Homebuyers looking for a top housing market can ignore the West Coast’s sunny appeal and the East Coast’s seasonal charms.
Instead, home shoppers should concentrate on the country’s heartland, in particular, Fort Wayne, IN.
The midsized city is the hub of Northeast Indiana and has ranked No. 1 in the Wall Street Journal/Realtor.com® Housing Market Ranking.
Known as Summer City, Fort Wayne is 18 miles west of Ohio, 50 miles south of Michigan, and within a 300-mile radius of major population centers, including Chicago, Cincinnati, Detroit, and Milwaukee.
The real estate market is “a relatively balanced market but leaning toward a seller’s market,” says Fort Wayne real estate professional David Brough, with Anthony Realtors. “Homes priced under $200,000 are in high demand and sell quickly. These homes usually have several offers on them.”
The Housing Market Ranking features some of the strongest U.S. housing markets, which are predicted to continue growing in the upcoming months.
“The Housing Market Ranking surfaces areas that offer a strong real estate market, a robust economy, and plenty of attractive amenities,” says Hannah Jones, senior economic research analyst at Realtor.com. “These areas saw some combination of strong homebuyer demand, quick home sales, and significant price growth over the last year and are likely to sustain this growth with stable economies and access to amenities.”
The ranking looked at the 200 largest metropolitan areas and weighed real estate demand, housing inventory, median days on the market, price trends, property taxes, climate risks, unemployment rate, wages, regional price parities, percentage of foreign-born residents, small businesses, amenities, and commute times in these areas.
These markets also offer more affordably priced housing.
“Only five of the top 20 markets were priced higher than the U.S. median in June, underscoring the importance of affordability to today’s buyers,” says Jones. “The ranking identifies markets that those considering a home purchase should add to their short list—whether the goal is to live in it or rent it [out] as a home to others.”
Jones adds that the top three markets are all midsized metros that boast home prices more than $100,000 lower than the national median of $445,000.
The Midwest showed its might on the list, claiming more than half of the cities (12), with five in Ohio alone.
“As buyers contend with still-high home prices and mortgage rates across much of the country, affordable areas in the Midwest have gained popularity,” says Jones. “Buyers in these markets can take advantage of lower home prices without compromising on job prospects or lifestyle amenities.”
The Northeast claimed four cities on the Housing Market Ranking, while the South came in with three. No markets in the West made the list.
Fort Wayne, No. 1 on the list, was smack dab in the middle of median home prices on the ranking.
The median home list price in the metro was just $335,000 in June.
The most expensive was Manchester, MA, at $598,000, while Rockford, IL, claimed the lowest, at $220,000.
Top employers in Fort Wayne include regional health care, e-commerce, and an auto assembly plant.
The unemployment rate is 3.3%, lower than June’s national rate of 4.1%, according to the Bureau of Labor Statistics.
Many Fort Wayne buyers are coming from the Western United States, the East Coast, and Florida, says Brough.
“Fort Wayne shows up on people’s radar because of its affordability,” he continues. “You can purchase a very nice home and live in a safe community with lots of things to do, at a low cost compared to other big cities around the country.”
“Not only are these areas highly affordable, their local economies are stable and commute times are quick,” adds Jones.
Ohio’s impressive five entries on the ranking also highlight the Midwest’s overall desirability, which also draws residents for reasons beyond pure economics.
“These Midwest markets also boast considerable climate resilience relative to the 200 largest U.S. metros with less than 3% of local properties at risk of extreme climate-related damage over the next 30 years,” adds Jones.
Take a look below at the full ranking and the median home prices in the top emerging cities.
1. Fort Wayne, IN
Median home list price in June: $335,000
2. Canton-Massillon, OH
Median home list price in June: $255,000
3. Akron, OH
Median home list price in June: $265,000
4. Manchester, NH
Median home list price in June: $598,000
5. South Bend, IN
Median home list price in June: $320,000
6. Burlington, VT
Median home list price in June: $559,000
7. Kingsport, TN
Median home list price in June: $325,000
8. Rockford, IL
Median home list price in June: $220,000
9. Ann Arbor, MI
Median home list price in June: $545,000
10. Appleton, WI
Median home list price in June: $425,000
11. Hickory, NC
Median home list price in June: $375,000
12. Columbus, OH
Median home list price in June: $400,000
13. Toledo, OH
Median home list price in June: $275,000
14. Kalamazoo, MI
Median home list price in June: $375,000
15. Springfield, MO
Median home list price in June: $345,000
16. Roanoke, VA
Median home list price in June: $380,000
17. Worcester, MA
Median home list price in June: $550,000
18. Dayton, OH
Median home list price in June: $260,000
19. Portland, ME
Median home list price in June: $675,000
20. Springfield, MA
Median home list price in June: $412,000