The residential real estate market has begun to come undone after two years of record price growth. However, a small number of markets have done extremely well recently. The best-performing markets are Rochester, N.Y., and Manchester-Nashua, N.H. These markets are extremely different from one another, showing how geographically and demographically successful residential real estate can be.
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The same problem has undercut most markets. That is mortgage rates that have risen from 3% for a 30-year fixed-rate mortgage last year to an interest rate that is closer to 7%.
Rochester and Manchester-Nashua have avoided the effects of these changes in home financing. A study by Realtor.com shows how they have done so. The September 2022 Hottest Housing Markets has rated markets based on “unique views of properties” on Realtor.com and the number of days homes stay on its website.
Manchester-Nashua is a fairly wealthy city, based on the median price of a home on the market last month. At $487,400, the figure is above the national number. However, “median days on market” are an extremely low 30.
Rochester’s median price for a home on the market is $222,500. This is among the lowest across the major metros in the country. The median days on the market for Rochester were 25.
Most of the “hottest markets” had relatively low prices. Fort Wayne ranked just behind the two leaders and had a median price of $299,900. Much of the top of the list included economically troubled cities in the Midwest. And most of these were booming cities during the height of the era when American factories were their most successful.
A strong housing market cannot be matched to median price patterns, although poorer cities appear to have an edge.
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