Americans battling rising inflation are seeking out affordability wherever they can find it, even if that means relocating far off the beaten path to a new town or metro area. The top emerging housing market of the summer is Elkhart, IN, a small Midwestern city just two hours from Chicago that saw prices soar 17.2% year-over-year to a median $279,450 in June, Realtor.com reports.
Next on the list of the top 10 emerging real estate markets of summer 2022 is Burlington, NC, where the median list price is still a reasonable $380,150. While more expensive homes in high-cost markets are spending more time on the market, houses priced below $200,000 are selling quickly, regardless of where they’re located.
Elkhart is a recreational vehicle manufacturing powerhouse with an unemployment rate of just 1.8% in May—about half of the national average. Most of the area’s buyers are from nearby South Bend as well as Chicago. About 44% of the area’s buyers are from outside of Indiana, according to Realtor.com.
The area is particularly appealing because it’s so affordable. Those buying a home in the Elkhart metro area are looking at a roughly $1,275 monthly mortgage payment for a median-priced home, according to Realtor.com data. That’s significantly lower than the national median of $2,100 a month.
Related Stories
Zoning
Colorado Lawmakers Push for Updated Zoning Regulations to Combat Statewide Housing Crisis
After years of underbuilding due to outdated zoning laws, state lawmakers worry that Colorado is unprepared to welcome an influx of migrating homebuyers
Housing Markets
The Top 10 Real Estate Markets of 2023 Are All Located in the South
These popular southern homebuying destinations offer robust job markets and a rising inventory of affordably priced homes
Housing Markets
A Record Share of Homebuyers Relocated to These Metros in Q4 2022
A quarter of all homebuyers looked to move to a new city in the fourth quarter of 2022. Here's where they went...