August 2022 Hottest Housing Markets

Strong points

  • Manchester-Nashua, NH takes the top spot on the list of hottest housing markets in August, holding the top spot for the tenth time in the past year.
  • The 20 hottest markets are spread across 13 states, with three metros in Indiana.
  • As prices begin to stabilize at national scaleaffordability remains a key feature of August’s hottest markets with 16 markets below the national median listing price.
  • There are no more Western Region markets on this month’s list, for the third month in a row.
  • The Milwaukee, WI metro area saw the biggest increase in its Hotness ranking among major metropolitan areas from a year ago, climbing 128 spots to rank as the 40th hottest US market in August.

Manchester-Nashua, NH took the top spot on the list of hottest real estate markets in August, regaining the top spot for the 10th time in the past 12 months. This area has been in the top 2 hottest markets since March 2021, taking the top spot a total of 17 times. Manchester first entered the top 20 in May 2018 and have featured consistently in the top 20 since early 2019.

Realtor.com’s Market Hotness ranking considers two aspects of the housing market: 1) market demand, measured by unique viewers per property on Realtor.com, and 2) market pace, measured by the number of registration days. remains active on Realtor.com.

Demand remains high in affordable metros

There are no Western region markets on the list this month, a deviation from the August 2016-2021 average of 8 Western hot markets. Western markets tend to decline in popularity during the summer months, but these markets haven’t been completely absent from the August list in data history. Expensive Western markets have been replaced by more affordable markets in the Northeast and Midwest, which make up 17 of the 20 hot markets. Overall, 16 of August’s hottest markets had median listing prices below the national median. The average listing price for the 20 hottest markets was $332,000 in August, 23.6% lower than the national medianbiggest gap between metrics since August 2021. Overall, 13 states were represented on our list of the 20 hottest housing markets in August, as buyers dispersed to find affordable metro areas.

The Midwest held 9 spots on this month’s list, down one spot from every August through 2019. Indiana had 3 markets on the list in August, the most locations for a State. Indiana offers shoppers affordability with Fort Wayne, Elkhart-Goshen and Lafayette-West Lafayette all priced below the national median in August. Other Midwest markets on the list were La Crosse-Onalaska, WI, Springfield, OH, Monroe, MI, Columbus, OH, Racine, WI and Saginaw, MI, which were priced below the national median. The cheapest market on the list was Springfield, OH, where the median home price was $167,400 in August. The Northeast held 8 spots on the August list, including several markets that include zips from the List of hottest postal codes of 2022. The hottest markets in the northeast include the third-cheapest market, Rochester, NY, as well as the most expensive market on the list, Portland, ME. These northeast markets on the list offer shoppers value compared to other high-priced northeast metropolitan areas. The three Southern Region markets on the list were Kingsport-Bristol, TN, Johnson City, TN and Burlington, NC.

The states in our top 20 list this month are: Connecticut, Indiana, Massachusetts, Maine, Michigan, North Carolina, New York, New Hampshire, Ohio, Pennsylvania, Rhode Island, Tennessee and Wisconsin.

Our hottest housing markets, by design, are the areas where homes sell fastest and where many potential buyers view each listing. As a group, Realtor.com’s 20 hottest real estate markets received 1.4 to 3.4 times the number of viewers per home for sale compared to the national rate. These markets are seeing homes for sale move up to 19 days faster than typical property in the United States.

The national median home price for active listings finally showed signs of slowing, falling to $435,000 in August, up 14.3% year-over-year. Most of AugustThe hottest markets are the relatively affordable Midwest and Northeast markets. The hottest markets saw median listing prices hit $332,000 in August23.6% less, on average, than the national median of $435,000. Notably, the most expensive market on the list was Portland, ME, where the median home price reached $550,000 in August, 26.4% more expensive than the median home in the United States. Mortgage rates were more than 250 basis points higher at the end of August 2022 than at the end of August 2021. Buyers’ attention shifted to affordability as rising interest rates and weak inventory levels have made it difficult for many to find a suitable home within their price range. However, recent trends have given buyers hope on the horizon as active inventory has taken a turn and price growth has continued to slow.

