A surprising Massachusetts city has made its debut at the top of Realtor.com’s hottest housing markets list—Springfield!
This is the first time in seven years that Springfield has claimed this spot, and it’s all thanks to its proximity to Boston.
Springfield, which has consistently ranked among the top 20 markets for the past few years, is now standing out.
Why? Because it’s got high demand, but not enough homes to go around.
Buyers are quickly snapping up houses, with properties selling in just 37 days—almost 25% faster than the national average!
Why Springfield is Hot
Springfield’s location near Boston is a big reason for its success.
Boston itself is a major job hub with plenty of high-paying careers in tech and research.
More people are working remotely or in hybrid jobs, making it easier for them to live in Springfield, where the cost of living is more affordable than in Boston.
Springfield’s home prices have also increased by 4.3% compared to last year, adding to its appeal.
But it’s not just Springfield—other cities near Boston, like Manchester, NH, have also made it to the top of the list in the past.
Why the Northeast is Hot Right Now
It’s not just Springfield—many cities in the Northeast and Midwest are doing really well in the housing market.
These areas offer affordable prices compared to bigger cities, making them attractive for buyers.
Even Cleveland and Lafayette, IN, have joined the top 20, with home prices much lower than the national average.
Home Prices Are Going Up
Home prices in these hot markets are climbing. Lafayette saw a massive 30.4% price increase, while Rockford, IL, and Cleveland saw gains too.
Despite more homes coming onto the market, there’s still not enough to meet the demand, which is why prices continue to rise.
What’s Next for 2025?
Looking ahead, mortgage rates might drop in 2025, which could make homes more affordable for buyers. If that happens, cities like Springfield could stay hot, but other markets might heat up as well.
For now, though, Springfield and other Northeast cities are leading the way!
In short, Springfield’s real estate market is booming thanks to high demand, low inventory, and its close connection to Boston.
Keep an eye on these markets as we move into 2025!