In August 2024, the hottest housing market in America was once again crowned, and Manchester, NH, took the top spot. As the real estate landscape across the U.S. continues to evolve, Manchester has remained a constant force. This marks the 29th time the city has ranked as the country’s hottest housing market, proving that this region’s housing demand is anything but ordinary.
No. 1 Hottest Housing Market in America: Manchester, NH
Located just 55 miles north of Boston, Manchester offers a more affordable alternative while still boasting high desirability. The median home price in the city stands at $550,000, a stark contrast to Boston’s median of $834,500. This affordability, coupled with Manchester’s proximity to major urban areas, makes it an attractive option for both first-time homebuyers and those looking to escape the higher costs of Boston without sacrificing access to amenities.
Manchester’s listings received 3.3 times more views than the national average in August, according to Realtor.com, highlighting just how much attention this market is garnering. “High demand is met with low inventory as buyers claim available homes,” says Hannah Jones, a senior economic research analyst at Realtor.com. This competitive dynamic ensures that homes spend far less time on the market compared to other regions, keeping Manchester at the top of the hottest housing market list.
Why Buyers are Flocking to Manchester
One of the key factors driving Manchester’s success is its balance of affordability and livability. While the median home price may be lower than that of neighboring Boston, Manchester offers all the benefits of a metropolitan area. With excellent schools, healthcare facilities, and recreational opportunities, the city is ideal for families and professionals alike. In addition, New Hampshire’s lack of state income or sales tax makes it even more attractive for potential buyers seeking to maximize their purchasing power.
Moreover, with high demand comes the inevitable challenge of limited inventory, and this is certainly true in Manchester. As competition intensifies, prospective homeowners are jumping on available properties quickly, leading to faster sales. The median number of days homes stay on the market in Manchester is just 23—well below the national median—proving that competition is fierce.
A Broader Trend in the Northeast
Manchester isn’t the only city in the Northeast drawing attention. Springfield, MA, and Concord, NH, also ranked in the top five hottest housing markets for August 2024. Springfield, with a median home price of $400,000, and Concord, where homes stay on the market for a median of 32 days, are clear indicators that the Northeast is experiencing a surge in real estate activity. This regional trend is bolstered by a growing interest from buyers seeking both affordability and lifestyle in cities outside of major hubs like Boston.
Manchester’s Future Outlook
The future looks bright for Manchester. With demand continuing to outpace supply, it’s likely the city will remain a major player on the hottest housing market list for the foreseeable future. As buyers seek value outside of expensive cities, Manchester’s combination of lower home prices, strong community amenities, and proximity to Boston will keep it at the forefront of the nation’s real estate market. Even in a cooling national market, Manchester’s momentum shows no signs of slowing down.
Manchester, NH, has secured its spot as the number one hottest housing market in America, and its track record over the past three years solidifies its reign. Whether it’s the city’s affordability, high demand, or proximity to Boston, buyers continue to be drawn to this vibrant market. As long as these factors remain, Manchester will likely continue to lead the pack as the hottest housing market in America. Realtor.com’s August 2024 data confirms what many in real estate have known for years: Manchester is a powerhouse in the U.S. housing market.
