Midwest Metros Make Their Way Into the Spring’s Hottest Real Estate Markets
While in-demand housing markets in the Northwest and the Sun Belt still top the list of the most popular destinations for homebuyers, the Midwest is slowly creeping into the competition, Realtor.com reports. Half of March’s hottest markets have median listing prices below the current $405,000, and a growing number of buyers are fleeing pricey states to find affordability among prairie and mountain regions in states like Kansas, where the median list price is an enticing $195,000.
Midwest markets like La Crosse, Wisconsin and Topeka, Kansas inched into the top 5 hottest real estate markets in March with a recent boost in popularity largely caused by an affordability crisis in neighboring states and metros.
While homes nationally spend an average of 38 days on the market before selling, properties in the 20 hottest markets are getting snapped up in 25 days—eight days faster than last spring. Homes in Manchester, the hottest market of all, sold in a mere eight days on average.
In the Midwest, homebuyers will enjoy a more leisurely pace, albeit only slightly. Properties in La Crosse and Topeka remained on the market for a mere 14 and 17 days respectively.
All in all, spring might contain a few glimmers of hope but is slated to remain a tough market for homebuyers who will need to act fast and bid high.