If moving to Columbus, OH, is on your to-do list, get your best deals early because this Midwest city tops the list of the most popular housing markets in the US.
Columbus, a vibrant college town with a population of more than 2 million, has risen to the top of Realtor.com’s 2024 Most Popular Markets list. It earned high marks for its relatively low cost of living and rate of low unemployment.
However, to calculate a city’s popularity, Realtor.com® looked at the cities that attracted the highest levels of purchase interest last year.
As is typical, larger cities like New York City, Dallas, Chicago, Miami and Tampa, FL, drew the most views across the country.
However, it’s not surprising to see populous metros attract more web traffic because larger metros tend to have more homes for sale.
But when Realtor.com adjusted its analysis for market size, mid-sized cities—such as Columbus; Knoxville, TN; Louisville/Jefferson, KY; and Pittsburgh—were more popular with buyers.
Donald Payne, a broker with Vision Realty in Columbus, says investments from companies like Intel, Google and Amazon have driven people to the city.
Columbus is also one of the nation’s top test markets, meaning it’s often ahead of the curve for new products and ideas.
And it’s home to one of the nation’s largest universities — The Ohio State University — giving it a new, vibrant energy.
“It’s a very powerful market,” he says. The median price of a home here is $384,784; however, high interest rates have also somewhat affected housing sales. Where last summer the average sale was 101% of the asking price, this summer it hovers around 99.5%.
“If you will come [from the] East Coast or West Coast, you’re going to see a lot of value here,” Payne says.
But there is a lot of competition for affordable housing in the area, he adds. At the top end of the market, “competition is not as fierce.”
Among the 10 most popular markets that Realtor.com identified, five are in the South, three are in the Northeast and two are in the Midwest. None are in the West.
“It’s interesting to find that none of these major markets are traditional big cities like New York and Los Angeles. Instead, many are mid-market with relatively high affordability. As people move for a variety of reasons, housing affordability is a key consideration for today’s homebuyers when choosing where to live,” says Realtor.com economist Jiayu Xu. “Additionally, warmer weather is also a draw huge as 5 out of 10 markets are in the warm south.”
Columbus had the highest number of property views, but it wasn’t the only factor economists considered.
Realtor.com also created a Regional Traffic Index, which analyzes the amount of interest coming from within and outside the city region.
A greater share of traffic coming from outside the region means that the city has greater appeal across the country and can potentially be a more competitive space.
“Markets that receive high national interest tend to face increased demand from buyers across the country, driving up prices even beyond what local buyers can afford, which can force local residents to move,” says Xu. “In contrast, markets with more regional or local interest typically experience more moderate price increases and more stable price trends.”
For Columbus, for example, 67.9% of interest came from the Midwest, 13.7% came from the Northeast, 15.4% from the South, and 4.6% from the West.
Among out-of-state buyers, buyers from New York showed the highest interest in Columbus homes, followed by Virginia and California.
The South also featured prominently on the list. Along with a warmer climate, abundant housing inventory and relatively affordable prices make the region a popular destination.
Knoxville, No. 2 on the list, it has become a top destination in the region due to its high quality of life that combines urban and suburban life, as well as growing employment opportunities. The many outdoor activities make it an attractive place for families.
Over the past 12 months, Knoxville homes have gained nationwide interest, including from the Northeast (12.9%), South (67.3%), Midwest (10.8%) and West (9.1%).
Among out-of-state buyers, people from New York show the highest interest in Knoxville homes, followed by buyers from Georgia and Florida.
Not surprisingly, Tampa also appeared on the list. Its average list price rose nearly 50% over the past five years (before the pandemic), reflecting its popularity with home buyers.
In the Northeast, Pittsburgh emerged as the most popular housing market and is a top destination for college graduates starting new careers.
It also offers a lower cost of living and a diverse and growing economy with strengths in technology, healthcare, education and finance.
Among out-of-state buyers, those from New York showed the highest interest in Pittsburgh homes, followed by buyers from Virginia and Ohio
Portland, ME and Hartford, CT also stand out in the Northeast. Their relatively smaller size, strong sense of community and cultural identity make them popular alternatives to larger cities in the Northeast.
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مصدر الصورة: nypost.com
