Over the past few months, the American residential real estate industry has witnessed a significant drop due to rising mortgage estimates. The National Association of Realtors revealed that the number of existing homes sold in April 2023 decreased by a whopping 23% compared to the same period last year, reaching 4.28 million units. However, by contrast, conditions remain hot in many cities across the United States, and while more people are interested in purchasing these homes, these homes rarely remain on the market for more than a few weeks. .
It’s worth noting that these high-demand metropolises are primarily located in states in the Midwest and Northeast, such as Wisconsin, which has four cities, and New England, which has 12 cities. It’s no surprise that home prices are rising in such areas due to increased demand.
In two-thirds of these metropolitan areas, median list prices are up month-over-month, and in all but one area, prices are higher than last year. What is also interesting is that even though prices are constantly rising in some of these areas, the cost of living remains much lower compared to other cities, which is another reason for the high demand. That means it’s possible.
- Manchester Nashua, New Hampshire
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- How long does it usually take for a home to be on the market: 12 days
- Median list price: $541,950 (23.2% higher than national average)
- Change in median list price: +1.8% month over month. +21.9% YoY
- Total number of homes on the market: 451
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- Hartford – East Hartford – Middletown, CT:
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- How long does it typically take for a home to be on the market: 21.5 days
- Median list price: $419,950 (4.5% less than the national average)
- Change in median list price: +5.0% month over month
- Total number of homes on the market: 2,457
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- Concord, New Hampshire — Tie:
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- How long does it usually take for a home to be on the market: 20 days
- Median list price: $547,400 (24.4% higher than national average)
- Change in median list price: +4.8% month over month. +21.7% YoY
- Total number of homes on the market: 165
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- Rochester, New York — Tie:
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- How long does it typically take for a home to be on the market: 16 days
- Median list price: $264,900 (39.8% less than the national average)
- Change in median list price: +0.0% month over month. +19.1% YoY
- Total number of homes on the market: 852
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- Springfield, Massachusetts:
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- How long does it usually take for a home to be on the market: 22 days
- Median list price: $377,450 (14.2% lower than the national average)
- Change in median list price: +2.3% month over month. +6.8% YoY
- Total number of homes on the market: 580
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- Columbus, Ohio:
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- How long does it usually take for a home to be on the market: 22 days
- Median list price: $388,900 (11.6% lower than the national average)
- Change in median list price: +1.0% month over month. +11.4% YoY
- Total number of homes on the market: 3,466
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- Massachusetts to Worcester, Connecticut:
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- How long does it typically take for a home to be on the market: 19 days
- Median list price: $515,000 (17.1% higher than national average)
- Change in median list price: +2.0% month over month. +9.7% YoY
- Total number of homes on the market: 991
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- New Haven-Milford, CT:
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- The amount of time a home typically spends on the market: 26 days.
- Median list price: $429,900 (2.3% less than the national average)
- Change in median list price: +7.5% month over month. +20.3% YoY
- Total number of homes on the market: 1,939
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- Lafayette-West Lafayette, Indiana:
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- How long does it typically take for a home to be on the market: 19 days
- Median list price: $367,900 (16.4% lower than the national average)
- Change in median list price: +11.8% month over month. +26.9% YoY
- Total number of homes on the market: 151
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- Portland – South of Portland, Maine:
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- How long does it typically take for a home to go on the market: 29 days
- Median list price: $620,000 (40.9% higher than national average)
- Change in median list price: -1.4% month over month. +16.4% YoY
- Total number of homes on the market: 793
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- Eau Claire, Wisconsin:
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- The amount of time a home typically spends on the market: 24 days.
