A $350,000 house hit the market in November. After a hectic weekend with 42 showings, Jeff Nyhan , a real-estate broker, told Insider that 33 offers flooded in. The home sold for well over its asking price.

This kind of mad rush over a coveted property is now typical in Austin and Miami, which have been notoriously competitive hot spots that buyers have flocked to during the pandemic.

But the fought-over home Nyhan represented? It's in Manchester, New Hampshire, a city 50 miles northwest of Boston that a new Realtor.com report just anointed the most competitive housing market in the US in March.

The study identified the hottest markets using data on where homes are selling fastest and where buyers click on the most listings.

"We're seeing bidding wars," said Nyhan, who works at Coldwell Banker, adding that Manchester properties are selling anywhere from $30,000 to $50,000 over asking price, with people borrowing money from their families so that they can make all-cash offers.

"If you have a home in the $300,000 to $400,000 range right now in the greater Manchester area, it's out the door as soon as you list it," Nyhan said.

The former mill town with 112,000 residents is a more affordable alternative for people moving from Boston, Danielle Hale, a chief economist for Realtor.com, told Insider. Boston's median sales price is $700,000, compared with Manchester's $420,000.

During March, more than half of Realtor.com searches for homes in the greater Manchester area — which includes nearby Nashua, which is closer to the Massachusetts border — were from Boston-based users.

"A lot of home shoppers from Boston are trying to get a little more space at a better price," Hale said.

Another lure: The ability to work remotely has allowed homebuyers to entertain areas farther from the city, Hale added. The hour-long commute to and from Boston is palatable, especially if professionals with hybrid virtual and in-person schedules do it only a few times a week.

The untethering from physical offices and coastal cities over the past year has led to a stream of new residents in suburbs, second-tier cities, and popular vacation-home spots — many of which are "spillover markets" from major urban hubs.




Comments

Post a Comment

Popular posts from this blog

Real Estate Weekly Leading Ladies 2021 Part ll

Image
  Kate Harrington Managing Director The Berman Group Most recent achievement: Kate has been leading the Berman team through the launch of a suite of digital content and virtual forums, providing meaningful connection points, networking opportunities and thought leadership pieces over the course of the past year. She is responsible for working with select clients to develop and execute proactive communications and public relations campaigns. Over the past decade, Kate has leveraged her public policy background and experience working with high-profile business leaders, academics and prominent government leaders to lead effective public affairs campaigns on behalf of regional, national and international clients. She works to develop impactful partnerships and narratives that emphasize the key benefits of new urban developments. She has a passion for technology and sustainability and works with the firm’s clients to develop campaigns showcasing the advantages of sustainable design, energy
Read more

Toronto real estate board dropping 'master bedroom' term

Image
  Toronto Regional Real Estate Board will use the word 'primary' instead Greater Toronto Area home hunters will soon spot a change to the property listings they browse. The Toronto Regional Real Estate Board's president Lisa Patel says it will use the word "primary" in place of "master," when referencing the main or principal bedrooms in homes in the coming months. The word "master" is often seen as a reference to racism, sexism and slavery. Patel says in an email that the change in terminology will apply to any entries in its MLS system, on TRREB.ca and on its Webforms platform, where realtors share forms with clients. TRREB's board of directors approved the change following a recommendation made by its diversity and inclusion committee. The Canadian Real Estate Association switched to using primary on Realtor.ca last October after a recommendation was made by the Real Estate Standards Organization.
Read more