Could These Midwestern Metros Be the Next Top Real Estate Markets?
After a mid-pandemic Great Migration that saw a swarm of homebuyers flocking to warm Sun Belt destinations, seven of the nation’s top up-and-coming housing markets are now located in the Midwest, according to Realtor.com. Markets such as Lafayette, Ind., are home to robust economies, strong regional housing demand, well-paying jobs, and desirable amenities for incoming buyers.
Midwestern markets also offer relatively affordable homes, making them a prime option for out-of-state buyers from costly regions of the U.S. such as New York City.
The Lafayette, IN, metropolitan area about an hour northwest of Indianapolis and two hours southeast of Chicago was awarded the No. 1 spot on the list.
Affordable housing is another draw. The metro’s median home list price of $299,900 in December—about $100,000 less than the national median—makes the area appealing to homebuyers as well. The good news for buyers is the number of homes for sale surged, rising 58.7% year over year. And homes are spending 20 days longer on the market in the metro. However, prices were up 33.3% in December compared with a year earlier.