Yahoo Finance Hot Housing Markets: 25 Best Cities To Buy a Home This Summer
Although housing inventory remains low in many places, there are still many cities throughout the U.S. that are offering great opportunities for people looking to buy this summer.
To find out the best places for buyers who are currently in the market to consider, GOBankingRates spoke with a few real estate agents and experts to find the best cities to buy a home during summer 2024.
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All median home value averages are according to Zillow as of May 17, 2024, which lists the average home in America to be valued at $358,734. Read on to learn more about the 25 hottest housing markets for the months ahead.
25. San Diego
Median Home Value: $957,091
One of the hottest markets right now is San Diego County, in the opinion of Michael Kootchick, a local real estate developer with a leadership role at OneStop ADU.
“The city’s appeal includes its strong job market, beautiful coastal location, and high quality of life,” said Kootchick.
Kootchick admitted the median price is a bit costly, but believes the return value is worth it in the long run, saying “while high, [it] reflects strong return on investment potential due to continuous demand, particularly from tech and biotech industries.”
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24. Buffalo, New York
Median Home Value: $223,805
“This city is known for its rich history, architectural gems, and vibrant cultural scene that attract both first-time homebuyers and seasoned investors,” said Eleanor Campbell, a senior Realtor working with ContractorBond.
Campbell explained that the “current average 30-year fixed mortgage rate in New York decreased from 6.65% to 6.61%. The cost of living index is 76.85, while the quality of life index is a very high 177.58 as per the report by Numbeo.”
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23. Austin, Texas
Median Home Value: $551,906
“Austin continues to attract tech companies and young professionals, creating a robust job market and vibrant cultural scene,” said Colten Claus, associate broker with 8z Real Estate. “The city’s appeal to remote workers further boosts demand.”
Claus stated, “Austin’s blend of economic opportunities and quality of life makes it a prime market for homebuyers this summer.”
22. Benton, Arkansas
Median Home Value: $231,955
“Purchasing a house in Benton, Arkansas, from June to August may have certain benefits,” shared Nicholas McMillan, founder and owner of Hire Realty LLC.
“Summertime weather allows one to examine the outside of the house, including the siding, roof, and landscaping, more carefully,” McMillan went on to explain. “Any possible problems, such as leaks or damage from the hard winter weather, are simple to find.”
21. Nashville, Tennessee
Median Home Value: $441,700
“Known for its music scene and growing healthcare industry, Nashville is experiencing rapid population growth and urban development,” Claus shared. “Nashville’s cultural vibrancy and economic growth are driving its housing market, making it an excellent choice for buyers.”
20. Cincinnati
Median Home Value: $240,393
Campbell highlighted a number of Cincinnati areas like Over-the-Rhine “offer trendy, urban living with historic charm, while suburbs such as Hyde Park provide family-friendly environments with excellent schools and amenities which makes it a perfect location to consider buying a home for all types of buyers.”
She noted, “I am seeing this growing trend encouraging more people to invest in property within the city to sustain strong demand for both single-family homes and condominiums.”
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19. Raleigh, North Carolina
Median Home Value: $444,456
Claus said that “[w]ith its combination of educational institutions and tech jobs, Raleigh is a top contender for homebuyers looking for stability and growth.”
Sal Dimiceli, Sr., owner of Lake Geneva Area Realty, agreed, calling Raleigh “one of the trendiest markets to watch out for in the summer of 2024.”
“Raleigh benefits from a strong tech industry, excellent educational institutions, and a high quality of life,” Claus highlighted. “The Research Triangle continues to attract talent and businesses.”
“Also, the lower living cost (4% lower than the national average), crime-free communities, and bustling job markets made young professionals and families move to this city,” Dimiceli included.
18. Grand Rapids, Michigan
Median Home Value: $281,709
“Take advantage of the nice weather to experience Grand Rapids at its best,” McMillan said. “Open house houses allow one to tour the homes and experience the lively surrounding communities.”
