If moving to Columbus, OH, is on your to-do list, get your best offers in early because this Midwest city tops the list of the most popular housing markets in the U.S.
Columbus, a bustling college city with a population of more than 2 million, has risen to the top of the Realtor.com Most Popular Markets 2024 list. It earned high marks for its relatively low cost of living and low unemployment rate.
To calculate a city’s popularity, though, Realtor.com® looked at the cities that attracted the highest levels of buying interest in the past year. As is typical, larger cities like New York City, Dallas, Chicago, Miami, and Tampa, FL, attracted the most views across the country. However, it is not surprising to see populous metros attract more online traffic because larger metros tend to have more homes for sale.
But, when Realtor.com adjusted its analysis for market size, midsize cities—such as Columbus; Knoxville, TN; Louisville/Jefferson, KY; and Pittsburgh—were more popular with shoppers.
Donald Payne, a broker with Vision Realty in Columbus, says investments from companies like Intel, Google, and Amazon have driven people to the city. Columbus is also one of the country’s major test markets, which means it’s often ahead of the curve on new products and ideas. And it’s home to one of the biggest universities in the country—Ohio State University—giving it a young and vibrant energy.
“It’s a very robust market,” he says. The average price of a home here is $384,784; however, high interest rates have also somewhat affected home sales. Where last summer the average sale was 101% of the asking price, this summer, it’s hovering around 99.5%.
(Getty Images)
“If you’re coming [from the] East Coast or West Coast, you’re going to see a lot of value here,” Payne says.
But there is a lot of competition for affordable housing in the area, he adds. At the higher end of the market, “competition isn’t nearly as tough.”
Among the top 10 most popular markets that Realtor.com identified, five are in the South, three are in the Northeast, and two are in the Midwest. None is in the West.
“It is interesting to find that none of these top markets are traditional big cities such as New York and Los Angeles. Instead, many are midsize markets with relatively high affordability. While people move for different reasons, housing affordability is a key consideration for today’s homebuyers when choosing where to live,” says Realtor.com economist Jiayu Xu. “In addition, warmer weather is also a major draw as 5 out of 10 markets are located in the warm South.”
Columbus had the highest number of views per property, but it wasn’t the only factor economists considered.
Realtor.com also created a Regional Traffic Index, which analyses the amount of interest coming from within and outside the city’s region. A greater share of traffic coming from outside the region implies that the city has greater appeal across the country and could potentially be a more competitive space.
“Markets receiving high national interest tend to face increased demand from buyers across the country, driving up prices, even beyond what local buyers can afford, which may force local residents to move,” Xu says. “In contrast, markets with more regional or local interest typically experience more moderate price increases and more stable price trends.”
For Columbus, for example, 67.9% of interest came from the Midwest, 13.7% came from the Northeast, 15.4% came from the South, and 4.6% came from the West. Among out-of-state shoppers, buyers from New York showed the highest interest in Columbus homes, followed by Virginia and California.
The South also featured prominently on the list. Along with a warmer climate, abundant housing inventory and relatively affordable prices make the region a popular destination.
Knoxville, No. 2 on the list, has become a premier destination in the region due to its high quality of life that blends urban and suburban living as well as growing job opportunities. Numerous outdoor activities also make it an attractive place for families.
Over the past 12 months, Knoxville homes have gained nationwide interest, including from the Northeast (12.9%), South (67.3%), Midwest (10.8%), and West (9.1%). Among out-of-state buyers, people from New York show the highest interest in Knoxville homes, followed by shoppers from Georgia and Florida.
Not surprisingly, Tampa also popped up on the list. Its median list price increased by nearly 50% during the past five years (pre-pandemic), reflecting its popularity with home shoppers.
In the Northeast, Pittsburgh emerged as the most popular housing market, and it’s a top destination for college graduates embarking on new careers. It also offers a lower cost of living and a diverse and growing economy with strengths in technology, health care, education, and finance. Among out-of-state buyers, those from New York showed the highest interest in Pittsburgh homes, followed by shoppers from Virginia and Ohio
Portland, ME, and Hartford, CT, also stand out in the Northeast. Their relatively smaller size, strong sense of community, and cultural identity make them popular alternatives to larger cities in the Northeast.
Columbus, OH
Median home price: $309,000
Average views per property: 2.4
(Realtor.com)
Knoxville, TN
Median home price: $415,000
Average views per property: 1.7
(Realtor.com)
Louisville/Jefferson County, KY-IN
Median home price: $289,000
Average views per property: 1.5
(Realtor.com)
Detroit-Warren-Dearborn, MI
Median home price: $99,000
Average views per property: 1.2
(Realtor.com)
Pittsburgh, PA
Median home price: $265,900
Average views per property: 1.5
(Realtor.com)
Portland-South Portland, ME
Median home price: $570,000
Average views per property: 3.2
(Realtor.com)
Tampa-St. Petersburg-Clearwater, FL
Median home price: $475,000
Average views per property: 1.1
(Realtor.com)
Charleston-North Charleston, SC
Median home price: $725,000
Average views per property: 1.2
(Realtor.com)
Hartford-East Hartford-Middletown, CT
Median home price: $234,000
Average views per property: 3.5
(Realtor.com)
Asheville, NC
Median home price: $599,000
Average views per property: 1.7
(Realtor.com)
