{"id":26164,"date":"2023-12-14T06:00:00","date_gmt":"2023-12-14T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=26164"},"modified":"2023-12-13T11:58:16","modified_gmt":"2023-12-13T16:58:16","slug":"how-much-homes-cost-in-top-20-us-emerging-markets-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/how-much-homes-cost-in-top-20-us-emerging-markets-2023\/","title":{"rendered":"Rising Stars: How Much Homes Cost in the Top 20 U.S. Emerging Markets\u00a0"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The national U.S. median home price was up year-over-year by 2.2% in Q3 2023, according to the National Association of REALTORS\u00ae, and though nearly every major market experienced annual price growth, some cities\u2019 home values accelerated at a more impressive rate than others. At the end of October 2023, 20 cities were determined to be the top emerging markets in the U.S. by the <a href=\"https:\/\/www.dowjones.com\/press-room\/the-wall-street-journal-and-realtor-com-release-fall-2023-emerging-housing-markets-index-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">Wall Street Journal and Realtor.com\u00ae<\/a>. The list was dominated by small-to-mid-sized cities and offers insight as to where homebuyers and investors might want to be looking in 2024.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free<\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em> weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To better understand the conditions in these markets, Zoocasa analyzed the median home prices for the top 20 emerging markets and calculated the 1-year and 3-year price changes. Median home prices were sourced from a combination of the National Association of REALTORS\u00ae and individual real estate boards such as the Wisconsin REALTORS\u00ae Association, the Indiana Association of REALTORS\u00ae, and New Hampshire REALTORS\u00ae.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Frame-265-5.png\" alt=\"\" class=\"wp-image-26167\" style=\"width:694px;height:1384px\" width=\"694\" height=\"1384\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Frame-265-5.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Frame-265-5-150x300.png 150w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Frame-265-5-514x1024.png 514w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Frame-265-5-768x1531.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Frame-265-5-770x1536.png 770w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Frame-265-5-1027x2048.png 1027w\" sizes=\"auto, (max-width: 694px) 100vw, 694px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Price Growth is Strong in the Midwest<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Four states monopolized the emerging markets list by having three or more cities included in the ranking: <a href=\"https:\/\/www.zoocasa.com\/tennessee-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Tennessee<\/a>, Wisconsin, <a href=\"https:\/\/www.zoocasa.com\/indiana-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Indiana<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/ohio-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Ohio<\/a>. Many cities in these states offer buyers the perfect recipe for buying by having lower-than-average prices yet are experiencing growing demand which contributes to accelerating home equity growth.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/exp-2024-us-predictions\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>What Does the Future Hold? Four Predictions for the 2024 U.S. Real Estate Market<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ohio in particular is at the epicenter of home price acceleration with four cities included on the list. <a href=\"https:\/\/www.zoocasa.com\/canton-oh-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Canton-Massillon, OH<\/a> is the second most affordable city on the list and the most affordable in Ohio with a median home price of $199,800 in Q3 2023. The city has experienced 1-year price growth of 10.2% and 3-year price growth of 28.6%, though <a href=\"https:\/\/exprealty.com\/properties\/\" target=\"_blank\" rel=\"noreferrer noopener\">Dayton, OH<\/a> overshadows it with 1-year price growth of 13.7% and 3-year price growth of 45%.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/exprealty.com\/properties\/\" target=\"_blank\" rel=\"noreferrer noopener\">Topeka, KS<\/a> topped the emerging markets list for affordability with a median home price of $199,600 in Q3 2023, though the city\u2019s 1-year and 3-year price growth is moderate compared to others on the list at 5.7% and 36.3% respectively. In terms of annual price growth, the only West Coast city on the list, <a href=\"https:\/\/exprealty.com\/properties\/\" target=\"_blank\" rel=\"noreferrer noopener\">Santa Maria-Santa Barbara, CA<\/a>,&nbsp; took the crown with 1-year price growth of 22.9%. <a href=\"https:\/\/exprealty.com\/properties\/\" target=\"_blank\" rel=\"noreferrer noopener\">Oshkosh-Neenah, WI<\/a> followed with 1-year price growth of 15.2% and a median home price of $261,500 in Q3 2023.&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Demand Heating Up in Tennessee&nbsp;<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Midwestern cities fared well with annual price growth, but looking at 3-year price growth shows another rising performer. The top markets with the greatest 3-year price growth are all in Tennessee: <a href=\"https:\/\/exprealty.com\/properties\/\" target=\"_blank\" rel=\"noreferrer noopener\">Johnson City<\/a>, <a href=\"https:\/\/exprealty.com\/properties\/\" target=\"_blank\" rel=\"noreferrer noopener\">Kingsport-Bristol-Bristol (TN-VA)<\/a>, and <a href=\"https:\/\/exprealty.com\/properties\/\" target=\"_blank\" rel=\"noreferrer noopener\">Knoxville<\/a>. Johnson City, TN took the top spot with an impressive 3-year price growth of 59.4%, while Kingsport-Bristol-Bristol and Knoxville followed with 3-year price growth of 57.1% and 52.6% respectively. This rapid price growth is an indication of where housing demand is strong and means homebuyers in these cities will likely benefit from building more home equity at a faster rate. Of the three Tennessee cities, Kingsport-Bristol-Bristol offers homebuyers the most affordable price with a median home price of $261,800 in Q3 2023.