Realtor July 14, 2024
Buyer
With mortgage interest rates near 7%, home prices have gone flat nationwide as sellers try to entice cash-strapped buyers to make an offer. But prices in America’s hottest housing markets are still rising—by a whopping 8.1% on average compared to last year.
According to a new report, demand in the top 20 markets—as measured by views per property—was 2.8 times the national level in June. However, demand was down from the previous month, when it was three times the national level.
“This suggests that though the month’s hottest markets are seeing significantly more demand than the typical home nationally, still-challenging housing conditions are perhaps eating away at buyer demand,” notes Realtor.com® economic analyst Hannah Jones in her analysis.
Hartford, CT, ranked as the country’s hottest housing market this June. Although this is the metro’s first time at No. 1 in nearly a year since July 2023, Hartford is no stranger to the hottest-markets list. The Connecticut city has ranked among the top 20 each month since February 2022 and has ranked first a total of five times.
Hartford’s listings received 4.4 times more views in June than the national average, the largest margin among any of the top 20 markets. The median home price here is $450,000—only $7,500 above the national average—and it’s a mere two hours from New York City, where prices hover much higher at $825,000.
In fact, Connecticut could also be dubbed the hottest state in June, with five metros making it into the top 20.
In addition to Hartford coming in at No. 1, real estate in the Nutmeg State is also hot in New Haven-Milford, CT (No. 9); Worcester, MA.-CT (No. 12); Bridgeport-Stamford-Norwalk, CT (No. 13); and Norwich-New London, CT (No. 19).
Connecticut’s allure comes from its close proximity to major cities, including New York and Boston, along with its top-notch public schools and amazing green spaces.
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