- Median list price: $375,000 (14.8% lower than the national average)
- Change in median list price: +8.1% month over month. +12.5% YoY
- Total number of homes on the market: 314
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- Rockford, Illinois:
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- How long does it typically take for a home to go on the market: 29 days
- Median list price: $212,900 (51.6% less than the national average)
- Change in median list price: +18.3% month over month. +19.3% YoY
- Total number of homes on the market: 645
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- Burlington – South Burlington, Vermont:
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- How long does it typically take for a home to be on the market: 30 days
- Median list price: $483,125 (9.8% higher than national average)
- Change in median list price: +2.3% month over month. +10.3% YoY
- Total number of homes on the market: 233
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- Boston – Cambridge – Newton, Massachusetts – New Hampshire:
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- How long does it typically take for a home to be on the market: 23 days
- Median list price: $849,948 (93.2% higher than national average)
- Change in median list price: +1.3% month over month. +12.2% YoY
- Total number of homes on the market: 5,196
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- Fort Wayne, Indiana:
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- How long does it typically take for a home to go on the market: 29 days
- Median list price: $347,450 (21.0% lower than the national average)
- Change in median list price: +1.0% month over month. +23.0% YoY
- Total number of homes on the market: 451
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- Appleton, Wis. — Tie:
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- How long does it typically take for a home to be on the market: 32 days
- Median list price: $392,500 (10.8% lower than the national average)
- Change in median list price: -0.8% month over month. +10.7% YoY
- Total number of homes on the market: 406
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- Allentown-Bethlehem-Easton, Pennsylvania-New Jersey — Tie:
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- How long does it usually take for a home to be on the market: 28 days
- Median list price: $383,500 (12.8% lower than the national average)
- Change in median list price: +1.2% month over month. +9.6% YoY
- Total number of homes on the market: 1,240
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- Dayton Kettering, Ohio:
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- How long does it typically take for a home to be on the market: 30 days
- Median list price: $230,000 (47.7% less than the national average)
- Change in median list price: -4.2% month over month. +12.2% YoY
- Total number of homes on the market: 1,841
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- Johnson City, Tennessee:
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- How long does it typically take for a home to be on the market: 33 days
- Median list price: $429,450 (2.4% lower than the national average)
- Change in median list price: +4.7% month over month. +22.7% YoY
- Total number of homes on the market: 488
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- Bridgeport/Stamford/Norwalk, CT:
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- The amount of time a home typically spends on the market: 31 days.
- Median list price: $1,100,000 (150.1% higher than the national average)
- Change in median list price: -5.1% month over month. +30.3% YoY
- Total number of homes on the market: 2,702
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- Lansing – East Lansing, Michigan:
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- How long does it typically take for a home to go on the market: 29 days
- Median list price: $219,900 (50.0% lower than the national average)
- Change in median list price: -4.3% month over month. +10.3% YoY
- Total number of homes on the market: 978
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- Jefferson City, Missouri:
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- How long does it typically take for a home to be on the market: 30 days
- Median list price: $289,900 (34.1% lower than the national average)
- Change in median list price: +4.7% month over month. +26.1% YoY
- Total number of homes on the market: 277
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- Norwich, CT – New London:
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- How long does it usually take for a home to be on the market: 35 days
- Median list price: $499,900 (13.6% higher than national average)
- Change in median list price: +0.1% month over month. YoY +25.0%
- Total number of homes on the market: 705
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- Indiana – South Bend, Michigan – Mishawaka:
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- How long does it usually take for a home to be on the market: 28 days
- Median list price: $299,450 (31.9% lower than the national average)
- Change in median list price: -0.2% month over month. -1.8% YoY
- Total number of homes on the market: 487
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- Toledo, Ohio:
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- The amount of time a home typically spends on the market: 31 days.
- Median list price: $225,000 (48.9% lower than the national average)
- Change in median list price: +4.7% month over month. +22.0% YoY
- Total number of homes on the market: 1,494
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- Providence – Warwick, RI – Massachusetts:
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- How long does it typically take for a home to be on the market: 33 days
- Median list price: $525,000 (19.3% higher than national average)
- Change in median list price: -0.9% month over month. +11.1% YoY
- Total number of homes on the market: 2,843
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- Peoria, Illinois:
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- How long does it typically take for a home to be on the market: 33 days
- Median list price: $159,900 (63.7% less than the national average)
- Change in median list price: +6.7% month over month. +16.8% YoY
- Total number of homes on the market: 949
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- Milwaukee, Wisconsin vs. Waukesha — Tie:
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- How long does it typically take for a home to go on the market: 29 days
- Median list price: $374,900 (14.8% lower than the national average)
- Change in median list price: +2.7% month over month. +16.3% YoY
- Total number of homes on the market: 2,774
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- La Crosse-Onalaska, Wisconsin-Minnesota — Tie:
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- The amount of time a home typically spends on the market: 31 days.
- Median list price: $339,900 (22.7% less than the national average)
- Change in median list price: -5.6% month over month. +3.2% YoY
- Total number of homes on the market: 289
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- Oshkosh-Nenah, Wisconsin:
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- How long does it typically take for a home to be on the market: 36.5 days
- Median list price: $299,950 (31.8% lower than the national average)
- Change in median list price: -9.7% month over month. +2.1% YoY
- Total number of homes on the market: 311
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While the overall U.S. housing market has experienced a notable cooling, certain metropolitan areas in the Midwest and Northeast are bucking the trend. These areas are characterized by strong demand for housing, resulting in a quick sales process and often higher home prices.
Despite the price increases, these areas remain relatively affordable compared to the national average, likely contributing to the increased demand. As the housing landscape continues to evolve, these abnormal markets have shown resilience and attractiveness to homebuyers, offering unique opportunities amidst an overall market slowdown.
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