20 Hot Housing Markets That Are On The Rise Now (June 2024)

The Hartford, CT, metro area ranked as the best in the country hottest housing market for the first time since July 2023. Prices were stable nationwide, but the hottest markets of the month saw more substantial price growth (+8.1%) due to high demand And scarce stock for saleThe . Northeast and the Midwest were the only regions on this month’s list with 13 and 7 markets, respectively. The June list is the ninth in a row to include only markets in the Northeast and Midwest.

Hartford, CT: Taking Charge

The Hartford, CT, metro area ranked as the best in the country hottest housing market in June for the first time since July 2023. Hartford has been in the top 20 every month since February 2022 and has held the top spot a total of five times.

The Realtor.com Market Hotness Rankings Consider two aspects of the housing market: 1) market demand, as measured by the number of unique views per property on Realtor.com, and 2) market pace, as measured by the number of days a listing remains active on Realtor.com.

Price growth slows in hottest markets

The house prices were flat year on year nationwide in June, but the warmest markets saw an average 8.1% price growtha delay compared to the previous month. Both price growth And ask exceed the national trend in the hottest markets. However, both metrics are down from the previous month.

Demand, measured by views per propertywas 2.8 times the national level in the hottest markets in June, down from three times the national level in May.

Average annual price growth determined from 13.6% in May Unpleasant 8.1% in JuneThis suggests that while the month’s hottest markets are seeing significantly higher demand than the average housing market across the country, the still-challenging housing conditions may be undermining buyer demand.

This month’s most popular market, Hartford-West Hartford-East Hartford, Conn.drew 4.4 times its usual viewership in the U.S. in June, the highest viewership of any of the top 20 markets.

While active listings were up 36.7% year-over-year nationally in June, with the hottest markets seeing more subdued listing growth. On average, the 20 hottest markets saw an increase in inventory 17.3% year-on-year in June. The inventory was approximately 30% below pre-pandemic levels in June nationwide, but the warmest markets saw an average 62.5% drop in mentions from June 2019 to June 2024.

High demand and tight inventory conditions are driving up the number of views per home, increasing competition for homes in the hottest markets and speeding up sales. Homes in the hottest markets sell for an average of four days faster than last year and three weeks faster than the national average in June.

Who is in

In all but two markets List of the hottest housing markets of June were also on May’s list. Erie, PAAnd Syracuse, New Yorkcame in at 17th and 14th this month. Syracuse was a particularly notable newcomer, as the metro had not previously been among the top 20 most popular markets.

When looking at which of the 300 markets ranked grew the most, it turns out that affordable metros in Bloomington, IL (165 places warmer), Champaign-Urbana, IL (113 places warmer), Syracuse, New York (110 places warmer), and Lexington-Fayette, KY (107 places hotter), have become more popular.

Who’s out?

Two markets fell out of May’s top 20, but none fell very far. Buffalo, New YorkAnd Wasau-Weston, WIdropped to positions ranging from 22 to 30, retaining significant popularity despite their decline. These areas remained popular, highlighting the recent appeal of Midwest and Northeast metros, which have dominated the list since February 2022.

Instead, if we look at which metros have fallen the most over the past year, we see a mix of southern and western metros. The metros that have fallen the most include: Wichita Falls, TX (138 places lower), Lubbock, TX (133 places lower), Santa Maria-Santa Barbara, CA (down 97 places), and Anchorage, AK (84 places lower).

June 2024: 20 Hottest Housing Markets

• Hartford-West Hartford-East Hartford, Conn. – Ranked 1st
• Manchester-Nashua, NH – Ranked 2nd
• Rockford, Illinois. – Ranked 3rd
• Oshkosh-Neenah, Wisconsin. – Ranked 4th
• Rochester, New York – Ranked 5th
• Springfield, Massachusetts. – Ranked 6th
• Akron, Ohio – Ranked 7th
• Canton-Massillon, Ohio – Ranked 8th
• New Haven-Milford, Connecticut. – Ranked 9th
• Unity, NH – Ranked 10th
• Providence-Warwick, RI-Mass. – Ranked 11th
• Worcester, Mass.-Conn. – Ranked 12th
• Bridgeport-Stamford-Norwalk, Connecticut. – Ranked 13th
• Syracuse, New York – Ranked 14th
• Columbus, Ohio – Ranked 15th
• Read, Dad. – Ranked 16th
• Erie, Pennsylvania. – Ranked 17th
• Lafayette-West Lafayette, Indiana. – Ranked 18th
• Norwich-New London, Connecticut. – Ranked 19th
• Springfield, Illinois. – Ranked 20th

Most Improved Large Market

Larger metro markets warmed up this month, with the nation’s 40 largest markets warming an average of five notches since June 2023. Major metros continue to warm up as homebuyers look to buy homes near business centers. These areas attracted about 8% more views per ad than usual in the US in June, and homes gave eight days less on the market than the American average.

Prices rose only on average 0.2% in these markets, more than national price growth, but about the same. Despite the slowing annual price growth, house prices remain 39.1% higher in total and more than 52.6% higher per square foot than before the pandemic nationally. On the positive side, affordable housing stock is on the rise and rents continue to fall, promising better housing in the future.

This month, the five largest metros that improved the most were spread across the country, with two Midwest, two Northeast and one West market. The largest housing markets that improved were Kansas City, Mo.-Kan. (+74 places), Philadelphia-Camden-Wilmington, Pa.-NJ-Del.-Md. (+73 places), Las Vegas-Henderson-Paradise, Nevada (+66 places), Chicago-Naperville-Elgin, Ill.-Ind.-Wis. (+64 places), and New York-Newark-Jersey City, NY-NJ-Pa. (+62 spots). The fastest rising markets this month were between 58th (Chicago) and 217th (Las Vegas).

Resume:

The housing market in June 2024 showed a clear regional preference, with the Northeast And Midwest dominate the top 20 hottest markets. Despite a slight slowdown in price growth, these markets continue to attract significant interest due to high demand And limited stockAs major urban markets gain strength, the housing landscape remains dynamic, presenting both challenges and opportunities for buyers and sellers.

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