Hottest Markets

 

April 2021 Hottest Housing Markets

Early Homebuying Season Favors Midwest and Northeast Markets

Highlights

  • Manchester-Nashua, NH maintains its hold as the hottest housing market in the country. Concord, NH holds the second-highest spot on the list.
  • Midwest and northeast housing markets together make up 14 of the 20 hottest housing markets in the country.
  • The Detroit, MI metro area saw the largest increase in its Hotness ranking among larger metros compared to last year.

New Hampshire maintained its position as the premiere housing market hot spot, with the Manchester-Nashua and Concord metropolitan areas claiming both first and second hottest markets in the country in April. 

Realtor.com’s Market Hotness rankings take into account two aspects of the housing market: 1) market demand, as measured by unique viewers per property on realtor.com, and 2) the pace of the market as measured by the number of days a listing remains active on realtor.com.

Midwest and northeast regions together claimed 14 of the top 20 spots on our list, up from just 9 last April, and the most spots of any April on record. Midwestern markets accounted for 8 of the top 20 markets, while the northeast accounted for 6 of the top 20. While it’s not uncommon to see markets from these regions on the list, we don’t usually see them so abundantly until the summer months. This early dominance may signal an even stronger showing from these markets later in the season. It looks as though eager buyers are not waiting for things to fall into place later, and are opting to pursue homes in these areas now.

As a group, Realtor.com’s 20 Hottest Housing Markets received 1.4 to 3.6 times the number of viewers per home for sale compared to the national rate. These markets are seeing homes for sale move 18 to 33 days more quickly than the typical property in the United States overall. 

Ten states were represented in the top 20 list, including California, Colorado, Indiana, Massachusetts, Maine, Missouri, New Hampshire, New York, Ohio, and Wisconsin. 

While affordability tends to be a factor in driving homebuyer demand, the hottest markets saw median listing prices 4.4% higher, on average, than the national price of $375,000 in April. This may reflect a willingness of buyers to pursue pricier homes as they aim to lock in favorable mortgage rates, which are projected to climb.

Manchester-Nashua Stays on Top

The Manchester-Nashua metro area has been a mainstay in the top 20 hottest markets for several years, especially in the warmer months. Half of all homes in Manchester were selling in under 10 days in April— 33 days faster than last year, and 33 days faster than is typical in the rest of the country. Properties in the metro drew in nearly four times as many unique viewers per property as the typical home around the United States. The median listing price of homes in the Manchester-Nashua area was $400,000 in April, up 2.3% year over year, although this price reflects a greater share of condos and townhomes than last year, given the intense popularity of single family homes in the area.

April 2021 – Top 20 Hottest Housing Markets

MetroHotness RankHotness Rank YoYViewers per Property vs USMedian Days On MarketDays on Market YoYMedian Listing Price
manchester-nashua, nh122.910-33$400,000
concord, nh2223.615-37$379,000
lafayette-west lafayette, in312.117-23$303,000
janesville-beloit, wi4192.521-30$258,000
elkhart-goshen, in5351.816-39$150,000
columbus, oh6-11.716-27$315,000
topeka, ks701.819-22$157,000
portland-south portland, me8582.123-41$462,000
vallejo-fairfield, ca9-31.615-24$545,000
rochester, ny10161.619-29$264,000
springfield, oh11172.726-27$180,000
worcester, ma-ct1271.722-25$390,000
yuba city, ca13-12.024-21$400,000
jefferson city, mo14831.924-39$213,000
springfield, ma15401.724-35$372,000
madison, wi16171.522-26$392,000
eureka-arcata-fortuna, ca17971.624-48$469,000
colorado springs, co18-171.412-20$494,000
stockton-lodi, ca19-21.522-19$499,000
santa cruz-watsonville, ca2061.421-27$1,190,000

Most Improved Large Markets

Larger urban markets continue to cool down in the rankings, with the largest 40 markets across the country dropping by 36 spots, on average, since last year. 

Of the largest 40 metros, the most-improved housing markets were: Detroit-Warren-Dearborn, MI (+82 spots); Tampa-St. Petersburg-Clearwater, FL (+70 spots); Austin-Round Rock, TX (+65 spots); Jacksonville, FL (+51 spots); and Riverside-San Bernardino-Ontario, CA (+45 spots).

Detroit, which experienced a major stall in real estate activity last April in response to the pandemic, has recovered tremendously, reaching a median time on market of 28 days, the shortest time on record, according to available data going back to 2016. And while some housing markets are seeing lopsided demand leaning toward single family homes, Detroit is seeing condos and townhomes moving just as quickly. Detroit’s struggling performance last April, coupled with its strong recovery this month–perhaps attributable to its unemployment rate of 4.5%–has pushed it to the top of our most-improved list.

On the supply side, the five most-improved markets combined saw inventory move 23 days more quickly than last year. In comparison, the largest 40 markets overall saw properties sell 16 days faster than last year, on average. The time a typical property spent on the market in the most-improved markets is 15 days shorter, on average, compared to the national rate.

Markets Seeing the Largest Jump in Rankings (April 2021)

MetroHotness RankHotness Rank YoYViewers per Property vs USMedian Days On MarketDays on Market YoYMedian Listing Price
detroit-warren-dearborn, mi118820.8228-32$285,000
tampa-st. petersburg-clearwater, fl61701.3332-23$327,000
austin-round rock, tx29651.2218-25$515,000
jacksonville, fl152510.9235-24$349,000
riverside-san bernardino-ontario, ca147450.7328-28$512,000

Methodology

Listing viewers per property indicate relative demand while median days on market indicate relative supply. Top markets are those with strong relative demand and limited relative supply.


Subscribe to our mailing list to receive monthly updates and notifications on the latest data and research.

  

 

Author

,