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Where is affordable housing?
Dec 22, 2022
Where is affordable housing? Troy
By   Internet
  • City News
  • Real Estate Demand
  • Affordable Housing
  • Property Analysis
Abstract: When it comes to the demand for real estate, certain areas of the United States are hot, while others are definitely not. And the tightest places right now aren't the milder climates you might think people miss at this time of year.

For the sixth month in a row, the warm, sunny, previously desirable western markets are nowhere to be found in Realtor.com®'s ranking of the 20 hottest markets.


Southern markets have not appeared on this list for two months. Instead, the hottest markets in November were concentrated in the snowy Midwest and Northeast, spread across 11 states.


It is not the possibility of snowmen or ski trails that attracts homebuyers to these areas, but relatively low home prices.


Many cities in the western and southern states have seen affordability decline this year. By contrast, markets in the Northeast and Midwest have seen a more moderate price trajectory.

In fact, the average list price in the 20 hottest metros in November was $324,000, about 22.2 percent below the national median of $415,750 in November.


With these savings, it's no wonder that homes in these markets received 1.8 times more page views on Realtor.com than the typical real estate listing on the site.


In November, Manchester, New Hampshire was the hottest city for homebuyers for the 11th time in the past 12 months.


While home prices in Manchester are a bit on the high side at $487,000, the city is still a relative bargain compared to nearby central Boston.


Manchester also offers other bottom-line benefits - namely, New Hampshire residents don't have to pay any state sales or income taxes.


But it's not just the Liberty or Death state that attracts home shoppers.


The Northeast took a total of nine spots on November's list of hottest markets, with Massachusetts, New York and Connecticut joining New Hampshire.


Rochester, N.Y., was the second hottest market on the list, with a median home price of just $226,000 in November.


Many buyers, especially first-time homebuyers, found themselves hitting a financial ceiling on their path toward homeownership.


Mid-sized and smaller metro areas located near large employment centers that offer a good quality of life, desirable amenities and affordable housing have gained greater visibility.

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Where is affordable housing?
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