+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeNewslettersNextShare

The Northeast and Midwest will likely be hot with homebuyers this summer. Homes are flying off the shelves in these 8 cities.

  • Homes are selling like hotcakes in several Northeastern and Midwestern cities.
  • In Rochester, New York, homes were on the market less than two weeks on average last month.

In the Northeast and Midwest, homes are turning into hot commodities this summer.

In those regions, homes in some smaller cities with a small town feel and easy access to outdoor activities were flying off the proverbial shelves in May, giving sellers the upper hand, according to a Realtor.com report on Monday.

That's despite the fact that — overall — the US housing market has been in a slump. The mix of high home prices and interest rates in much of the country has resulted in tepid demand in many areas, denting property values or slowing their rise. Nationally, home prices in May fell year-over-year for the first time since at least 2014, when Realtor.com began tracking the data.

To be sure, Realtor.com's list is not exhaustive: in order to ensure there was "geographic diversity," it included just one city in each state. Still, it provides some insight into what homebuyers are looking for, and where sellers are most likely to close quickly this summer.

Most of the cities that made the cut had a population of under 210,000 people, and many of them — like Portland, Maine; and Milwaukee, Wisconsin — are known for cozy neighborhoods. Each of these cities is also known for its outdoor recreational community and is in close proximity to an ocean, lake, or nature sanctuary.

To compile the list, Realtor.com considered the total number of days the typical home in the 50 cities was on the market. It also considered the percentage of listings that saw the asking price dip from the time the house was listed to the time it was sold. The only two cities that were not in the Northeast or Midwest on this list were San Jose, California, and Virginia Beach, Virginia.

Insider omitted some geographical outliers and highlighted 8 Northeastern and Midwestern cities. Without further ado, here are those places that seem extraordinarily popular with homebuyers right now, with notes on population, median home prices, and how long a typical home spent on the market last month, per Realtor.com. Insider also included the percentage of homes whose asking prices were cut.

Advertisement

You are subscribed to notifications!
Looks like you've blocked notifications!