Over the last couple of months, the American residential real estate industry has witnessed a considerable decline due to increased mortgage quotes. The National Real Estate Association reveals that in April 2023, existing home sales fell by a whopping 23% and settled at 4.28 million as compared with the same time last year. In contrast, however, many cities across the USA still remain hot, and more people desire to purchase these houses, which rarely stay in the market for longer than a few weeks.
It is worth noting that these high-demand metropolises are mainly found in the midwestern and northeastern states such as Wisconsin, where there are four cities, and New England, where there are twelve such cities. It is not surprising that home prices are increasing in such areas due to increased demand.
The median list prices are rising month over month in two-thirds of these metro areas, and except for one of them, they exceed last year’s ones. It is also interesting to note that even as prices are constantly increasing in some of these places, the cost of living remains much lower compared to other cities, which might be another reason for the high demand.
- Manchester-Nashua, NH
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- Time a house typically spends on the market: 12 days
- Median list price: $541,950 (23.2% more than national avg.)
- Change in median list price: +1.8% month-over-month; +21.9% year-over-year
- Total homes on the market: 451
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- Hartford-East Hartford-Middletown, CT:
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