Home buyers will enjoy the largest inventory of for-sale options this spring since mid-2020, although the markets where buyers are looking and where inventory is building are not necessarily aligned. The most in-demand metros are those that offer shoppers a lower cost of living and are in or near economic hubs, according to a spring housing market ranking jointly produced by The Wall Street Journal and Realtor.com.
At the top of that ranking is Toledo, Ohio, which has seen strong demand and significant price growth over the past year. In March, the median listing price was $235,000, almost $200,000 lower than the national median. Toledo’s economy primarily revolves around manufacturing, health care, and education. It also boasts a vibrant arts scene, anchored by the Toledo Museum of Art. But like any urban hub, Toledo is not without its challenges, which notably include a climbing unemployment rate, according to Realtor.com.
Toledo is followed in the ranking by Manchester-Nashua, New Hampshire, with a median listing price in March of $565,000, and Rockford, Illinois, with a median listing price of $249,000.
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The Midwest dominated the ranking thanks to lower cost of living, low home prices, and climate resiliency. Unemployment was below the national level in four of the 12 Midwest markets on this month’s list, and necessities cost about 7% less in the region, the report said. The average listing price in the Midwest is $296,000, and the lowest-priced market in the country, Youngstown-Warren, Ohio, has a median listing price of $185,000.
“These low home prices mean that the minimum recommended income to purchase in one of these markets was an average of $68,000, compared to the U.S. minimum recommendation of $98,000,” said the report.
The Midwest also scored well in climate resiliency, which affords homeowners more predictability in minimizing housing costs and managing the risk of unexpected expenses due to weather events.
Overall, the more challenging homeownership market has pushed the median home buyer age to a 40-year high of 56, as of 2024, while the median first-time home buyer is 38. Many older home buyers leverage record-high home equity to purchase a new property, a resource that first-time purchasers generally lack.
The report said this demographic dynamic is driving demand in metropolitan areas with a larger population of older residents. The list’s highest-priced markets, Manchester-Nashua, Worcester, Green Bay, New Haven, Hartford, and Appleton, each have a significantly higher share of 55-to-74-year-olds than the national average.
Texas and Florida metros, meanwhile, rank near the bottom due primarily to climbing inventory levels and a higher risk of property damage due to climate events.
“While the top of the quarter’s list highlights some of the country’s most in-demand markets, the bottom emphasizes the re-balancing occurring in some of the pandemic’s hottest housing markets,” said the report. “These markets boast stable employment and relatively affordable cost of living, which could present opportunities for hopeful buyers.”
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
