The ever-changing housing market has brought many surprises, but recently there has been a nationwide demand for housing in “unexpected” locations. Homebuyers are less interested in properties in the hot markets of California and Florida. Instead, we’re looking at Indiana, New Hampshire, and Connecticut.
What attracts homebuyers to these areas? Let’s take a look at what these three states have to offer to out-of-state homebuyers, and which cities are popular within the states.
Indiana: cheap prices
Elkhart, Lafayette and Fort Wayne make up three of the four cheapest markets in this ranking, according to realtor.com, with median home prices well below average and many out-of-state prices. of buyers. With an average home price of $300,000 in these three markets, the cost of living is much lower than in other popular cities.
New Hampshire: no state tax
The New Hampshire towns of Manchester, Concord and Claremont have attracted the attention of out-of-state homebuyers due to the state’s low cost of living and no income or sales taxes.Before the pandemic, New Hampshire was a popular tourist destination. It was the land and where most of the retirees lived. But the pandemic and the rise of a work-from-home culture have seen more out-of-state buyers buying second homes and other investors looking for short- and long-term rental properties.
Connecticut: “Affordable” Commuting
In the small state of Connecticut, areas like Hartford, Norwich, and New Haven top the hot market list. Notably, New Haven saw him climb 162 places in May, taking him to number 18 on realtor.com’s list. Home prices in New Haven are slightly higher than those in Indiana and New Hampshire, but home buyers have the advantage of living near large employment centers and cities.
New Haven is located halfway between Hartford and New York City, on Long Island Sound at the intersection of Interstates 95 and 91. For most homebuyers looking to work in a major city, a New Haven home is the best in terms of both affordable housing and commute time.
Affordability is trending
These popular ‘unexpected’ housing markets show a common thread of affordability. Expensive options like California have given way to more affordable locations in the Midwest and Northeast as popular markets.The average listing price for the 20 most popular markets in May 2022 is $374,000, 16.3% lower than the national median.
In this May 2022 list of markets, Connecticut and Indiana have the most markets within the states, with three ranked locales each. Wisconsin and other Midwestern locations were also heavily on the list.
Not only are homebuyers looking for affordable housing, but there is also a growing interest in affordable beach markets. For example, Atlantic City, New Jersey. Deerfield Beach, Florida. and New London, Connecticut all top the affordable beach list, with the median home price for each spot below his $300,000.
Those looking to leave the hustle and bustle of city life behind are drawn to the following small towns for their affordability. Elk City, Oklahoma. Albert Lee, Minnesota. and Jamestown, North Dakota. The median home price in these towns is less than $250,000.
The theme of affordability can be seen in many facets of the real estate market as homebuyers scrutinize prices when making a purchase.
How can this help?
As a real estate agent, staying abreast of market trends can help increase your credibility and make it easier to engage and support your clients. With a better understanding of what drives them, you’ll feel more empowered to market yourself to different types of buyers. You can show them that you are
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