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The Hartford, CT, metro area ranked as the country’s hottest housing market for the first time since July 2023. Prices were stable nationwide, but the month’s hottest markets saw more substantial price growth (+8.1%) due to high demand and scarce for-sale inventory. The Northeast and the Midwest were the only regions on this month’s list with 13 and 7 markets, respectively. June's list is the ninth in a row that contains only Northeast and Midwest markets.
Hartford, CT: Leading the Charge
The Hartford, CT, metro area ranked as the country’s hottest housing market in June for the first time since July 2023. Hartford has ranked among the top 20 each month since February 2022 and has ranked first a total of five times.
The Realtor.com Market Hotness rankings take into account two aspects of the housing market: 1) market demand, as measured by unique views per property on Realtor.com, and 2) the pace of the market as measured by the number of days a listing remains active on Realtor.com.
Price Growth Eases in the Hottest Markets
Home prices were flat year over year nationally in June, but the hottest markets saw an average 8.1% price growth, a deceleration from the previous month. Both price growth and demand outpace the national trend in the hottest markets. However, both metrics eased relative to the previous month.
Demand, as measured by views per property, was 2.8 times the national level in the hottest markets in June, down from three times the national level in May.
Average annual price growth settled from 13.6% in May to 8.1% in June. This suggests that, though the month’s hottest markets are seeing significantly more demand than the typical home nationally, still-challenging housing conditions are perhaps eating away at buyer demand.
This month’s hottest market, Hartford-West Hartford-East Hartford, Conn., saw 4.4 times the listing viewership as was typical in the U.S. in June, the largest margin of any of the top 20 markets.
While active listings were up 36.7% year over year nationally in June, the hottest markets saw more subdued listing growth. On average, the 20 hottest markets saw inventory increase 17.3% year over year in June. Inventory was roughly 30% below pre-pandemic levels in June nationally, but the hottest markets saw an average 62.5% decrease in listings from June 2019 to June 2024.
High demand and scarce inventory conditions drive views per property higher, upping the competition for homes in the hottest markets, and leading to snappier sales. Homes in the hottest markets sold an average of four days faster than last year and three weeks faster than the national median in June.
Who’s In
All but two markets on the June Hottest Housing Markets list were also on May’s list. Erie, PA, and Syracuse, NY, entered the list this month ranked 17th and 14th, respectively. Syracuse was an especially notable new entry, as the metro has not ranked among the 20 hottest markets before.
Looking at which of the 300 ranked markets climbed the most reveals that the affordable metros of Bloomington, IL (165 spots hotter), Champaign-Urbana, IL (113 spots hotter), Syracuse, NY (110 spots hotter), and Lexington-Fayette, KY (107 spots hotter), have picked up popularity.
Who’s Out
Two markets fell out of the top 20 from May’s list, but none fell very far. Buffalo, NY, and Wasau-Weston, WI, fell to ranks ranging from 22 to 30, retaining substantial hotness despite their fall. These areas remained popular, emphasizing the recent draw of Midwest and Northeast metros, which have dominated the list since February 2022.
Looking instead at which metros have fallen the furthest over the past year reveals a mix of Southern and Western metros. The metros that have fallen the furthest include Wichita Falls, TX (138 spots lower), Lubbock, TX (133 spots lower), Santa Maria-Santa Barbara, CA (97 spots lower), and Anchorage, AK (84 spots lower).
June 2024: 20 Hottest Housing Markets
- Hartford-West Hartford-East Hartford, Conn. – Ranked 1st
- Manchester-Nashua, N.H. – Ranked 2nd
- Rockford, Ill. – Ranked 3rd
- Oshkosh-Neenah, Wis. – Ranked 4th
- Rochester, N.Y. – Ranked 5th
- Springfield, Mass. – Ranked 6th
- Akron, Ohio – Ranked 7th
- Canton-Massillon, Ohio – Ranked 8th
- New Haven-Milford, Conn. – Ranked 9th
- Concord, N.H. – Ranked 10th
- Providence-Warwick, R.I.-Mass. – Ranked 11th
- Worcester, Mass.-Conn. – Ranked 12th
- Bridgeport-Stamford-Norwalk, Conn. – Ranked 13th
- Syracuse, N.Y. – Ranked 14th
- Columbus, Ohio – Ranked 15th
- Reading, Pa. – Ranked 16th
- Erie, Pa. – Ranked 17th
- Lafayette-West Lafayette, Ind. – Ranked 18th
- Norwich-New London, Conn. – Ranked 19th
- Springfield, Ill. – Ranked 20th
Most Improved Large Market
Larger urban markets heated up this month, with the largest 40 markets across the country getting five ranks hotter, on average, since June 2023. Large metros continue to heat up as homebuyers look for a home near business hubs. These areas pulled in about 8% more views per listing than was typical in the U.S. in June, and homes spent eight fewer days on the market than the U.S. median.
Prices climbed only an average 0.2% in these markets, more than the national rate of price growth but roughly flat. Despite slowing annual price growth, home prices remain 39.1% higher overall and more than 52.6% higher per square foot than before the pandemic at the national level. On the plus side, affordable inventory is on the rise and rents continue to fall, promising better housing ahead.
This month, the five most improved large metros were scattered across the country, with two Midwest, two Northeast, and one West markets. The most improved housing markets were Kansas City, Mo.-Kan. (+74 spots), Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+73 spots), Las Vegas-Henderson-Paradise, Nev. (+66 spots), Chicago-Naperville-Elgin, Ill.-Ind.-Wis. (+64 spots), and New York-Newark-Jersey City, N.Y.-N.J.-Pa. (+62 spots). This month’s fastest -climbing markets ranked between 58th (Chicago) and 217th (Las Vegas).
Summary:
The housing market in June 2024 showcased a clear regional preference, with the Northeast and Midwest dominating the top 20 hottest markets. Despite a slight deceleration in price growth, these markets continue to attract significant interest due to high demand and limited inventory. As large urban markets gain traction, the housing landscape remains dynamic, presenting both challenges and opportunities for buyers and sellers alike.
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