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/how-much-equity-youve-built-since-2020-usa\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Bought Your Home in America Three Years Ago? Here\u2019s How Much Equity You\u2019ve Built<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">New England cities also fared well for one and 3-year price growth with three New England cities experiencing 3-year price growth of more than 40%. <a href=\"https:\/\/www.zoocasa.com\/concord-nh-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Concord, NH<\/a> was the only New England city to experience 3-year price growth of less than 40%, however, the city\u2019s median home price is $16,900 below the national median so it is still an attractive option for homebuyers. <a href=\"https:\/\/www.zoocasa.com\/hartford-ct-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Hartford-West Hartford-East Hartford, CT<\/a> is the only other New England city with a median home price below the national median at $375,100, while <a href=\"https:\/\/www.zoocasa.com\/worcester-ma-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Worcester, MA-CT<\/a> and <a href=\"https:\/\/www.zoocasa.com\/nashua-nh-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Manchester-Nashua, NH<\/a> have median home prices more than $49,000 above the national median.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re preparing to enter the winter market, whether that\u2019s through buying, selling, or both, it\u2019s important to speak with a local realtor to learn about market conditions in your specific area. If you\u2019re ready, <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">give us a call today<\/a> to speak with a qualified agent!<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Methodology<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Unless specified, median home prices for Q3 2023, Q3 2022 and 2020 were sourced from the National Association of REALTORS\u00ae. \u201cMedian Sales Price of Existing Single-Family Homes for Metropolitan Areas.\u201d NATIONAL ASSOCIATION OF REALTORS\u00ae. All rights reserved. 2023<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The median home price for Elkhart-Goshen, IN was sourced from the Elkhart County Board of Realtors using data from Oct. 2023, Oct. 2022 and Oct. 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the median home price of Lafayette-West Lafayette, Tippecannoe County data from the Indiana Association of REALTORS\u00ae was used.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The median home price for Concord, NH was sourced from New Hampshire REALTORS\u00ae.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The median home price for Jefferson City, MO was sourced from Jefferson City Board of REALTORS\u00ae.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For Santa Maria-Santa Barbara, the median home price for Santa Barbara was used, sourced from the California Association of REALTORS\u00ae.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the median home price of Janesville-Beloit, Rock County data from the Wisconsin REALTORS\u00ae Association was used.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Springfield, OH is represented by data from WRIST (Western Regional Information Systems and Technologies) which includes data for Clark, Miami, Champaign, Logan, Shelby, Auglaize and Mercer Counties.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Considering a move this winter?<\/div>\n<div class=\"cta-body\">Sign up for a free Consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The national U.S. median home price was up year-over-year by 2.2% in Q3 2023, according to the National Association of REALTORS\u00ae, and though nearly every major market experienced annual price growth, some cities\u2019 home values accelerated at a more impressive rate than others. At the end of October 2023, 20 cities were determined to be [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":26165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1200,1227,1185,1223,1213,1224,1226,1219,1220,1190,1221],"tags":[],"class_list":["post-26164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-california","category-connecticut","category-featured-cities","category-indiana","category-massachusetts","category-missouri","category-new-hampshire","category-ohio","category-tennessee","category-united-states","category-wisconsin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rising Stars: How Much Homes Cost in the Top 20 U.S. Emerging Markets\u00a0 | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Nearly every major US market experienced annual price growth in 2023, but some cities\u2019 home values accelerated at a more impressive rate than others. Find out how much homes cost in the top 20 emerging markets in the US and where price growth is accelerating the most.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/how-much-homes-cost-in-top-20-us-emerging-markets-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rising Stars: How Much Homes Cost in the Top 20 U.S. Emerging Markets\u00a0 | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Nearly every major US market experienced annual price growth in 2023, but some cities\u2019 home values accelerated at a more impressive rate than others. Find out how much homes cost in the top 20 emerging markets in the US and where price growth is accelerating the most.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/how-much-homes-cost-in-top-20-us-emerging-markets-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-14T11:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-13T16:58:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Blog-x-Social-Images-2023-12-13T111611.358.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mackenzie Scibetta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/12\/Blog-x-Social-Images-2023-12-13T111611.358.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mackenzie Scibetta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-much-homes-cost-in-top-20-us-emerging-markets-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-much-homes-cost-in-top-20-us-emerging-markets-2023\/\"},\"author\":{\"name\":\"Mackenzie Scibetta\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/f94c43a0733031723a673cfb21916c34\"},\"headline\":\"Rising Stars: How Much Homes Cost in the Top 20 U.S. Emerging Markets\u00a0\",\"datePublished\":\"2023-12-14T11:00:00+00:00\",\"dateModified\":\"2023-12-13T16:58:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-much-homes-cost-in-top-20-us-emerging-markets-2023\/\"},\"wordCount\":888,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"California\",\"Connecticut\",\"Featured Cities\",\"Indiana\",\"Massachusetts\",\"Missouri\",\"New Hampshire\",\"ohio\",\"Tennessee\",\"United States\",\"Wisconsin\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-much-homes-cost-in-top-20-us-emerging-markets-2023\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/how-much-homes-cost-in-top-20-us-emerging-markets-2023\/\",\"name\":\"Rising Stars: How Much Homes Cost in the Top 20 U.S. Emerging Markets\u00a0 | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-12-14T11:00:00+00:00\",\"dateModified\":\"2023-12-13T16:58:16+00:00\",\"description\":\"Nearly every major US market experienced annual price growth in 2023, but some cities\u2019 home values accelerated at a more impressive rate than others. 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