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5 New England cities rank among top 20 hottest summer housing markets
Metro Boston, which ranked No. 16 in 2023, fell 15 spots this year, while Worcester climbed 11 spots to No. 17.
The Wall Street Journal and Realtor.com released their rankings Thursday of the hottest housing markets this summer. Metro Boston tumbled out of the top 20.
The ranking “highlights housing markets that offer shoppers a lower cost of living, including for homes, and thriving local economies that are attractive, but not too crowded.”
The study compared the 200 most populous statistical areas as measured by the US Census Bureau. It also looked at various factors based on the real estate market (demand, supply, median list price trend, property taxes, and climate risk), economic health (unemployment, wages, and regional price parities), and quality of life (share of foreign born; small business; amenities; coffee spots, specialty grocery stores, and fitness places per capita; and commute time).
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To find the top metro, head to the Midwest:
| RANK | METRO | MEDIAN HOME LISTING PRICE JUNE 2024 |
|---|---|---|
| 1. | Fort Wayne, Ind. | $335,000 |
| 2. | Canton-Massillon, Ohio | $255,000 |
| 3. | Akron, Ohio | $265,000 |
| 4. | Manchester-Nashua, N.H. | $598,000 |
| 5. | South Bend-Mishawaka, Ind.-Mich. | $320,000 |
| 6. | Burlington-South Burlington, Vt. | $559,000 |
| 7. | Kingsport-Bristol-Bristol-Tenn.-Va. | $325,000 |
| 8. | Rockford, Ill. | $220,000 |
| 9. | Ann Arbor, Mich. | $545,000 |
| 10. | Appleton, Wis. | $425,000 |
| 11. | Hickory-Lenoir-Morganton, N.C. | $375,000 |
| 12. | Columbus, Ohio | $400,000 |
| 13. | Toledo, Ohio | $275,000 |
| 14. | Kalamazoo-Portage, Mich. | $375,000 |
| 15. | Springfield, Mo. | $345,000 |
| 16. | Roanoke, Va. | $380,000 |
| 17. | Worcester, Mass.-Conn. | $550,000 |
| 18. | Dayton, Ohio | $260,000 |
| 19. | Portland-South Portland, Maine | $675,000 |
| 20. | Springfield, Mass. | $412,000 |
The report praises Burlington, Vt., and Manchester-Nashua, N.H., for having some of the best employment conditions. Burlington, Vt., climbed nine spots in the rankings, Manchester-Nashua, N.H., scaled up six, and Worcester bounded up 11.
Other New England cities didn’t fare as well: Boston dropped 15 spots, while the Portland, Maine, area fell 11.
As prices soar in Greater Boston, home buyers are searching farther out in New England for affordable properties. Vermont has been the top “inbound” state for three years in a row, according to United Van Lines.
Why then would Portland, Maine, drop in the rankings? Hailed as a culture-worthy alternative to Boston, the average home value in Portland, Maine, was $562,835, as of Friday, according to Zillow. That’s a 7.9 percent jump year over year. Five years ago, it was $335,458. That’s an increase of nearly 68 percent.
The prices are following the demand, it seems.
The average home value in Burlington, Vt., is up 3.2 percent year over year, to $528,388. Five years ago, it was $344,641 — a 53.3 percent jump.
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