The housing market is booming almost everywhere you look. But some areas, although selling just as fast or faster than other communities, remain relatively affordable compared to other hot real estate markets across the country. With home prices reaching record highs, “affordability and strong local economies remain very much top of mind for today’s buyers.”
This is why Manchester, NH is currently number one among all housing markets across the United States. In Manchester, homebuyers can still get a single-family home for $300k or less. Consequently, many new buyers are currently from out of state—undoubtedly looking to escape high taxes and other costs of living.
In the month of October, Manchester homes were typically selling within 24 days after going on the market—a full 21 days quicker than typical housing markets elsewhere. For instance, compared to Boston, homes in Manchester were selling at a much lower price point, which led to more out-of-state home buyers entering the community, more out-of-state home buyers telling others about their purchases, and Manchester consequently becoming one of the hottest housing markets of 2021 as a result.
When you also consider that New Hampshire has no state income or sales tax, it’s no wonder that Manchester is a great place to live if you’re looking for the best way to potentially save your money while transplanting from one community to the next.
The average cost in Manchester has been so low that even three-bedroom homes have recently been listed for under $300,000—a sharp decline from comparable homes in major metropolitan areas, like nearby Boston. Given the scarcity of affordable housing in many markets throughout the country, would-be home buyers are more and more often turning to areas like Manchester as an alternative to higher-priced markets that have priced out some buyers.
Smaller Housing Markets Across the Country are In Demand
Realtor.com ranks the top U.S. housing markets monthly by tracking cities where homes are quickly selling, and consumer attention outside of those markets is increasing.
The website’s Manager of Economic Research, George Ratiu, states, “With home prices reaching record levels this year, many buyers are still finding themselves locked out of expensive cities.” This is precisely why local communities with more affordable housing like Manchester, NH are currently dominating the real estate market.
Here’s a look at Realtor.com’s top 20 “Hot List” ranking as of November 2021. The pricing listed indicates the median listing price in the given metropolitan market:
- Manchester, NH $419,900
- Burlington, NC $295,000
- Eureka, CA $489,000
- Rochester, NY $211,000
- Elkhart, IN $219,900
- Lafayette, IN $227,500
- Fort Wayne, IN $224,900
- Johnson City, TN $300,000
- Jefferson City, MO $179,900
- Rapid City, SD $386,000
- Raleigh, NC $425,000
- Topeka, KS $175,000
- Concord, NH $389,900
- Springfield, MA $310,000
- Worcester, MA $399,000
- Portland, ME $469,900
- Columbus, OH $289,900
- Janesville, WI $249,900
- Durham, NC $471,000
- Memphis, TN $275,000
With housing prices at all-time highs in some areas, smaller markets are reaping the benefits. For home buyers looking to purchase as soon as possible, more affordable options are out there, albeit outside of larger metropolitan areas. As a real estate agent, it’s important to be on top of new and emerging housing markets, especially markets that are more affordable for a larger segment of the buyer market. If you’re looking to buy and willing to relocate, you might just be in luck.
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