The Hartford and New Haven metro areas again rank in the top 20 U.S. hottest housing markets for June, according to a report from Realtor.com.
The Hartford, West Hartford, East Hartford area jumped from 16th in May to the eighth hottest housing market in June, with a median listing price of $375,000, according to the report.
The New Haven-Milford market dropped one spot to rank 19th for June, with a median listing price of $362,000.
Affordability remains a key factor in housing markets, as “pricey western markets have been replaced with more affordable markets in the Northeast and Midwest, which account for 19 of the 20 hot markets,” according to the report.
“Buyer attention has shifted towards affordability as climbing interest rates and slim inventory have made it difficult for many to find a suitable home in their price range,” the report said. “However, recent trends spell hope on the horizon for buyers as active inventory has turned a corner and price growth has begun to slow.”
The median national home price for active listings reached a new high of $450,000 in June, up 16.9% year-over-year.
Overall, 16 of June’s hottest markets had median listing prices below the national median. The average listing price for the 20 hottest markets was $359,000 in June 2022, 20.3% lower than the national median, the biggest gap between the metrics since August 2021.
When gauging the market hotness rankings, Realtor.com factors in market demand, as measured by unique viewers per property on Realtor.com, and the pace of the market as measured by the number of days a listing remains active on Realtor.com.
The Hottest Housing Markets, according to Realtor.com, are the areas where homes sell fastest and have lots of potential buyers checking out each listing.