Oshkosh, Wisconsin, might not be the first place that comes to mind when you think of a booming real estate market. But, look past its connection to a popular children’s clothing brand, and you’ll discover a city attracting buyers in droves. The secret? A winning combination of surprisingly affordable homes and a peaceful environment.
According to Realtor.com’s Hottest Housing Markets rankings, Oshkosh has taken the top spot for the first time. This Midwestern gem boasts a median list price of $374,000, a significant bargain compared to the national median of $440,950. That’s a whopping $65,950 in savings for homebuyers looking for a piece of the American dream.
The combination of budget-friendly prices and serene surroundings has propelled Oshkosh to the top of Realtor.com’s July rankings, said Hannah Jones, the company’s senior economic research analyst. “Situated on Lake Winnebago, Oshkosh offers buyers affordability in an idyllic setting,” Jones stated.
Realtor.com listings in July received 3.7 times more views per property than the national average, reflecting the strong interest in Oshkosh properties. This surge in viewership translates to rapid home sales. Homes in Oshkosh typically disappear from the market within 18 to 32 days, a faster pace than the national average.
Local real estate agents confirm the high demand in Oshkosh. Homes rarely linger on the market, with many buyers originating from nearby cities like Milwaukee, seeking more affordable living options. “We are still getting multiple offers in Oshkosh and even seeing some bidding wars,” said Kate Schlagel-Grier of Berkshire Hathaway HomeServices.
The intense competition forces buyers to become creative to attract sellers’ attention. “Clients are waiving home inspections, offering appraisal gap coverage, letting owners rent back or even paying the owner’s property taxes for a year – anything they can do to make their offers stand out,” explained Siamhof, also with Berkshire Hathaway HomeServices. “And we are still seeing some houses going for up to $30,000 over asking.”
The surge in Oshkosh’s housing market is not an isolated phenomenon. As mortgage rates climbed in 2022 and home prices remained high across the country, buyers turned to the Midwest as a more affordable alternative, according to Jones. However, inventory levels in Oshkosh and other Midwest markets couldn’t keep up with demand. While listings increased by 24.2% year over year in Oshkosh in July, there were 72.8% fewer homes available during that month compared to before the COVID-19 pandemic. “The gap between inventory and buyer demand sent Oshkosh to the top of this month’s list,” Jones remarked.
The Northeast and Midwest regions continued their dominance in the housing market in July, each claiming half of the top 20 hottest markets for the tenth consecutive month. Hartford, Connecticut, secured the second spot, boasting a median home price of $444,000 and listings attracting 4.3 times more views than the national average. Its proximity to New York City, just a 90-minute commute, is a major draw for buyers.
Manchester, New Hampshire, claimed the third position. New Hampshire’s largest city has a median home price of $585,000, offset by the absence of state income tax. Homes in Manchester spent an average of 20 days on the market in July.
Rounding out the top five were Rockford, Illinois, with a median home price of $216,000, and Akron, Ohio, at $257,000.
