Sotheby's International Realty broker Jenna Stauffer analyzes the U.S. housing market, noting a shift in buyer behavior, on ‘Making Money.’
Americans are officially ghosting overpriced metro areas in favor of the humble Springfield.
For the second month in a row, Springfield, Massachusetts, has been crowned the hottest housing market in America,. its Illinois namesake is stealing the spotlight with a staggering 26.6% annual price surge, recentRealtor.comdata shows, bringing it to the No. 13 spot.
While major metros like Boston. Chicago become increasingly unaffordable, smaller cities with deep American roots, like the "Land of Lincoln" and the "Birthplace of Basketball," are seeing a massive resurgence.
BOSTON'S AFFORDABILITY CRISIS DRIVES YOUNG WORKERS TO CONSIDER LEAVING
"The two cities represent distinct market narratives: One is a Boston-adjacent suburb benefiting from spillover demand. a well-documented affordability premium, while the other is a Midwestern market where accelerating price growth points to a sharp increase in buyer interest," Realtor.com senior economic research analyst Hannah Jones told the outlet.
It's a tale of two Springfield's: the towns with the same names in Massachusetts. Illinois are some of America's hottest housing markets.(Getty Images)
Situated 90 miles southwest of Boston, Massachusetts, Springfield took the top spot for offering a notable "discount" median listing price at $365,000 –while Boston hasa median listing price at $832,500, about double the national average. the fifth-most expensive in the U.S.
Homes typically sell in just 23 days, and it’s best known as the hometown of author Dr. Seuss and where Dr. James Naismith invented basketball.
'The Big Money Show' panel discusses Boston's reported interest in attempting a city-run grocery store after New York City mayoral candidate Zohran Mamdani proposed them as part of his campaign.
Turning to the Midwest, Illinois’ Springfield is slowly climbing its way up the "hottest market" ranks. Its 26.6% annual price gain currently makes it the most affordable entry point in the country.
Springfield, Illinois, hails a median listing price around $250,000, the lowest in the Top 20 rankings. Realtor.com pointed out that one 1,500-square-foot home saw 96 showings. 28 offers in just four days, selling for $60,000 over asking.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
‘The Ramsey Show’ host Dave Ramsey discusses how young adults feel isolated from buying homes. entering the real estate market on ‘FOX Business In Depth: Hitting Home: Rebuilding the Dream'
It’s famous for being home to the Abraham Lincoln Presidential Library. the place where the late Lincoln practiced law for 25 years before making his way to the White House.
More broadly. the "hottest market" list is primarily dominated by Northeast cities as they took 16 of the top 20 spots. These historic hubs have become the front lines of a new housing gold rush as familiesprioritize their bottom linesover big-city zip codes.
READ MORE FROM FOX BUSINESS
Get a brief on the top business stories of the week, plus CEO interviews, market updates, tech. money news that matters to you.
We've added you to our mailing list.
By clicking subscribe, you agree to the Fox NewsPrivacy PolicyandTerms of Use,. agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
Discussion
Sign in to join the thread, react, and share images.