Columbus named among Realtor.com, WSJ's top 10 hottest U.S. housing markets for 2024
COLUMBUS, Ohio (WCMH) -- Three Ohio cities are among the top 10 hottest housing markets in the nation in 2024, according to a new ranking by Realtor.com and The Wall Street Journal.
Canton was named the second hottest housing making in the U.S. by Realtor.com's and The Wall Street Journal's quarterly Emerging Housing Markets Index, which evaluates the 200 most populous metropolitan areas. Rockford, Illinois, was awarded the top spot, while Akron placed fourth and Columbus ranked eighth.
Ann Arbor, Michigan, placed third; Springfield, Missouri, was fifth; Fort Wayne, Indiana, was sixth; Manchester, New Hampshire, was seventh; Kingsport, Tennessee, was ninth; Portland, Maine, was 10th. Notably in the top 20, Dayton was 13th and Toledo was 18th.
The ranking noted Columbus is the largest city in the top 10 with a population of about 2.2 million, and boasts a median listing price of $380,000 and an unemployment rate of 3.2%. Canton is home to a median price of $248,000 with an unemployment of 3.8%, while Akron's median price is $212,500 with an unemployment of 3.7%.
"Columbus has been a staple in the Realtor.com Housing Market Rankings for multiple years," said Columbus Realtors President Scott Hrabcak. "I think it speaks to the numerous opportunities in central Ohio. It's a wonderful place to live, work, and play, and we’re excited to tell anyone who will listen."
Ohio's capital city also appeared on Realtor.com's and The Wall Street Journal's Emerging Housing Markets Index last year, where it was ranked the 12th hottest marking and was the only city in the top 20 with a population greater than one million.
The ranking noted a majority of the cities are consistently in the Midwest, arguing these markets are more affordable than the U.S. median and boast climate resilience. Realtor.com cited a recent survey that found about two-thirds of homeowners are concerned about the threat of natural disasters to homeownership.
"Areas in the Midwest tend to be less impacted by these risks, giving buyers some peace of mind when taking on a home purchase," the ranking states. "Akron, Ohio, and Appleton, Wisconsin, boast the most favorable risk share, 1.8% of properties, among the top 20 markets, while Kingsport, Tennessee, has the least favorable risk share, 13.9% of properties."
Realtor.com's and the WSJ cited Akron as the lowest priced market on the list, where the median listing price was just $210,000 in March, less than half the national median. As a whole, the average listing price among the top 20 markets was more than $60,000 lower than the national median in March.
The ranking comes after Columbus also was named earlier this year the third hottest housing market in the U.S. by a Zillow analysis ranking the nation’s 50 largest metro areas. Buffalo, New York, was awarded the top spot, while Cincinnati placed second and Cleveland placed eighth.
Further, Columbus and Cleveland were named the top markets in the U.S. for institutional landlords, investors who own at least 500 single-family homes in their portfolios. Institutional investors acquired more than 600 properties in Columbus and 203 properties in Cleveland throughout the past few months.