Two Springfields dominate Realtor.com’s list of the hottest US real estate markets
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Americans are officially ditching overpriced metro areas in favor of humble Springfield.
For the second month in a row, Springfield, Massachusetts, has been awarded the hottest housing market in America, but its name in Illinois steals the spotlight with an impressive 26.6% year-over-year price increase, recently. Realtor.com data shows, bringing it to the No. 13.
While big cities like Boston and Chicago are becoming increasingly unaffordable, small towns with deep American roots, like the “Land of Lincoln” and the “Birthplace of Basketball,” are seeing a major resurgence.
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“These two cities represent different market narratives: One is a city near Boston that benefits from spillover demand and a well-documented affordability premium, and the other is a Midwestern market where accelerating price growth points to a significant increase in consumer interest,” Realtor.com chief economist Hannah Jones told the company.
A tale of two Springfields: the towns of the same names in Massachusetts and Illinois are some of the hottest real estate markets in America. (Getty Images)
Located 90 miles southwest of Boston, Massachusetts, Springfield took the top spot for offering a notable “discount” listing price of $365,000 – while Boston had a median listing price of $832,500, double the national average and the fifth most expensive in the US.
Houses are usually sold in just 23 days, and it is well known as the hometown of writer Dr. Seuss and where Dr. James Naismith invented basketball.
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Turning to the Midwest, Illinois’ Springfield is slowly climbing its way up into the “hottest market”. Its annual return of 26.6% makes it the cheapest entry point in the country.
Springfield, Illinois, boasts a median price of around $250,000, the lowest in the top 20. Realtor.com reported that one 1,500-square-foot home saw 96 showings and 28 offers in just four days, selling for $60,000 asking.
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It is famous for being the home of the Abraham Lincoln Presidential Library and the place where the late Lincoln practiced law for 25 years before moving to the White House.
By and large, the list of “hottest markets” is dominated by cities in the Northeast as they took 16 of the top 20 spots. These historic neighborhoods have become the front lines of the real estate gold rush as families prioritize their bottom lines over big city zip codes.
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