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The 15 Hottest Real Estate Markets in the U.S.

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Sean Locke Photography / Shutterstock.com

Editor’s Note: This story originally appeared on Construction Coverage.

After more than two years of stiff competition and fast-rising prices, the U.S. residential housing market experienced a rapid cooldown throughout the latter half of 2022 and the early months of 2023.

Despite recent signs that market conditions could be heating up again, 2023 marked a notably more subdued year for U.S. real estate compared to the preceding years.

One of the most obvious signs of changing market conditions is home price growth. Similar to home prices, the trajectory of home sales has been a roller coaster in recent years.

Although the national real estate market is showing moderate signs of heating up, some geographies are seeing more activity than others.

To examine these differences, researchers at Construction Coverage developed a composite score using key indicators from Redfin about different local markets.

For a breakdown of the major cities with the hottest markets, see the following analysis. Additionally, more information on how each statistic was computed is available in the methodology section at the end.

1. San Jose, CA

The skyline of San Jose
stellamc / Shutterstock.com
  • Composite score: 82.7
  • Median sale price (Dec. 2023): $1,300,000
  • 1-year change in median sale price: +9.8%
  • Share of homes that sold above asking: 63.7%
  • Median number of days on the market: 13.8
  • Average sale-to-list percentage: 103.6%
  • Share of listings with price drops: 21.1%

2. Oakland, CA

Oakland, California
yhelfman / Shutterstock.com
  • Composite score: 73.2
  • Median sale price (Dec. 2023): $825,000
  • 1-year change in median sale price: +4.1%
  • Share of homes that sold above asking: 63.7%
  • Median number of days on the market: 21.7
  • Average sale-to-list percentage: 107.7%
  • Share of listings with price drops: 22.4%

3. San Diego, CA

San Diego cityscape
Sean Pavone / Shutterstock.com
  • Composite score: 68.4
  • Median sale price (Dec. 2023): $875,000
  • 1-year change in median sale price: +11.5%
  • Share of homes that sold above asking: 45.5%
  • Median number of days on the market: 17.4
  • Average sale-to-list percentage: 100.4%
  • Share of listings with price drops: 24.4%

4. Virginia Beach, VA

Virginia Beach Virginia Traffic
Khairil Azhar Junos / Shutterstock.com
  • Composite score: 66.8
  • Median sale price (Dec. 2023): $360,000
  • 1-year change in median sale price: +5.9%
  • Share of homes that sold above asking: 46.8%
  • Median number of days on the market: 21.5
  • Average sale-to-list percentage: 100.6%
  • Share of listings with price drops: 20.9%

5. Long Beach, CA

Long Beach California homes
L.A. Nature Graphics / Shutterstock.com
  • Composite score: 66.4
  • Median sale price (Dec. 2023): $795,000
  • 1-year change in median sale price: +9.7%
  • Share of homes that sold above asking: 47.4%
  • Median number of days on the market: 36.2
  • Average sale-to-list percentage: 100.7%
  • Share of listings with price drops: 18.8%

6. Boston, MA

Boston
mandritoiu / Shutterstock.com
  • Composite score: 64.6
  • Median sale price (Dec. 2023): $830,000
  • 1-year change in median sale price: +16.8%
  • Share of homes that sold above asking: 34.0%
  • Median number of days on the market: 26.1
  • Average sale-to-list percentage: 99.7%
  • Share of listings with price drops: 19.0%

7. Omaha, NE

Omaha Nebraska
Aspects and Angles / Shutterstock.com
  • Composite score: 63.1
  • Median sale price (Dec. 2023): $260,000
  • 1-year change in median sale price: +8.3%
  • Share of homes that sold above asking: 42.1%
  • Median number of days on the market: 10.2
  • Average sale-to-list percentage: 100.5%
  • Share of listings with price drops: 30.2%

