After a mid-pandemic Great Migration that saw a swarm of homebuyers flocking to warm Sun Belt destinations, seven of the nation’s top up-and-coming housing markets are now located in the Midwest, according to Realtor.com. Markets such as Lafayette, Ind., are home to robust economies, strong regional housing demand, well-paying jobs, and desirable amenities for incoming buyers.
Midwestern markets also offer relatively affordable homes, making them a prime option for out-of-state buyers from costly regions of the U.S. such as New York City.
The Lafayette, IN, metropolitan area about an hour northwest of Indianapolis and two hours southeast of Chicago was awarded the No. 1 spot on the list.
Affordable housing is another draw. The metro’s median home list price of $299,900 in December—about $100,000 less than the national median—makes the area appealing to homebuyers as well. The good news for buyers is the number of homes for sale surged, rising 58.7% year over year. And homes are spending 20 days longer on the market in the metro. However, prices were up 33.3% in December compared with a year earlier.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners