Top US housing market has homes below $200K is in heartland

Homebuyers seeking a top housing market may want to look past the West Coast’s sunny allure and the East Coast’s seasonal charm.

Instead, the focus should be on the heartland of the country, particularly Fort Wayne, IN.

This midsized city, known as Summer City, is the center of Northeast Indiana and has been ranked No. 1 in the Wall Street Journal/Realtor.com® Housing Market Ranking.

Located 18 miles west of Ohio, 50 miles south of Michigan, and within a 300-mile radius of major cities like Chicago, Cincinnati, Detroit, and Milwaukee, Fort Wayne offers a strategic location for residents.

The real estate market in Fort Wayne is described as “a relatively balanced market but leaning toward a seller’s market,” according to David Brough, a real estate professional with Anthony Realtors. Homes priced under $200,000 are in high demand and often receive multiple offers.

The Housing Market Ranking showcases some of the strongest housing markets in the U.S., with a positive outlook for continued growth in the upcoming months.

Hannah Jones, a senior economic research analyst at Realtor.com, explains that the ranking highlights areas with strong real estate markets, robust economies, and attractive amenities. These areas have seen strong homebuyer demand, quick home sales, and significant price growth, indicating sustainable growth with stable economies and access to amenities.

The ranking considered various factors such as real estate demand, housing inventory, median days on the market, price trends, property taxes, climate risks, unemployment rate, wages, regional price parities, percentage of foreign-born residents, small businesses, amenities, and commute times in the 200 largest metropolitan areas.

These top markets also offer more affordable housing options, with only five of the top 20 markets priced higher than the U.S. median home price in June.

Jones notes that the top three markets are midsized metros with home prices more than $100,000 lower than the national median of $445,000. The Midwest dominates the list, with 12 cities included, five of which are in Ohio.

“Buyers in these markets can take advantage of lower home prices without compromising on job prospects or lifestyle amenities,” Jones adds.

The Northeast and South also have representation on the Housing Market Ranking, with the Midwest showing overall desirability for residents beyond just economic factors.

Fort Wayne, as the top-ranked city, has a median home list price of $335,000, placing it in the middle range of prices on the ranking.

Top employers in Fort Wayne include regional health care, e-commerce, and an auto assembly plant. The city’s unemployment rate of 3.3% is lower than the national rate in June.

According to Brough, many buyers in Fort Wayne are coming from the Western United States, the East Coast, and Florida, attracted by the city’s affordability and quality of life.

Ohio’s five entries on the ranking showcase the Midwest’s appeal, with stable local economies and quick commute times contributing to their desirability.

“These Midwest markets also boast considerable climate resilience relative to the 200 largest U.S. metros,” Jones adds.

Below is the full ranking of the top emerging cities and their median home prices:

1. Fort Wayne, IN

Median home list price in June: $335,000

2. Canton-Massillon, OH

Median home list price in June: $255,000

3. Akron, OH

Median home list price in June: $265,000

4. Manchester, NH

Median home list price in June: $598,000

5. South Bend, IN

Median home list price in June: $320,000

6. Burlington, VT

Median home list price in June: $559,000

7. Kingsport, TN

Median home list price in June: $325,000

8. Rockford, IL

Median home list price in June: $220,000

9. Ann Arbor, MI
Median home list price in June: $545,000

10. Appleton, WI

Median home list price in June: $425,000

11. Hickory, NC

Median home list price in June: $375,000

12. Columbus, OH

Median home list price in June: $400,000

13. Toledo, OH

Median home list price in June: $275,000

14. Kalamazoo, MI

Median home list price in June: $375,000

15. Springfield, MO

Median home list price in June: $345,000

16. Roanoke, VA

Median home list price in June: $380,000

17. Worcester, MA

Median home list price in June: $550,000

18. Dayton, OH

Median home list price in June: $260,000

19. Portland, ME

Median home list price in June: $675,000

20. Springfield, MA

Median home list price in June: $412,000