Summertime offers plenty of parks, farmers markets, and outdoor activities to see if the lifestyle is right to live, according to McMillan, as well as the time when “things move more quickly in the home market. To submit a competitive offer, be ready to move fast with financing, appraisals, and inspections.”
17. Phoenix
Median Home Value: $430,469
Phoenix’s affordability and job market are key factors making it one of the hottest housing markets this summer, according to Claus.
“Phoenix offers affordable living with a booming job market, especially in tech and healthcare,” he continued. “The sunny climate is also a major draw.”
16. Knoxville, Tennessee
Median Home Value: $353,242
“In the past, summer has been one of the busiest seasons for real estate transactions, with eager buyers searching the inventory. The high proportion of young families and college students in Knoxville adds to the city’s youthful population,” McMillan described.
“Since it’s warmer outside and schools are off, many individuals are keen to move around this time. For that reason, summer is the time to create an atmosphere conducive to selling,” he added.
15. Kingfield, Maine
Median Home Value: $296,826
“A quaint little town nestled in the mountains of Maine, Kingfield is the perfect place to retire if you’re on a tight budget yet want all the peace,” said Hannah Jones of New Build Homes, noting the “serenity, and enjoyment of a ski resort” that Kingfield offers.
With a total population hovering at around 640, Kingfield is the “perfect place to enjoy the calmness and tranquility one wants in their retirement phase,” in Jones’ opinion.
“The jewel of Kingfield, however, is SugarLoaf Mountain, a popular skiing destination visited by people all over the US in summer to escape the unbearable heat,” she said.
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14. Sacramento, California
Median Home Value: $485,628
“It offers a bit of that Silicon Valley vibe without the Silicon Valley price tag, boasting average house prices at around $500,000,” said Amber Mundy, a home improvement specialist at Build and Renovate.
“So, whether it’s for the job opportunities, the lifestyle, or a bit of both, these cities are proving to be some of the best places for someone like me to snag a house this summer,” she explained.
13. Salt Lake City
Median Home Value: $560,696
According to Claus, “Salt Lake City’s economic strength and recreational opportunities are driving its housing market … [the city] offers a strong job market, particularly in tech and healthcare, along with abundant outdoor activities.”
12. Lake Geneva, Wisconsin
Median Home Value: $360,582
“The Lake Geneva market is already showing signs of being one of the most desirable local housing markets,” Dimiceli offered, pointing to Zillow data that indicates Lake Geneva homes come with 2.3% YoY growth.
“Millennials and zoomers are too broke to buy a house, and retirees dominate the housing markets all over the US,” Dimiceli shared. “As a consequence, the scenic city of Lake Geneva is forecasted to become one of the hottest markets of summer thanks to the plethora of homes ranging from waterfront mansions to modern condos.”
11. Boston
Median Home Value: $750,219
“It’s no surprise that its housing market is also hot, making it a great place to invest in a home this summer,” said Pavel Khaykin, founder and CEO of Pavel Buys Houses.
“The city offers a perfect blend of historical charm and modern amenities, making it an attractive location for homebuyers,” Khaykin went on to say. “With its booming job market and top-rated schools, Boston is a perfect place to settle down and start a family.”
10. Denver
Median Home Value: $579,019
Denver has a strong job market, with growth in technology, healthcare and finance, attracting professionals from across the country and fueling housing demand, according to Brett Johnson, owner of New Era Home Buyers.
“The city offers a great quality of life with the Rocky Mountains, numerous parks, and vibrant cultural and dining scenes,” Johnson said, who additionally noted that Denver “is also investing in infrastructure and development projects, enhancing its livability and drawing in more residents.”
“Denver’s population has grown by over 20% in the last decade, significantly boosting housing demand,” he reported. “The average home value in Denver is … showing steady appreciation and making it a promising market for investors and homeowners.”
