Exodus from NYC and Boston: How Connecticut's 'Bargain' $450K Homes Are Luring the Elite and Squeezing Out Locals
With 7% interest rates or higher, housing markets across the country are still stagnant. But in certain markets around major east coast cities, buyers are snapping up homes. If you want to buy a home and can’t afford a property in the city, there’s still time to get into these markets before investors snap them up.
Don't Miss:
Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!
Will the surge continue or decline on real estate prices? People are finding out about risk-free real estate investing that lets you cash out whenever you want.
Considering that the average home price in both Boston and NYC is over $750,000, a home just two hours from a major city for $450,000 seems unbelievable. Unsurprisingly, according to a new report from Realtor.com, demand in the top 20 markets was 2.8 times the national level in June, as measured by views per property. America's hottest housing markets rose an average of 8.1% last year.
Hartford, CT, ranked as the country's hottest housing market this June, with an average home price of just $17,000 above the national average. A home with a yard, a large kitchen, and multiple bedrooms and bathrooms in NYC could cost more than $1 million. In Hartford, only two hours from the city, you could get a comparable home for just $450,000.
In addition to Hartford, which came in at #1, Connecticut has four other cities in the top 20: New Haven-Milford, Worcester, Bridgeport-Stamford-Norwalk, and Norwich-New London.
Most other booming areas have one thing in common: proximity to major metropolitan areas with much better prices. Manchester, NH, coming in at #2, is just an hour from Boston. Its average home prices are higher than Hartford at $598,000, but still affordable compared to Boston. New Hampshire also has no state income or sales tax, giving both investors and residents more savings.
Trending: Rory McIlroy’s mansion in Florida is worth $22 million today, doubling from 2017 — here’s how to get started investing in real estate with just $100
Rockford, IL, just 90 minutes outside Chicago, took the #3 spot with a median housing price of just $220,000. Rounding out the top five was Oshkosh-Neenah, WI, at #4, just 1.5 hours from Milwaukee or 40 minutes from Green Bay. Finally, Rochester, NY, in growing upstate NY, came in at #5. In Rochester, houses spend a median of 17 days on the market, 28 days less than the national average.
If you’re ready to buy, Benzinga can walk you through the steps to get a mortgage, or you can find the best online mortgage lenders.
Here’s the full list of the top 20, with median list prices and average days on the market:
City | Average List Price | Median Days on the Market |
Hartford, CT | $450,000 | 17 |
Manchester, NH | $598,000 | 16 |
Rockford, IL | $220,000 | 19 |
Oshkosh, WI | $389,000 | 23 |
Rochester, NY | $300,000 | 17 |
Springfield, MA | $412,000 | 24 |
Akron, OH | $265,000 | 24 |
Guangzhou, OH | $255,000 | 22 |
Concord, NH | $600,000 | 26 |
Providence, RI | $599,000 | 23 |
Worcester, MA | $550,000 | 23 |
Bridgeport, CA | $960,000 | 25 |
Syracuse, NY | $350,000 | 28 |
Columbus, OH | $400,000 | 25 |
Reading, PA | $365,000 | 21 |
Erie, PA | $262,000 | 30 |
Lafayette, IN | $380,000 | 24 |
Norwich, CT | $550,000 | 30 |
Springfield, IL | $205,000 | 29 |
Read Next:
This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
Sun Belt's booming real estate market prepares for millions of new inhabitants — Here’s how to find the region's best deals!
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Exodus from NYC and Boston: How Connecticut's 'Bargain' $450K Homes Are Luring the Elite and Squeezing Out Locals originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.