'Exurbs' in the Northeast were the most popular housing markets in the US this year, Zillow says
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- Smaller towns within commuting distance of major cities dominated the housing market this year, Zillow says.
- "Exurbs" in the Northeast accounted for seven of the top 10 markets in 2024, the firm says.
- Manchester, New Hampshire took the top spot, followed by Rockford, Illinois and Stamford, Connecticut.
The Northeast continued to dominate the US housing market this year, with buyers flocking to small cities beyond the suburbs but still within commuting distance from major metros, a recent Zillow report said.
"Exurbs" in New Hampshire, Connecticut, and Maryland accounted for seven of Zillow's 10 most popular markets in 2024, with Manchester, New Hampshire taking the top spot, rising from third place last year.
Manchester, the state's largest city, saw home values rise 7% in the last year to $415,000, the report says. While a sharp increase, that's still more affordable than nearby Boston, Zillow added.
"Manchester has garnered particular attention from potential buyers outside of its metro area, suggesting a strong interest in relocating there," the analysts said.
Cities in Connecticut like Stamford, Bridgeport, New Haven, and Waterbury also saw an influx of buyers, coming in at number three, five, eight, and nine, on the top 10 list respectively.
Columbia, Maryland, meanwhile, came in at number four, while Allentown, Pennsylvania notched the sixth spot on the list.
"These communities strike a balance between suburban amenities and being located just a hop, skip and a jump from the vibrant offerings and thriving job markets of large urban centers," the company said in a press release.
The list, which looked at cities with populations of at least 100,000 people, determined the most popular markets via demand metrics like page-view traffic, home value growth and how quickly homes sell in each city.
This year's list marks the second year in a row that the Northeast has clinched Zillow's top market. West Chester, Pennsylvania took the top spot last year, with seven other cities in in New Hampshire and Connecticut taking up other spots in the top 10.
The Northeast's "exurbs" have proven particularly popular in the era of hybrid work, where workers don't have to make the trip into the office every day, Zillow's chief economist Skylar Olsen said.
"With the rise of hybrid work models, more people are discovering hidden-gem cities they might have previously overlooked when daily commutes were the norm," Olsen said in the press release.
Contributer : Business Insider https://ift.tt/tB7Wm3a
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Friday, December 20, 2024
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