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Zillow's Most Popular City: Manchester, New Hampshire in 2024

For the second consecutive year, Manchester, New Hampshire has emerged as Zillow’s most sought-after city in its annual rankings of popular housing markets. This year’s analytics highlight a notable trend where cities from the Northeast, particularly exurban areas, are taking center stage in the real estate landscape. The report, released on December 17, 2024, illustrates how affordability concerns and the rise of hybrid work models are impacting home-buying preferences across the United States.

Affordable Living Attracts Home Shoppers

According to Zillow’s Chief Economist, Skylar Olsen, the demand for homes in Manchester has increased significantly, reflected in a remarkable 7.3% rise in typical home values, now averaging around $415,000. Despite this increase, Manchester remains notably more affordable compared to neighboring major city Boston. The growing interest among potential buyers has contributed to Manchester's appeal, signaling a shift in preferences among home buyers who are keen to relocate to areas that offer a combination of affordability and vibrant lifestyle amenities.

The city offers a charming blend of suburban qualities along with accessibility to urban job markets, making it an ideal choice for those looking to balance both experiences. The ongoing scarcity of listings in popular markets further amplifies the appeal of Manchester as new listings remain limited due to current homeowners, who continue to hold onto their properties.

The Shift Towards Exurban Areas

Exurban cities are becoming increasingly attractive to home shoppers leaving behind traditional urban centers. These charming towns, located on the outskirts of suburban areas, allow residents to enjoy the tranquility of smaller communities while still being within commuting distance to larger cities. This shift could be attributed to the growing acceptance of hybrid work, which has led many to reevaluate their living situations.

Alongside Manchester, Zillow’s list for 2024 includes cities such as Rockford, Illinois and Stamford, Connecticut. Rockford, in particular, is witnessing a resurgence in interest, indicating that buyers are rediscovering what it has to offer.

Insights into Popular Markets

Throughout the United States, Zillow analyzed numerous cities, focusing on key indicators such as page-view traffic and home value growth to determine its rankings. Notably, aside from Manchester, other cities that are making headlines in the top 10 list include:

• - Rockford, Illinois
• - Stamford, Connecticut
• - Columbia, Maryland
• - Bridgeport, Connecticut
• - Allentown, Pennsylvania

These locations reflect varying yet significant trends in the preferences of home buyers, as they seek affordability in environments that combine suburban lifestyle with easy access to urban conveniences.

Specific Market Types Standout

The report also delineates market preferences beyond simple city comparisons. For instance, Toledo, Ohio, has been highlighted as the preferred large city due to its typically affordable homes measured at about $121,000, which draws in numerous first-time buyers. Furthermore, for those seeking small-town vibes, Elizabethtown, Pennsylvania, tops the list, showcasing a harmonious blend of local charm and quick sales where homes typically go under contract within a mere five days.

Conclusion

In a market characterized by fluctuating mortgage rates and peculiar shifts in buyer sentiment, Manchester, New Hampshire, stands as a beacon of opportunity for home shoppers in 2024. As cities like Manchester thrive, they illustrate the dynamic and evolving nature of real estate in America, as more people opt for communities that provide the best of both worlds: affordability and accessibility. The findings from Zillow's report not only reflect changing consumer preferences but also hint at a broader movement towards exurban living — a trend that could define the real estate market for years to come.