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.