Introduction
Are you curious about the latest trends in the housing market? Look no further! In this article, we will explore the hottest housing markets in June 2023. While the country as a whole experienced a dip in prices, there are specific areas that continue to see rapid price growth. Let's dive in and uncover the details!
Highlights
- Hartford, CT: Ranked as June's hottest housing market.
- Affordability: Majority of the hottest markets had median listing prices below the national median.
- Northeast and Midwest: Represented on this month's hottest market list.
- Minneapolis: Saw the biggest increase in hotness ranking among larger metros compared to last year.
Caption: The Hartford housing market continues to shine.
Relative Affordability is Essential for Today’s Buyers
In June, 12 of the hottest markets had median listing prices below the national median. For example, Rockford, IL, had a median listing price of $183,500, almost 60% lower than the country's median home listing price. Even markets priced above the national median still offered affordability advantages compared to nearby Boston, MA. On average, the listing prices in the 20 hottest markets dropped slightly to $460,000 in June but remained 3.3% higher than the national median.
Caption: The affordability advantage of the hottest markets.
Northeast and Midwest: Hotspots of Demand
The Northeast and Midwest continue to dominate the hottest markets list due to tight inventory conditions. Despite a decline in homes for sale, the number of homes available in these regions was less than half of its pre-pandemic levels in June. Limited options result in increased competition among buyers.
Caption: Northeast and Midwest regions on the rise.
June 2023 - Top 20 Hottest Housing Markets
Here is a list of the top 20 hottest housing markets in June 2023:
| Hottest Metros | Hotness Rank | Hotness Rank YoY | Viewers per Property vs US | Median Days on Market |
|---|---|---|---|---|
| Hartford-West Hartford-East Hartford, Conn. | 1 | -6 | 3.6 | 18 |
| Manchester-Nashua, N.H. | 2 | 0 | 2.9 | 17 |
| Concord, N.H. | 3 | 2 | 3 | 18 |
| Rochester, N.Y. | 3 | 0 | 2.7 | 17 |
| Springfield, Mass. | 5 | -4 | 2.7 | 19 |
| Portland-South Portland, Maine | 6 | 1 | 3.3 | 24 |
| Columbus, Ohio | 7 | 3 | 2.5 | 22 |
| Worcester, Mass.-Conn. | 8 | -2 | 2.4 | 18 |
| Norwich-New London, Conn. | 9 | -12 | 3.1 | 28 |
| Wausau, Wis. | 10 | -91 | 2.6 | 26 |
| New Haven-Milford, Conn. | 11 | -2 | 2.6 | 26 |
| Bangor, Maine | 12 | -16 | 2.4 | 24 |
| Rockford, Ill. | 13 | -3 | 2.2 | 22 |
| Burlington-South Burlington, Vt. | 14 | 8 | 2.1 | 23 |
| Topeka, Kan. | 15 | 4 | 2.1 | 23 |
| Lafayette-West Lafayette, Ind. | 16 | 1 | 2.2 | 26 |
| Bridgeport-Stamford-Norwalk, Conn. | 17 | -35 | 2.1 | 27 |
| Dayton, Ohio | 18 | -18 | 2.1 | 29 |
| Eau Claire, Wis. | 19 | -29 | 2.5 | 31 |
| Boston-Cambridge-Newton, Mass.-N.H. | 20 | -6 | 1.7 | 24 |
Demand and Prices Climb with Temps This Summer
Despite the sluggish national housing market, June's hottest markets experienced high demand and quick sales. Listing viewership in these markets was, on average, 2.6 times higher than the national level. However, it's important to note that real estate trends vary from region to region, and local demand might differ significantly from national trends.
Caption: The high demand and price growth in the hottest markets.
Most Improved Large Markets
Large urban markets have heated up in recent months as more companies bring employees back into the office. Among the largest 40 markets in the country, there was an average improvement of 9 ranks compared to June 2022. The top five most-improved large markets were Minneapolis, MN (+102 spots), Chicago, IL (+94 spots), San Jose-Sunnyvale-Santa Clara, CA (+79 spots), Milwaukee, WI (+78 spots), and Los Angeles-Long Beach-Anaheim, CA (+77 spots).
Caption: The most improved large housing markets.
Conclusion
The June 2023 hottest housing markets offer valuable insights into the current state of the real estate landscape. Tight inventory, affordability, and localized demand continue to shape the hottest markets. Whether you're a buyer or seller, understanding these trends can help you navigate the ever-changing housing market with confidence. Stay informed and make informed decisions for your real estate journey!
