Highlights
- The Manchester-Nashua metro area ranked as the country’s hottest housing market for the fifth month in a row in May.
- Prices were stable nationwide, but the month’s hottest markets saw more substantial price growth (+13.6%) due to high demand and scarce for-sale inventory.
- The Northeast and the Midwest were the only regions on this month’s list with 12 and 8 markets, respectively. May’s list is the eighth in a row that contains only Northeast and Midwest markets.
- The Philadelphia metro area saw the largest increase in its hotness ranking among large U.S. metros compared with last year, climbing 86 spots to rank as the 101th hottest U.S. market in May.
The Manchester-Nashua, NH, metro area ranked as May’s hottest housing market for the eighth time in the past year. Manchester-Nashua hit No. 1 for the first time in March 2021 and has been a mainstay at the top of the list ever since.
The Realtor.com Market Hotness rankings take into account two aspects of the housing market: 1) market demand, as measured by unique views per property on Realtor.com, and 2) the pace of the market as measured by the number of days a listing remains active on Realtor.com.
Price growth accelerates in hottest markets
Home prices climbed just 0.6% nationally in May, but the hottest markets saw an average 13.6% price growth, an acceleration from the previous month. Both price growth and demand outpace the national trend in the hottest markets. Demand, as measured by views per property, was triple the national level in the hottest markets in May.
This month hit another record as the highest hot market relative demand in the data history (back to mid-2017). This suggests that the month’s hottest markets are seeing significantly more demand than the typical home nationally, despite still-challenging housing conditions. As mortgage rates fell through May, demand picked up in affordable markets.
This month’s second-hottest market, Hartford-West Hartford-East Hartford, Conn., saw 4.5 times the listing viewership as was typical in the U.S. in May. The month’s top market, Manchester-Nashua, saw 3.6 times the national level of listing viewership.
While active listings were up 35.2% year over year nationally in May, the hottest markets saw more subdued listing growth. On average, the 20 hottest markets saw inventory increase 15.6% year over year in May. Inventory was roughly 40% below pre-pandemic levels in May nationally, but the hottest markets saw an average 63.7% decrease in listings from May 2019 to May 2024.
High demand and scarce inventory conditions drive views per property higher, upping the competition for homes in the hottest markets, and adding upward pressure to home prices.
On average, the month’s hottest markets saw home prices climb 13.6% in May while prices remained relatively flat nationally. Homes in the hottest markets sold an average of 5 days faster than last year and more than 3 weeks faster than the national median in May.
Who’s in
All but six markets on the May Hottest Housing Markets list were also on April’s list. Akron, OH, Wausau, Wis., Springfield, Ill., Lafayette-West Lafayette, Ind., Buffalo-Cheektowaga-Niagara Falls, NY, and Reading, Pa., entered the list this month ranked 10th, 13th, 14th, 16th, 18th, and 18th, respectively. Buffalo was an especially notable new entry, as the metro has not ranked among the 20 hottest markets since October 2019.
Looking at which of the 300 ranked markets climbed the most reveals the Midwest metros Lexington, KY (135 spots hotter), Cedar Rapids, IA (102 spots hotter), Champaign-Urbana, IL (98 spots hotter), and Davenport-Moline-Rock Island, IA (97 spots hotter).
Who’s out
Six markets fell out of the top 20 from April’s list, but none fell very far. Burlington-South Burlington, VT, Boston-Cambridge-Newton, MA, Dayton-Kettering, OH, Lancaster, PA, Eau Claire, WI, and Binghamton, NY, fell to ranks ranging from 24th to 40th, retaining substantial hotness despite their fall. These areas remained popular, emphasizing the recent draw of Midwest and Northeast metros, which have dominated the list since February 2022.
Looking instead at which metros have fallen the furthest over the past year reveals a mix of metros that have fallen from popularity. The metros that have fallen the furthest include Wichita Falls, TX (154 spots lower), Waterloo-Cedar Falls, IA (133 spots lower), Bangor, ME (115 spots lower), and Appleton, WI (98 spots lower).
