The East and West Coasts are no longer home to the most active real estate markets in the United States.
A surprising city has been named the country’s most desirable market for the first time, according to Real estate agent.com.
Oshkosh, Wisconsin, took the title thanks to its affordable housing and beautiful surroundings.
Properties in the city, best known as the home of children’s clothing store OshKosh B’Gosh, have a median list price of $374,000, which is $65,950 less than the national median.
And Oshkosh is just one of many Midwest markets that have been heating up.
Oshkosh is located on the western shore of scenic Lake Winnebago.
“Located on Lake Winnebago, Oshkosh offers buyers affordability in an idyllic setting,” said Hannah Jones, senior economic research analyst for Realtor.com.
In addition to being the long-time home of OshKosh B’Gosh, which was founded in the city in 1895, Oshkosh also boasts the world’s largest air show and a historic, lively downtown.
Listings in the city received 3.7 times more views per property in July than the national average.
Properties were on the market for just 18 days, on average, before eager buyers snapped them up. That’s 32 days less than in the rest of the United States.
Real estate agents in the area confirmed that homes do not stay on the market for long.
“We’re still getting multiple offers in Oshkosh and even seeing some bidding wars,” local real estate agent Kate Schlagel-Grier of Berkshire Hathaway HomeServices told Realtor.com.
Real estate agent Chris Siamhof, also of Berkshire Hathaway HomeServices, said competition is tough, so his clients have had to get creative to get their listings noticed.
‘Clients are waiving home inspections, offering appraisal gap coverage, allowing landlords to re-rent or even paying the landlord’s property taxes for a year — anything they can do to make their offers stand out.
“And we’re still seeing some homes selling for as much as $30,000 more than the asking price.”
Schlagel-Grier added that many buyers are coming from nearby larger cities, such as Milwaukee, and are looking for a place with a cheaper cost of living.
Oshkosh may be in the lead, but it’s one of several Midwestern markets that have gained popularity in recent years.
As mortgage rates began to skyrocket in 2022, and home prices remained stubbornly high, buyers’ attention turned to the Midwest, said Realtor.com’s Jones.
“As a result, many Midwest markets, such as Oshkosh, have seen inventory levels fail to keep pace with growing popularity,” he said.
Although listing levels improved 24.2 percent year-over-year in Oshkosh in July, there were 72.8 percent fewer homes for sale this summer compared to before the Covid-19 pandemic.
“The gap between inventory and buyer demand sent Oshkosh to the top of this month’s list,” he added.
Competition in the city is so tough that prospective home buyers have to get creative to get their offers noticed.
Oshkosh also boasts the world’s largest air show and a lively, historic downtown.
Oshkosh is the long-time home of OshKosh B’Gosh, which was founded in the city in 1895.
Oshkosh has earned the title of most attractive real estate market thanks to its affordable housing and beautiful surroundings.
Cities in the Northeast and Midwest made up all of Realtor.com’s top 20 most active markets for July, with 10 each.
After Oshkosh came Hartford, Connecticut, at number two in the rankings.
Its listings received 4.3 times more views than the national average in July, with an average home sale price of $444,000. Many are drawn to the property because of its proximity to New York City, which is about 90 minutes away.
Manchester, New Hampshire, ranked third with a median home price of $585,000.
Rounding out the top five on the list are Rockford, Illinois, with a median home price of $216,000, and Akron, Ohio, with a median home price of $257,000.
Of the top 20 most active markets, Wisconsin, Illinois and Ohio each had three cities on the list.