The east and west coasts are no longer home to the hottest housing markets in the US.
A surprising city has been named as the most desirable market in the country for the first time, according to Realtor.com.
Oshkosh, Wisconsin, has taken the title – thanks to its budget-friendly homes and beautiful surroundings.
Properties in the city, known for being the home of children’s clothing store OshKosh B’Gosh, have an average list price of $374,000 – which is $65,950 less than the national median.
And Oshkosh is just one of many Midwest markets which have been heating up.
Oshkosh is nestled on the western shore of the picturesque Lake Winnebago
‘Situated on Lake Winnebago, Oshkosh offers buyers affordability in an idyllic setting,’ said Hannah Jones, senior economic research analyst at Realtor.com.
As well as being the long-time home to OshKosh B’Gosh, which was founded in the city in 1895, Oshkosh also boasts the world’s largest airshow and a bustling and historic downtown district.
Listings in the city received 3.7 times more views per property in July than the national average.
Properties were only on the market for 18 days, on average, before being snapped up by eager buyers. That is a huge 32 days fewer than the rest of the US.
Real estate agents in the area confirmed that homes do not sit around on the market for long.
‘We are still getting multiple offers in Oshkosh and even seeing some bidding wars,’ local real estate agent Kate Schlagel-Grier, of Berkshire Hathaway HomeServices, told Realtor.com
Real estate agent Chris Siamhof, also with Berkshire Hathaway HomeServices, said that competition is stiff, so her clients have had to get creative to get their offers noticed.
‘Clients are waiving home inspections, offering appraisal gap coverage, letting owners rent back, or even paying the owner’s property taxes for a year – anything they can do to make their offers stand out.
‘And we are still seeing some houses going for up to $30,000 over asking.’
Schlagel-Grier added that many buyers hail from bigger cities nearby such as Milwaukee, and are looking for somewhere with a cheaper cost of living.
Oshkosh may be leading the pack, but it is one of several Midwest markets which have boomed in popularity in recent years.
As mortgage rates began to soar in 2022 – and home prices remained stubbornly high – buyer attention zeroed in on the Midwest, said Jones, from Realtor.com.
‘As a result, many Midwest markets, such as Oshkosh, have seen inventory levels fail to keep up with rising popularity,’ she said.
Though listing levels improved 24.2 percent year over year in Oshkosh in July, there were 72.8 percent fewer homes for sale this summer compared to before the Covid-19 pandemic.
‘The gap between inventory and buyer demand sent Oshkosh to the top of this month’s list,’ she added.
Competition in the city is so stiff, prospective homebuyers have to get creative to get their offers noticed
Oshkosh also boasts the world’s largest airshow and a bustling and historic downtown district
Oshkosh is the long-time home to OshKosh B’Gosh, which was founded in the city in 1895
Oshkosh has taken the title of hottest housing market thanks to its budget-friendly homes and beautiful surroundings
Cities in the Northeast and the Midwest made up the entirety of Realtor.com’s 20 hottest markets for July, with 10 each.
Following Oshkosh was Hartford, Connecticut, at number two on the ranking.
Its listings received 4.3 times more views than the national average in July, with an average home listing of $444,000. It appeals to many because of its proximity to New York City, which is about 90 minutes away.
Manchester, New Hampshire, ranked number three with a median house price of $585,000.
Rounding out the top five on the list were Rockford, Illinois, with a median house price of $216,000, and Akron, Ohio, with a median house price of $257,000.
Of the 20 hottest markets, Wisconsin, Illinois and Ohio all had three cities listed.