August 2022 – Top 20 hottest housing markets

The hottest subways Heat Rating Hotness Rank YoY Spectators by property vs. United States Median days on market YoY Market Days Median listing price if active during period
Manchester Nashua, NH 1 1 3.2 27 6 $483,450
La Crosse-Onalaska, Wis.-Minn. 2 13 2.2 27 5 $349,650
Rochester, NY 3 2 2.1 23 5 $225,450
Springfield, Ohio 4 33 2.2 30 -2 $167,400
Burlington, North Carolina 5 -4 1.8 27 seven $375,000
Portland – South Portland, Maine 6 5 2.7 34 6 $550,000
Monroe, Mich seven 24 2.1 32 -2 $245,950
Worcester, Mass.-Conn. 8 9 1.8 30 2 $449,900
Fort Wayne, Ind. 9 -1 1.8 29 4 $295,000
Springfield, MA. ten 11 1.9 33 5 $344,900
Reading, Pa. 11 122 1.8 32 -9 $264,950
Kingsport-Bristol-Bristol, Tenn.-Va. 12 16 2.7 35 2 $289,900
Johnson City, Tenn. 13 -9 3.4 36 11 $382,200
Elkhart-Goshen, Ind. 14 -8 1.6 30 5 $255,000
Lafayette-West Lafayette, Ind. 15 9 1.8 34 4 $290,750
Columbus, Ohio 16 3 1.5 29 8 $336,000
Racine, Wis. 17 17 2 36 5 $334,000
Providence-Warwick, RI-Mass. 18 35 1.5 33 2 $474,950
Saginaw, Mich 19 -1 1.4 31 5 $174,450
New Haven-Milford, Conn. 20 49 1.8 36 3 $359,000

Manchester-Nashua, New Hampshire retakes the throne

The Manchester Nashua, NH The metro area has held the hottest market title a total of 17 times. Homes in Manchester-Nashua sold in less than 27 days in August, down 6 days from last year but 16 days ahead of the rest of the country average. Subway properties attracted 3.2 times more unique visitors per property than the typical home in the United States.

The median home listing price in the Manchester-Nashua area was $483,000 in August, up 19.4% year-over-year, faster than the 14.3% advance in the national median listing price over the same period. The listing for a typical home in Manchester-Nashua costs 11.1% above the national median price of $435,000. Manchester-Nashua offers an affordable alternative to the two neighboring cities of Boston, MA, where the median listing price reached $729,000 in August. House prices have increased year over year in Manchester-Nashua due to both general price growth and a change in house sizes. Larger homes were listed in Manchester-Nashua in August, with 65.1% of homes listed over 1,750 square feet, up from just 59.2% the previous August. All size levels saw price growth except for homes over 6,000 square feet.

Largest Most Improved Markets

Large urban markets have remained constant this month, with the country’s 40 largest markets growing by just one slot, on average, since August 2021.

Of the 40 largest metros, four of the five most improved housing markets were in the Midwest: Milwaukee, Wis. (+128 spaces), Cincinnati, Ohio (+96 seats), Cleveland, Ohio (+82 spaces), and Chicago, IL (+59 spaces). These markets offered much sought-after affordability with listing prices 16.7% to 51.7% below the national median of $435,000. The fourth most improved market was Boston, MA (+60 spaces).

The Milwaukee, WI housing market has seen the fastest year-over-year growth in Metro data history, earning it the position of the fastest-growing major market in august. In the second quarter 2022, this Subway received the most non-Subway attention from viewers in the Chicago, IL metro area. In August, the Milwaukee area rose 128 points in the hotness rankings from a year ago. The metro area ranked as the 40th hottest metro in the United States, down from its pre-pandemic August 2019 ranking of 25th. Corresponding to the national trend of houses spending little time available for salethe typical Milwaukee home spent 36 days on the market, up one day from August 2021. On the demand side, metro properties attracted 30.0% more viewers than the typical US property.

As affordable markets continued to gain ground in August, Boston bucked the trend and fought its way into the fourth most improved major market. This improvement is a function of the homes only having been on the market for 35 days in August and receiving 25.1% more viewers than the typical US home. However most viewers came from within the metro, Boston also drew viewers from other northeast metros such as New York, Manchester-Nashua, Providence, Worcester and Washington DC.

On the supply side, the five major markets that improved the most saw their stocks move about two days slower than a year ago, holding up well against the United States. In comparison, the 40 largest markets overall saw properties spend 5 days longer on the market than last year, on average. The typical property spent 36 days on the market in the most improved metros, 6 days less than the national standard.

Markets See Biggest Jump in Rankings (August 2022)

Subway Heat Rating Hotness Rank YoY Spectators by property vs. United States Median days on market YoY Market Days Median Days on Market vs. US
Milwaukee-Waukesha-West Allis, Wisconsin. 40 128 1.3 36 1 $362,000
Cincinnati, Ohio-Ky.-Ind. 31 96 1.2 34 3 $325,000
Cleveland-Elyria, Ohio 115 82 1.2 41 2 $225,000
Boston-Cambridge-Newton, Mass.-NH 35 60 1.3 35 4 $729,000
Chicago-Naperville-Elgin, Illinois-Ind.-Wis. 190 59 0.6 36 1 $350,000


Hannah Jones

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