Rochester Tops List of Hottest Housing Markets as Buyers Seek Affordability Amid Rising Rates

Rochester, NY tops the list as the hottest housing market due to its affordable median list price of $250,000.

With mortgage rates over 7%, buyers are shifting focus to more budget-friendly locales. 14 of the hottest markets have median list prices below the national median.

Limited inventory continues to plague the Northeast and Midwest. Homes in the hottest markets move quicker, often 30+ days faster than the national pace.

While the national median list price rose just 0.7% in August, prices in the top 20 hottest markets jumped between 2.1% and 19.3%.

Buyers may still feel pressure in these competitive markets. Homes that check all the boxes tend to go fast.