Real Estate News
Metro Boston, which was ranked 16th in 2023, fell 15 spots this year, while Worcester climbed 11 spots to 17th.
Burlington, Vermont (pictured) and South Burlington, Vermont, took home 6th place. Caleb Kenna for the Boston Globe
The Wall Street Journal and Realtor.com released their rankings of the hottest real estate markets this summer on Thursday, with the Boston metropolitan area falling out of the top 20.
The ranking “highlights real estate markets that offer buyers a lower cost of living, including for homes, and thriving local economies that are attractive, but not overly crowded.”
The study compared the 200 most populous statistical areas as measured by the U.S. Census Bureau. It also looked at various factors based on the housing market (demand, supply, median price trends, property taxes, and climate risk), economic health (unemployment, wages, and regional price parities), and quality of life (share of foreign-born people, small businesses, amenities, coffee shops, specialty grocery stores, and gyms per capita, and commute time).
To find the best metropolis, head to the Midwest:
| RANK | METRO | MEDIAN HOUSE PRICE IN JUNE 2024 |
|---|---|---|
| 1. | Fort Wayne, Indiana | $335,000 |
| 2. | Canton-Massillon, Ohio | $255,000 |
| 3. | Akron, Ohio | $265,000 |
| 4. | Manchester-Nashua, New Hampshire | $598,000 |
| 5. | South Bend-Mishawaka, Indiana-Michigan | $320,000 |
| 6. | Burlington South of Burlington, Vermont | $559,000 |
| 7. | Kingsport-Bristol-Bristol-Tenn.-Virginia | $325,000 |
| 8. | Rockford, Illinois | $220,000 |
| 9. | Ann Arbor, Michigan | $545,000 |
| ten. | Appleton, Wisconsin | $425,000 |
| 11. | Hickory-Lenoir-Morganton, North Carolina | $375,000 |
| 12. | Columbus, Ohio | $400,000 |
| 13. | Toledo, Ohio | $275,000 |
| 14. | Kalamazoo-Portage, Michigan | $375,000 |
| 15. | Springfield, Missouri | $345,000 |
| 16. | Roanoke, Virginia | $380,000 |
| 17. | Worcester, Massachusetts-Connecticut | $550,000 |
| 18. | Dayton, Ohio | $260,000 |
| 19. | Portland-South Portland, Maine | $675,000 |
| 20. | Springfield, Massachusetts | $412,000 |
The report praises Burlington, Vermont, and Manchester-Nashua, New Hampshire, for offering some of the best employment conditions. Burlington, Vermont, climbed nine spots in the ranking, Manchester-Nashua, New Hampshire, climbed six spots, and Worcester climbed 11 spots.
Other New England cities weren’t so lucky: Boston fell 15 spots, while the Portland, Maine, area fell 11 spots.
As prices soar in Greater Boston, homebuyers are looking for affordable properties further afield in New England. Vermont has been the top “inbound” state for three years in a row, according to United Van Lines.
So why would Portland, Maine, fall in the rankings? Considered a cultural alternative to Boston, the average home value in Portland, Maine, was $562,835 as of Friday, according to Zillow. That’s a 7.9% increase from a year ago. Five years ago, it was $335,458. That’s a nearly 68% increase.
Prices follow demand, it seems.
The average home value in Burlington, Vermont, increased 3.2 percent year over year to $528,388. Five years ago, it was $344,641, a 53.3 percent increase.
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