High home costs and economic uncertainty may have slowed down the real estate market in the U.S., but one region is proving resilient and attracting plenty of new homebuyers.
Redfin has released a new report that highlights the best performing housing markets. Most of them are located in the Midwest or Northeast.
The biggest winner of all is Milwaukee, WisconsinThe company said that Milwaukee’s housing market “is doing better than any major U.S. market.” Redfin discovered that Milwaukee’s home sales rose 12 percent last year. Home prices also increased by 8.2 percentage points, leading to multiple bids and homes being sold for more than the list price.
Redfin ranked the top 50 U.S. metropolitan regions based on changes year-overyear using metrics including homes sold and median sale price per sq. foot, days on market median, and inventory.
Milwaukee’s housing market may have slowed a little since the pandemic. However, it is still not as slow as the markets elsewhere in the United States.
“Many homeowners are hesitant to put their houses on the market because they don’t want to lose the ultra-low mortgage rate they scored during the pandemic—a trend that rings true across the country,” Redfin stated in its report.
Chicago The housing market in the Windy City is the second most resilient at the moment. Windy City’s housing market is thriving. Over half, or 51,8%, of the homes listed went under contract two weeks after they were first advertised. Philadelphia, where median price per sq. foot is up by 2.7 percent rounds out the top 3.
Other Midwestern hubs also appear in the top 10 with Minneapolis as No. Detroit is No. 10, followed by Cincinnati No. 6. 7. Redfin states that while prices in the 10 top housing markets increased on average by 5.9 percent during the last 12 months, “most metros are still below the national median.” Milwaukee, for instance has a median sale price of $235,000 which is $208,000 lower than the national average.
Las Vegas comes in last place. Redfin reports that home sales in Sin City are down 10.2 %, the nation’s fastest cooling housing market. Home prices are unchanged but houses are selling for four percent less than the list price.
Sun Belt cities have some of the most slow-moving housing markets. These cities saw a boom in popularity after the pandemic but are now experiencing a decline in sales as more homes are available for sale and less people can afford to buy them. Sacramento and Denver are also near the bottom.
Redfin’s full report is available on redfin.com.
