Nytimes real estate bubble8/2/2023 ![]() (Metros include the central city and the surrounding suburbs, towns, and smaller urban areas.)īy April, there were no California metros on the list. ![]() Indeed, California’s fall from grace might seem sudden, given the Golden State had a whopping five metros in the top 20 hottest markets back in January. It already had seven offers.” Why Western real estate markets are cooling “My clients made an offer on a home that had been on the market for three days-and were declined. “You’ll see multiple offers on a property in Concord within a week,” warns Young. Still, these New Hampshire–bound homebuyers will need to act fast, particularly in Concord. Plus, both Manchester and Concord enjoy the “Live Free or Die” state’s lack of state income and sales taxes. Young also says she has buyers flocking to New Hampshire from Tennessee, Georgia, Texas, Oklahoma, and Hawaii. “Concord is north of Manchester, and the prices are better. “What’s happening is that in-state sellers are moving,” says real estate broker Pamela Young, of Re/Max Insight, who sells homes in both Concord and Manchester. ![]() Plus, home sellers who cashed in on Manchester’s hot streak need somewhere to go. And, like Manchester, Concord is within driving distance (about an hour away) of Boston. In the past, homebuyers were drawn to Manchester due to the nearby Boston metro’s high median home prices, which spiraled to $759,000 in June.īut now, with Manchester home prices at $478,000, cash-strapped homebuyers are searching for affordable alternatives nearby. Yet Concord’s home prices are about $20,000 less than the city it displaced for the hottest market title- Manchester, NH, which held the top spot for nine of the past 12 months. The median listing price in the state capital of New Hampshire is high-$457,000-compared with the new national average of $450,000 (which is up 16.9% from the past year). America’s hottest market right nowĬoncord’s hotness might be a head-scratcher at first glance. That’s almost a third less time than the already speedy national average of 32 days. This picturesque New England town saw homes linger on the market a scant 13 days before being snapped up by buyers.
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