Stock Market Turbulence Could Trip Up Home Sales—and These Cities Could Get Hit FirstAmerica’s hottest real estate market might be known more for sharing a name with a popular children’s clothing line—but it’s the city’s budget-friendly home prices and peaceful surroundings that are whipping buyers into a frenzy.
“We are still getting multiple offers in Oshkosh and even seeing some bidding wars,” says local real estate agent Kate Schlagel-Grier, of Berkshire Hathaway HomeServices. “Oshkosh is a very nice town with a much lower cost of living than Milwaukee or the Upper Valley,” she says. “This draws many people to the area.”Oshkosh may be leading the pack, but it’s just one of many Midwest markets that have been heating up.
Though listing levels improved 24.2% year over year in Oshkosh in July, there were 72.8% fewer homes for sale this July compared with before the COVID-19 pandemic.Many of these home shoppers hail from bigger cities nearby like Milwaukee and are seeking cheaper places to settle down, says Schlagel-Grier.The Northeast and the Midwest are the only two regions in the U.S. that clinched spots on July’s 20 Hottest Markets list, with 10 metros each.
Houses in America’s 20 hottest markets spent just 26 days on the market on average, which was roughly half the national average of 50 days.Larger urban housing markets also heated up this month as more homebuyers searched for houses near business hubs as they abandoned Zoom and headed back to the office.