Affordable prices continue to keep housing markets in cities like Rochester, New York, bustling, while the rest of the U.S. sets a slower pace. In most of the cities on Realtor.com’s Hottest Markets List for March 2023, the average listing price sits below the national median.
In Rochester, for instance, homes are listed for a median of $257,000—40% below what you’ll face nationwide at $424,000. With low prices like these, high interest rates are simply less of an issue, which means homebuyers can shop freely rather than worry about pinching every penny.
“It’s definitely still a seller’s market,” says real estate agent Danielle Riley, president of Rochester’s Better Homes and Gardens Real Estate Prosperity. “Regardless of rising interest rates, buyer demand is high.”
“Overall, 16 of March’s hottest markets had median listing prices below the national median,” adds Hannah Jones, economic data analyst at Realtor.com. “The average listing price of the top 20 markets was $384,000 in March, 9.6% lower than the national median.”
