Where is the hottest real estate market in the U.S.?

Which market is the hottest in the U.S.?

Would you believe it if the hottest housing market in the U.S. was in the Midwest and had available inventory priced below $200,000? Sounds like a pre-pandemic dream, right? It’s July 2024, and it’s very real.

Fort Wayne, IN picked up the top spot in the most recent Wall Street Journal/Realtor.com Housing Market Ranking.

The summer city is located near Ohio and Michigan, and is within a 300-mile radius of Chicago, Cincinnati, Detroit, and Milwaukee.

When asked about the market, local real estate professional David Brough of Anthony Realtors said that Fort Wayne is “a relatively balanced market but leaning toward a seller’s market,.

Brough went on to say, “Homes priced under $200,000 are in high demand and sell quickly. These homes usually have several offers on them.”

The median list price for a home In Fort Wayne, IN in June 2024 was only $335,000. That’s well below the national average. If you’re looking for an affordable home in a conveniently located mid-sized metro area, Fort Wayne may be the ideal location for you.

What does $400k buy in Connecticut?

Speaking of hot markets, the Connecticut area is located within driving distance of multiple metro areas, and has been one of the most desirable states for homebuyers on several lists since the pandemic. Home in the Hartford area only last 20 about days on average, and some neighborhoods have seen impressive appreciation over the past few years.

The median price of a home in the U.S. was $442,500 in June 2024. What can a homebuyer expect to buy in Connecticut at that price point? CT Insider explored this exact question. It turns out that there are multiple properties priced at or below the median home price in some of the most popular areas in the state.

Neighbhorhoods like Byram, New Haven, and Durham are within 50 miles of Bridgeport, CT, and have homes over 1,500 sq. ft. available at or near the U.S. median home price for June 2024.

Is election uncertainty weighing on the housing market?

While the election season has already been one of the most wild and unpredictable in modern history, is it causing homebuyers to stay on the sidelines?

A recent article from Fox Business posed this exact question, and there may be some truth to the idea that election uncertainty is keeping homebuyers on the sidelines.

In a recent interview, Redfin CEO Glenn Kelman stated, “The real issue might just be the election. We’ve talked to so many homebuyers who say they’re going to wait to see what happens in this election. It is gripping the national psyche, as you may have heard.”

Kelman offered additional insights into the election anxiety homebuyers might be feeling. Kelman said, “I think that different people have different beliefs around which president will be best for the economy. Obviously, we have to get the deficit under control. Part of what’s driving interest rates up is inflation. But mostly that’s been tamed.”

When asked about a solution, Kelman said, “The real issue is that the government is borrowing so much money. And so the Republicans want to cut spending, the Democrats want to raise taxes. We probably need to do a little bit of both. And that’s going to be the biggest factor on the housing market.”