May 2024 – Top 20 Hottest Housing Markets
| Hottest Metros | Hotness Rank | Hotness Rank YoY | Viewers per Property vs U.S. | Median Days on Market | Days on Market YoY | Median Listing Price If Active Within Period |
| Manchester-Nashua, N.H. | 1 | 0 | 3.6 | 14 | 3 | $630,000 |
| Hartford-West Hartford-East Hartford, Conn. | 2 | -1 | 4.5 | 16 | -3 | $447,000 |
| Springfield, Mass. | 3 | -3 | 3.3 | 17 | -2 | $400,000 |
| Concord, N.H. | 4 | 2 | 3.3 | 17 | 3 | $600,000 |
| Rochester, N.Y. | 5 | 1 | 3.2 | 17 | 4 | $310,000 |
| Rockford, Ill. | 6 | -4 | 3.3 | 21 | 0 | $236,000 |
| Worcester, Mass.-Conn. | 7 | -2 | 2.7 | 19 | -1 | $545,000 |
| Canton-Massillon, Ohio | 8 | -52 | 2.7 | 21 | -14 | $270,000 |
| Providence-Warwick, R.I.-Mass. | 9 | -18 | 2.6 | 19 | -13 | $586,000 |
| Akron, Ohio | 10 | -34 | 3.1 | 23 | -13 | $252,000 |
| New Haven-Milford, Conn. | 10 | 2 | 3.1 | 24 | -1 | $427,000 |
| Bridgeport-Stamford-Norwalk, Conn. | 12 | -3 | 2.7 | 22 | -4 | $1,065,000 |
| Wausau, Wis. | 13 | -18 | 2.8 | 23 | -10 | $383,000 |
| Springfield, Ill. | 14 | -50 | 2.5 | 23 | -14 | $216,000 |
| Columbus, Ohio | 15 | 8 | 2.6 | 24 | 2 | $402,000 |
| Lafayette-West Lafayette, Ind. | 16 | 4 | 2.5 | 24 | 2 | $399,000 |
| Norwich-New London, Conn. | 17 | 0 | 3 | 28 | -3 | $542,000 |
| Buffalo-Cheektowaga-Niagara Falls, N.Y. | 18 | -10 | 2.2 | 21 | -9 | $300,000 |
| Reading, Pa. | 18 | -53 | 2.2 | 23 | -10 | $360,000 |
| Oshkosh-Neenah, Wis. | 20 | -18 | 3.3 | 30 | -7 | $400,000 |
Not in the top 20? See rankings for the top 300 markets
Most improved large market
Larger urban markets heated up this month, with the 40 largest markets across the country getting 6 ranks hotter, on average, since May 2023. Large metros continue to heat up as homebuyers look for a home near business hubs. These areas pulled in about 11% more views per listing than was typical in the U.S. in May, and homes spent 9 fewer days on the market than the U.S. median.
Prices climbed only an average of 1.3% in these markets, double the national rate of price growth but still quite low. Despite slowing annual price growth, home prices remain 37.5% higher overall and more than 50% higher per square foot than pre-pandemic at the national level. On the plus side, affordable inventory is on the rise and rents continue to fall, promising better housing ahead.
This month, the five most improved large metros were scattered across the country, with two Midwest, two Northeast, and one West market. The most improved housing markets were Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (+86 spots), Kansas City, Mo.-Kan.(+68 spots), Chicago-Naperville-Elgin, Ill.-Ind.-Wis. (+67 spots), Las Vegas-Henderson-Paradise, Nev. (+65 spots), and Baltimore-Columbia-Towson, Md (+48 spots). This month’s fastest-climbing markets ranked between 63rd (Chicago) and 210th (Las Vegas) on May’s list.
Markets Seeing the Largest Jump in Rankings (May 2024)
| Metro | Hotness Rank | Hotness Rank YoY | Viewers per Property vs U.S. | Median Days on Market | Days on Market YoY | Median Days on Market vs U.S. |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | 101 | -86 | 1.27 | 34 | -10 | -11 |
| Kansas City, Mo.-Kan. | 185 | -68 | 1.18 | 44 | -8 | 0 |
| Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | 63 | -67 | 1.29 | 25 | -9 | -19 |
| Las Vegas-Henderson-Paradise, Nev. | 210 | -65 | 0.7 | 37 | -9 | -7 |
| Baltimore-Columbia-Towson, Md. | 146 | -48 | 0.8 | 30 | -6 | -14 |