Half Of June’s Hottest Housing Markets Are In New England

As the housing market starts to cool off, last year’s buying trends are being upended.

Western metros that topped charts last year for popularity and home prices have taken a back seat to more affordable, cooler areas in the East, according to a new report from Realtor.com.

For the first time in the history of Realtor.com’s data, Western locations are completely gone from June’s list of hottest real estate markets.

Topping the list for the first time ever, Concord, NH, is now the U.S.’s hottest housing market, based on the number of individual home listing views on Realtor.com and how quickly homes are selling there.

The top five metros were Concord; Manchester, NH; Burlington, VT; Portland, ME; and Burlington, NC.

Ten of the top twenty markets are in New England.

The report attributes this major shift in consumer interest to affordability. This is evident in Concord’s displacement of its neighbor, Manchester, NH, from the number one spot. Manchester reigned as the nation’s hottest market for nine of the last twelve months. But Concord’s home prices are $20,000 less expensive than Manchester.

Buyers from areas in the South and West, which both saw serious price growth in the last year, are moving to New Hampshire to save money.

Five California metros were on the hottest markets list just in January, but they were all dethroned by April.

“When we look at the West Coast market, whether it’s Oregon, Washington, California, Arizona, or Nevada, their home prices have continued to rise even as mortgage rates jumped,” says George Ratiu, manager of economic research for Realtor.com.

“Rising interest rates have pushed the cost of a monthly mortgage payment up about 60% above a year ago. And in, say, the [San Francisco] Bay Area, the effect is going to be magnified. If you buy a $900,000 home, all of a sudden you’re spending $1,600 more a month.”