. 2023: 96.81 out of 100
- Time a house typically spends on the market: 45 days
- Year-over-year change in median days on market: -18.2%
- Median list price: $389,900
- Year-over-year change in median days on market: +6.8%
4. Rockford, IL
Source: DenisTangneyJr / iStock via Getty Images
- Hotness index score, Dec. 2023: 98.15 out of 100
- Time a house typically spends on the market: 40 days
- Year-over-year change in median days on market: -23.1%
- Median list price: $199,900
- Year-over-year change in median days on market: +17.7%
3. Manchester-Nashua, NH
Source: Sean Pavone / iStock via Getty Images
- Hotness index score, Dec. 2023: 98.66 out of 100
- Time a house typically spends on the market: 43 days
- Year-over-year change in median days on market: +0.0%
- Median list price: $549,900
- Year-over-year change in median days on market: +10.2%
2. Springfield, MA
Source: Sean Pavone / iStock via Getty Images
- Hotness index score, Dec. 2023: 98.99 out of 100
- Time a house typically spends on the market: 38 days
- Year-over-year change in median days on market: -13.6%
- Median list price: $316,950
- Year-over-year change in median days on market: +5.7%
1. Rochester, NY
Source: Davel5957 / iStock via Getty Images
- Hotness index score, Dec. 2023: 98.99 out of 100
- Time a house typically spends on the market: 35 days
- Year-over-year change in median days on market: -7.9%
- Median list price: $249,900
- Year-over-year change in median days on market: +8.7%
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