The homebuying season has begun, and so far, the Midwest and Northeast Markets see the most success. The early success from these markets signals buyers are eager to purchase homes now rather than waiting to see a possible drop in the housing market in the future.
Hottest Housing Markets April 2021
Manchester-Nashua metro, New Hampshire
The Manchester-Nashua metro area has maintained its position as the hottest housing market of April 2021. This New Hampshire metro area has been in the top 20 hottest markets for several years.
The median listing price for a home in the Manchester-Nashua area is $400,000, with homes only lasting an average of 10 days on the market. However, with the combination of low home inventory, COVID, and buyers’ desire to live in the area, housing sales in the New Hampshire metro area quickly took off.
Concord, New Hampshire
A few miles north of Manchester-Nashua, Concord, New Hampshire is ranked as the second hottest housing market of April 2021.
With low inventory driving the housing market in Concord, homes were only the market for an average of 15 days, with the median listing price at $379,000.
Lafayette-West Lafayette, Indiana
Last year, Lafayette-West Lafayette, Indiana, had the hottest housing market. However, it dropped to third place, with home prices increasing by 11% year on year.
There is still value to be found in the market, with median prices of $303,000. However, homes are being bought quickly, with the average property sitting on the market for 17 days, a year-on-year improvement of 23 days.
The Janesville-Beloit area is the fourth hottest housing market this year. Median prices are up 19% in Beloit as homes were only on the market for three weeks or less.
Janesville-Beloit is known as an area that has bargain home prices. With acres of surrounding parkland, the site is an ideal home getaway. Prices are at $258,000, with the potential of increasing in the future.
For April 2021, Indiana was the fifth hottest market in the country. However, with median home prices up more than 13% from last year, homes fly off the market in just over two weeks.
Metro Areas with the Most Improvement
Metro housing areas have been hit hardest by COVID. With stay-at-home orders, workers fled the cities. However, while they might not be growing as quickly as suburban areas, the U.S. housing market is still solid, and metros are performing relatively well.
Despite the effects of the pandemic, the Detroit area recovered, making the most improvement. In addition, unemployment rates dropped to 4.5%, potentially contributing to its strong recovery.
Houses are on the market for 28 days before selling, with the median listing price at $285,000.
Tampa-St. Petersburg-Clearwater, Florida
Florida continues to be a popular migration area for U.S. families due to the beautiful scenery and weather.
The Tampa-St. Petersburg-Clearwater area rose 70 spots in realtor ranking, with houses only lasting 32 days on the market. With the median house price at $327,000, buyers are taking advantage of the improved housing market.
Florida quickly returned to normal post-COVID, with cultural activities and sporting events opening up. With the year-round sunshine and activities, the Jacksonville housing market improved by 51 spots.
As of April 2021, the median price of a home in Jacksonville is $349,000, with the average home sitting on the market for only 35 days.
Related: Florida Housing Market is Booming
Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.
We specialize in mortgages for first-time homebuyers, conventional home mortgages, refinance loans, reverse mortgages, and FHA, VA, and USDA mortgage options. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.