March 2022 the most important housing markets

Highlights

  • Manchester, New Hampshire continues to top the list of the hottest housing markets in March for the eleventh time in 12 months.
  • The top 20 markets are spread across 15 states, with many subways in California, Massachusetts, North Carolina, and New Hampshire.
  • With prices rising to new highs nationwide, affordability remains a key feature of the hottest half of the markets in March where average list prices are below the national average.
  • The Orlando-Kissimmee-Sanford metro area, Florida, once again saw the largest increase in its temperature rating among the larger metro areas compared to last year, receiving its highest rating (72) in any March (available data back to 2016).

Manchester, New Hampshire remained at the top of the list of the hottest housing markets in March. This region originally topped the list in August 2020, taking first place with a total of 13 times. Manchester first climbed into the top 20 in May 2018, and has remained in second place over the past year.

Realtor.com’s Market Hotness Rankings take into account two aspects of the housing market: 1) market demand, as measured by unique viewers for each property on Realtor.com, and 2) market pace as measured by the number of listing days still active on Realtor.com .

Focus on affordability returns

After holding five spots on the list of hottest markets in January, California’s subway trains appear to be falling again with only two spots on the list in March. Expensive California markets have been replaced by more affordable markets in the Northeast and Midwest. Overall, average listing prices in half of the hottest markets in March were lower than the national average. The average listing price in the 20 hottest markets was $492,000 in March 2022, which is 21.5% higher than the national average, but 12.5% ​​lower than the February average. Overall, fifteen states were represented on our list of the top 20 hottest housing markets in March, the most since August 2021, indicating demand diversification as affordability becomes harder to come by.

North Carolina boasts three markets on the list in March (Hickory Lenoir, Morgantown, Burlington, and Raleigh), the most of any other state. Johnson City, Tennessee, was the Southern District approximation with these North Carolina locales. Northeast markets are back on the list with gusto as spring approaches, taking 8 spots, the most of any March ever. The Western and Southern regions each took 4 places on the list, dropping from 8 and 5 respectively in January 2022.

The states on our top 20 list this month are: California, Colorado, Connecticut, Kansas, Massachusetts, Maine, Missouri, Montana, North Carolina, New York, New Hampshire, Ohio, Tennessee, Vermont and Wisconsin.

Our best housing markets, by design, are the areas where homes are selling faster and have a lot of potential buyers checking every listing. As a group, 20 of Realtor.com’s top housing markets received 1.3 to 3.6 times more viewers per home for sale than the national price. These markets see homes for sale moving up to 30 days faster than typical US properties.

The national median home price for active listings hit a new high of $405,000 in March, up 13.5% year over year.. The hottest markets in March are a mix of highly sought-after scenic markets with a boost from seasonal, affordable Midwest and Northeast markets such as Topeka, KS, and Rochester, New York. The hottest markets saw average listing prices of $492,000 in March21.5% higher, on average, than the national average of $405,000. Notably, the two most expensive markets on the list are the Santa Maria, Santa Barbara and Santa Cruz metro areas and Watsonville, California, with average listing prices of $1,498,000 and $1,263,000, respectively.

