Worcester, Springfield named among hottest real estate markets in the U.S.

by Liz Hughes

Two Massachusetts communities made the top 10 list of the hottest markets in the country last month. 

Realtor.com’s latest report found that while last year buyers were moving away from expensive coastal cities and looking at less-expensive homes in lesser-known communities further inland, this year buyers are looking at one thing and one thing only — “are homes there a bargain?”

In Realtor.com’s Hottest U.S. Real Estate Markets in August report, affordability proved to be the No. 1 priority among homeowners with 16 of the top 20 markets in the report having home prices below the $435,000 national median.  

“The list of hottest markets in August underscored the affordability theme, with the top 20 markets sporting an average list price of only $332,000, a 24% discount from the national median,” said George Ratiu, manager of economic research for Realtor.com. “With home prices, rents, gasoline and energy, as well as other consumer prices leaving less money in consumers’ pockets at the end of every month, homebuyers are seeking high and low for more affordable homes.”

Less than an hour west of Boston, Worcester ranked eighth. The median list price of a home in Worcester was $449,900, up from $390,000 last year. 

Springfield ranked 10th with a median list price of $344,900.  

The rankings were determined by metro areas where homes are selling the fastest, as well as where potential buyers are looking on the company’s websites and still find deals, according to the report.

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