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9. Seattle
Median Home Value: $886,253
“The Emerald City has been consistently ranked as one of the best cities to live in due to its stunning natural beauty, thriving tech industry, and high quality of life,” shared Khaykin, who described Seattle’s upcoming summer market as “hot.”
“Home to major companies like Amazon and Microsoft, the city offers plenty of job opportunities,” Khaykin explained. “The mild weather and abundance of outdoor activities make Seattle an ideal location for those who enjoy an active lifestyle.”
8. Tampa, Florida
Median Home Value: $385,082
Claus said that Tampa’s real estate market is burning up this summer due to the city’s “coastal lifestyle, coupled with a strong job market and no state income tax, draws in a diverse population.”
“Tampa’s combination of job growth and lifestyle benefits make it a prime market for summer buyers,” Claus included.
7. Dayton, Ohio
Median Home Value: $148,513
“Dayton is a hot housing market — it has been for a while now and will continue to be this summer,” said Seamus Nally, CEO at TurboTenant.
“This is an area that is growing in popularity and opportunities in terms of employment, so housing prices will start to increase more significantly in the next few years,” Nally added. “That makes this a good time to invest in buying a home there.”
6. Boise, Idaho
Median Home Value: $489,606
According to Claus, “Boise’s appeal to remote workers and its outdoor lifestyle contribute to its housing market heat.”
“Boise offers a high quality of life, outdoor activities, and a burgeoning tech sector, attracting many from more expensive West Coast cities,” he explained.
5. Charlotte, North Carolina
Median Home Value: $401,432
Mitchell David, founder of Beach Life Premier Team, mentioned that buying a home in Charlotte is a smart move since the value in local real estate has grown by 5.4% since 2023.
“The city has a lively sports scene, with several professional men’s and women’s football teams,” David said. “Also, Charlotte’s housing market is very competitive; homes go pending in about 16 days, which shows a lot of demand and the possibility of a quick changeover.”
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4. Dallas
Median Home Value: $320,471
“Dallas’s affordability and job market diversity are key factors driving its housing demand,” noted Claus, who said that the big Texas city will be a draw for buyers this summer.
“Dallas benefits from a diverse economy, affordable housing, and significant population growth, making it a strong housing market,” Claus stated.
3. Sunrise, Florida
Median Home Value: $384,599
“During the summer, more sellers may market their properties, providing more options. Summer is a great time to evaluate an outdoor space in a property, such as a patio, balcony, or pool,” said Brady Bridges, owner of Reside Real Estate.
“Because of the summer feasts and outdoor activities, one can see how reasonable these areas would be,” Bridges continued. “Still, during the busiest shopping season, there might be little opportunity for negotiation.”
2. Atlanta
Median Home Value: $400,699
Atlanta’s housing market “is a consistently hot one in part because there are simply so many different suburbs to choose from,” said Martin Orefice, CEO of Rent to Own Atlanta. “Whether you’re looking for high-end luxury real estate, urban living, or affordable starter homes, you’ll be able to find it in Atlanta.”
Orefice also believes that if you search outside the metro area, towards the suburbs, “you certainly can find homes at that price point, but if you go for the right suburb you can find something in the low 100s or the low seven figures.”
He added, “In addition to lots of options and a steadily-growing economy, the Atlanta area is also getting a lot of attention as a less-risky alternative to states like Florida and Texas, where climate change is hitting harder and homeowners insurance is more expensive.”
1. Detroit
Median Home Value: $73,843
Harpreet Saini, CEO of We Buy Houses in Metro Detroit, described how Motown “is gaining attention as one of the hottest housing markets in the United States this summer. This resurgence is driven by a combination of affordable home prices, urban revitalization efforts, and increasing investment in local infrastructure and amenities.”
Saini added, “As Detroit continues to rebound from its economic struggles, the real estate market is seeing a surge in interest, with many viewing it as a prime opportunity for both residential living and long-term investment.”
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