March 2022 – Top 20 Hottest Housing Markets

hottest metro Gravity Rank Temperature rating compared to last year Viewers per site vs. US Average days in the market Number of days on the market compared to last year Average listing price
Manchester Nashua, New Hampshire 1 0 3.6 8 -5 $462,000
Concord, New Hampshire 2 0 3.5 17 -4 427,000 dollars
La Crosse Onalaska, Wes. who. 3 11 2 14 -15th $300,000
Topeka, Kan. 4 5 2 17 -9 195,000 dollars
Burlington, North Carolina 5 -2 2.5 19 -4 350 thousand dollars
Raleigh, North Carolina 6 39 1.6 11 -19 $449,000
Burlington – South Burlington, Vt. 7 108 2.1 22 -29 $451,000
Worcester, Massachusetts. 8 0 1.6 20 -4 440 thousand dollars
Santa Maria Santa Barbara, California. 9 20 1.8 22 -17 $1498000
Rochester, New York 10 -3 1.5 12 -10 220 thousand dollars
Portland South Portland, Maine 11 0 2.3 25 -5 520 thousand dollars
Columbus, Ohio 12 5 1.5 18 -10 $329,000
Johnson City, Tenn. 13 0 2.9 27 -6 350 thousand dollars
Springfield, Massachusetts. 14 45 1.6 25 -21 $325,000
Columbia, Mo. 15th 7 1.3 16 -2 $317,000
New Haven Milford, Connecticut. 16 95 1.5 26 -10 $355,000
Billings, Mont. 17 25 1.9 30 -10 $483,000
Santa Cruz Watsonville, California. 18 6 1.3 22 -11 $1,263,000
Hickory Lenoir Morganton, North Carolina 19 41 1.8 31 -15th $312,000
Boulder, Colo. 20 41 1.3 21 -12 $798000

Relative affordability rules in the most important markets

Although the average listing price in the hottest markets is higher than the national average, relative affordability prevails in the five hottest markets. The Manchester Nashua, New Hampshire The metro area has been a mainstay in Top 20 Markets Since early 2019. Manchester-Nashua, along with No. 2 Market adjacent to Concord, New Hampshire offers short commute and relative affordability compared to nearby Boston. The Boston metro area saw median home prices reach $755,000 in March 2022, up 63.4% and 76.8% over the neighboring metros of Manchester-Nashwa and Concord, New Hampshire where prices reached $462,000 and $427,000, respectively. Homes in hot Manchester-Nashua spent just 8 days on the market in March, a month short of the national average. Homes in Concorde typically spend 17 days on the market, three weeks less than a typical American home.

The Midwest regions of La Crosse-Onalaska, WI and Topeka, KS contributed to affordability in the hottest markets in March, which ranked third and fourth on the list. These central areas are among the hottest affordable markets with an average listing price of $300,000 (+12.1% yoy) in La Crosse Onalaska and $195,000 in Topeka (+21.3% yoy), both of which are lower Much more expensive than the national average, despite the price growth in the past year. Properties in La Crosse-Onalaska and Topeka garnered twice as many viewers as typical American properties and spent 15 and 9 fewer days on the market than usual in the US.

Burlington, NC is a top 5 hottest market, where the issue of affordability continues with typical listing prices reaching $350,000 (+27.3% year over year) in March, 13.6% below the national average. Burlington is a local hot spot where the main sources of demand come from nearby Greensboro and Durham, North Carolina. Burlington has been among the top 20 hottest markets since September 2020, and has been in the top two markets for a total of 5 times last year.

Most improved big market

The largest urban markets continue to decline in the rankings, with the 40 largest markets across the country dropping 12 places, on average, since March 2021.

Among the 40 largest metros, the most improved housing markets were all located in the south: Orlando Kissimmee Sanford, Florida (+138 spots); Nashville Davidson, Tennessee (+39 points), Dallas Fort Worth Arlington, Texas (+33 points); Charlotte Concord, South Carolina (+28 spots); And the Tampa St. Petersburg, Florida (+19 points).

After struggling early in the pandemic days, the Orlando, Florida housing market is now selling faster and getting more attention, making it the fastest-rising large market on our list for the eighth consecutive month. In the first quarter of 2022, this metro received the most attention from viewers in the Miami, Florida, New York, New York, and Washington, DC metro areas. In March, the Orlando area rose 138 points in attractiveness rank compared to last year. The metro area ranked 72nd best metro in the US, the highest ranking Orlando saw in March in the available data (dating back to 2016). A typical Orlando home spent 32 days in the market, the shortest time ever for a metro. Furthermore, viewership per property in Orlando was up 17.6% year over year in March.

On the supply side, the top five improved markets saw inventory move 12 days faster than last year. In comparison, the 40 largest markets overall saw real estate spend 8 days less in the market than last year, on average. The typical property spent 25 days on the market in the most improved metro area, 13 days below the local price.

Markets witnessing the biggest jump in ratings (March 2022)


Hannah Jones

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