8. Louisville, KY

Louisville Kentucky homes
EQRoy / Shutterstock.com
  • Composite score: 61.6
  • Median sale price (Dec. 2023): $380,500
  • 1-year change in median sale price: +15.3%
  • Share of homes that sold above asking: 33.8%
  • Median number of days on the market: 33.8
  • Average sale-to-list percentage: 99.6%
  • Share of listings with price drops: 18.1%

9. Columbus, OH

Columbus, Georgia skyline
Sean Pavone / Shutterstock.com
  • Composite score: 61.0
  • Median sale price (Dec. 2023): $265,000
  • 1-year change in median sale price: +6.0%
  • Share of homes that sold above asking: 47.3%
  • Median number of days on the market: 37.1
  • Average sale-to-list percentage: 101.0%
  • Share of listings with price drops: 22.1%

10. Sacramento, CA

Bridge in Sacramento, California
Adonis Villanueva / Shutterstock.com
  • Composite score: 59.0
  • Median sale price (Dec. 2023): $455,000
  • 1-year change in median sale price: +3.4%
  • Share of homes that sold above asking: 49.9%
  • Median number of days on the market: 17.6
  • Average sale-to-list percentage: 100.5%
  • Share of listings with price drops: 29.9%

11. Minneapolis, MN

Minneapolis
Nick Lundgren / Shutterstock.com
  • Composite score: 58.6
  • Median sale price (Dec. 2023): $320,650
  • 1-year change in median sale price: +7.6%
  • Share of homes that sold above asking: 43.1%
  • Median number of days on the market: 24.7
  • Average sale-to-list percentage: 100.6%
  • Share of listings with price drops: 27.8%

12. San Francisco, CA

San Francisco, California
IM_photo / Shutterstock.com
  • Composite score:
  • Median sale price (Dec. 2023): $1,177,500
  • 1-year change in median sale price: -7.6%
  • Share of homes that sold above asking: 46.1%
  • Median number of days on the market: 33.3
  • Average sale-to-list percentage: 102.8%
  • Share of listings with price drops: 19.1%

13. Los Angeles, CA

Houses in a gated neighborhood in Los Angeles, Caifornia
trekandshoot / Shutterstock.com
  • Composite score: 56.7
  • Median sale price (Dec. 2023): $954,000
  • 1-year change in median sale price: +3.7%
  • Share of homes that sold above asking: 43.8%
  • Median number of days on the market: 44.0
  • Average sale-to-list percentage: 100.4%
  • Share of listings with price drops: 16.5%

14. El Paso, TX

El Paso, Texas
Joseph Sohm / Shutterstock.com
  • Composite score: 54.9
  • Median sale price (Dec. 2023): $248,250
  • 1-year change in median sale price: +5.6%
  • Share of homes that sold above asking: 32.7%
  • Median number of days on the market: 25.9
  • Average sale-to-list percentage: 99.4%
  • Share of listings with price drops: 19.3%

15. Milwaukee, WI

Milwaukee, Wisconsin
Rudy Balasko / Shutterstock.com
  • Composite score: 53.4
  • Median sale price (Dec. 2023): $175,500
  • 1-year change in median sale price: +3.4%
  • Share of homes that sold above asking: 46.2%
  • Median number of days on the market: 42.0
  • Average sale-to-list percentage: 100.3%
  • Share of listings with price drops: 21.8%

Methodology

Data entry on a laptop
baranq / Shutterstock.com

The data used in this analysis is from Redfin’s Data Center. To determine the locations with the hottest real estate markets in 2024, researchers at Construction Coverage created a composite score, equally weighting the following metrics:

  • One-year change in median sale price (Dec. 2022–Dec. 2023)
  • Share of homes that sold above asking (2023)
  • Median number of days on the market (2023)
  • Average sale-to-list percentage (2023)
  • Share of listings with price drops (2023)

In the event of a tie, the location with the greater one-year change in median sale price was ranked higher.

Researchers also reported the median home sale price from December 2023. Cities were grouped into cohorts based on population size: small (less than 150,000), midsize (150,000–349,999), and large (350,000 or more). Note, locations with insufficient data were excluded for quality purposes.

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Copyright © 2022 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.