Housing costs are coming down a bit, largely because interest rates have been on the rise all year, but it’s still a pretty expensive time to purchase a home. If you’re looking to purchase a house, as it turns out, two Michigan cities have been ranked among the hottest housing markets in the U.S. The reason they’re so hot, according to the report, is because they are more affordable than many other areas of the country.
Realitor.com has put together a list of the 20 hottest housing markets in America, based on the latest housing report. The study notes that the latest tally of the hottest housing markets are largely also very affordable markets, which is why they are so popular. “Pricey western markets have been replaced with more affordable markets in the Northeast and Midwest, which account for 17 of the 20 hot markets,” the report states. “Overall, 16 of August’s hottest markets had median listing prices below the national median. The average listing price for the 20 hottest markets was $332,000 in August, 23.6% lower than the national median, the biggest gap between the metrics since August 2021. Overall, 13 states were represented on our list of top 20 hottest housing markets in August as buyers spread out to find affordable metro areas.”
They also add that cost wise, prices are finally falling a little bit. Chances are, they’ll fall more in the coming months. “The median national home price for active listings has finally showed signs of slowing, falling to $435,000 in August, up 14.3% year-on-year,” the study states.
The states featured in Realtor.com’s top 20 list this month are Connecticut, Indiana, Massachusetts, Maine, Michigan, North Carolina, New York, New Hampshire, Ohio, Pennsylvania, Rhode Island, Tennessee and Wisconsin. So, which Michigan cities made the cut? Read on for the full list of the 12 top hottest housing markets in the U.S., and find the full study with additional information here.
