Americans are officially abandoning overpriced metropolitan areas in favor of humble Springfield.
For the second month in a row, Springfield, Massachusetts, has been crowned America’s hottest real estate market, but its Illinois namesake is stealing the show with a staggering 26.6% annual price increase, recent. Realtor.com the data showsbringing him to 13th place.
As major metropolises like Boston and Chicago become increasingly unaffordable, small towns with deep American roots, like the “Land of Lincoln” and the “Birthplace of Basketball,” are experiencing a massive resurgence.
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“The two cities represent distinct market narratives: One is a Boston-adjacent suburb benefiting from overflow demand and a well-documented affordability premium, while the other is a Midwest market where accelerating price growth indicates a surge in buyer interest,” Hannah Jones, senior economic research analyst at Realtor.com, told the news outlet.
It’s a tale of two Springfields: the namesake towns in Massachusetts and Illinois are among the hottest real estate markets in America. (Getty Images)
Located 90 miles southwest of Boston, Massachusetts, Springfield took the top spot by offering a notable “discounted” median listing price at $365,000 – while Boston has a median listing price of $832,500, about twice the national average and fifth most expensive in the United States
Homes typically sell in just 23 days and it is best known for being the hometown of author Dr. Seuss and where Dr. James Naismith invented basketball.
When it comes to the Midwest, Springfield, Illinois is slowly moving up the ranks of “hottest markets.” Its 26.6% annual price gain currently makes it the most affordable entry point in the country.
Springfield, Illinois, boasts a median listing price of about $250,000, the lowest in the Top 20. Realtor.com pointed out that a 1,500-square-foot home saw 96 showings and 28 offers in just four days, selling for $60,000 above asking.
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It is famous for housing the Abraham Lincoln Presidential Library and as the place where the late Lincoln practiced law for 25 years before heading to the White House.
More broadly, the “hottest markets” list is mainly dominated by cities in the Northeast, which occupy 16 of the top 20 spots. These historic hubs have become the front lines of a new housing gold rush as families prioritize their results on the postal codes of large cities.
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