Most attractive cities for prospective homebuyers
The most popular city for prospective homebuyers who research properties online is midsize and midwestern.
A new analysis of online searches by prospective home buyers in the U.S. over the past 12 months shows that midsized cities in certain states are attracting many views from potential buyers across the nation.
Columbus, Ohio, topped the list of cities searched, with views per property 2.4 times the national level, according to Realtor.com. Searchers were located in the Northeast (13.7%), South (15.4%), Midwest (67.3%) and West (3.6%), with particular interest from would-be out-of-state buyers from New York, Virginia, and California.
“Columbus stands out as the most popular market in the Midwest region and in the U.S. It consistently ranks high among the Realtor.com hottest housing markets and top emerging housing markets, driven by its affordability, making it particularly attractive to families and young professionals,” the report commented.
The other cities in Realtor.com’s list of 10 most-searched markets were, in order:
- Knoxville, Tenn.;
- Louisville, Ky./Jefferson County, Ind.;
- Detroit-Warren-Dearborn, Mich.;
- Pittsburgh, Pa.;
- Portland, Maine;
- Tampa-St. Petersburg-Clearwater, Fla.;
- Charleston, S.C.;
- Hartford-Middletown, Conn.; and
- Asheville, N.C.
The list was compiled by identifying markets that received the highest share of online searches in the past year, using online traffic as a marker for the level of interest. The biggest metros attracted the most views because they have the most homes for sale. This group was led by New York, Dallas, Chicago, Miami, and Tampa.
To get a clearer picture of popularity by accounting for market size, Realtor.com’s analysis included views per property.
And to figure out whether a particular market is more likely to attract regional or national interest, Realtor.com developed a Regional Traffic Concentration Index from 0 to 1. A lower index suggests less concentration and that interest originates from a broader swath of the U.S. A higher index hints that the highest concentration of potential buyers was of local rather than national origin.
For example, the Regional Traffic Concentration Index for Columbus was 0.5, suggesting its nationwide appeal. Other cities attracting national interest were Knoxville, Louisville, Charleston, Asheville, Tampa, Detroit, and Pittsburgh. “Pittsburgh, PA, has emerged as the most popular housing market in the Northeast over the past 12 months and is a top destination for college graduates embarking on new careers. Compared with other major U.S. cities, Pittsburgh offers a lower cost of living and a diverse and growing economy with strengths in technology, health care, education, and finance,” the report said.
In contrast, the index for Hartford was 0.77, hinting at more regional interest; 87% of searches originated from the Northeast. Another city in this category was Portland, ME. “Their smaller size offers a more manageable lifestyle with a strong sense of community and cultural identity, making them popular alternatives to larger cities in the Northeast,” the report stated.
At the same time, the report counseled caution in making decisions about where to move. “While these cities ranked highly overall, many still have strengths and weaknesses that require prospective renters to consider trade-offs between the availability and affordability of rentals, the strength of the employment market, and access to lifestyle,” the report advised.
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