Springfield Tops Realtor.com Hottest Markets List

Springfield, Massachusetts, has made the Realtor.com® Hottest Housing Markets list for the first time in seven years, driven by high demand and low inventory, with homes selling in an average of 37 days. Nationally, home prices increased 5.1% to a median of $434,271 in October, compounded by supply constraints and rising mortgage rates, making affordability a significant challenge for buyers. While certain markets have cooled, others are expected to grow through 2025, highlighted by migration trends and infrastructure developments. The trend of urban dwellers seeking rural or coastal homes continues, yet some areas like the south coast and affluent London neighborhoods are experiencing price declines. A notable shift has emerged with families moving north or even to Scotland for more space and affordability. Overall, the housing market remains volatile, with varying trends across regions reflecting changing buyer preferences and economic pressures.