Oshkosh, Wisconsin, a city known for being the home of the popular children’s brand OshKosh B’Gosh, has now gained a new claim to fame. According to a recent study from Realtor.com, Oshkosh has been named the hottest real estate market in the U.S. This midwestern city has seen a surge in demand for housing due to its relatively affordable home prices and picturesque surroundings, including stunning lakefront vistas.
The median home price in Oshkosh is $374,000, which is below the national median of $439,950 for July. This affordability has made Oshkosh particularly attractive to budget-conscious homebuyers looking for a beautiful setting to call home. The rankings from Realtor.com took into account market demand, measured by property views on the site, as well as market pace based on the number of active days properties remained listed.
Across the U.S., rising land and home construction costs have outpaced Americans‘ incomes since the 1960s, making homeownership a financial burden for many. In fact, a survey from Redfin found that some homeowners have had to make sacrifices, such as skipping meals or taking on second jobs, to keep up with their mortgage payments.
House hunters in Oshkosh have shown significant interest in the area, with listings receiving nearly four times more views per property in July compared to the national average. Homes in Oshkosh also sell quickly, with an average of just 18 days on the market, compared to the national average of 50 days. Real estate agents in the area have reported multiple offers and bidding wars, with some homes selling for up to $30,000 over asking price.
As more Americans look to escape larger cities in search of more affordable housing options, places like Oshkosh are becoming increasingly popular. This influx of demand, coupled with shrinking inventory, could potentially put pressure on home prices in the area in the future. Ten Midwest metro areas and ten cities in the Northeast also made Realtor.com’s list of the 20 hottest housing markets in the U.S.
In addition to Oshkosh, other cities like Hartford, Connecticut, and Manchester, New Hampshire, have also seen a surge in housing market activity. Hartford, with a median home price of $444,000, is appealing due to its proximity to New York City, while Manchester offers affordability and charm. Overall, the housing market in Oshkosh and other hot markets across the country continues to be competitive, with buyers willing to make concessions and pay a premium to secure their dream home.