(Realtor.com) America’s hottest real estate market might be known more for sharing a name with a popular children’s clothing line—but it’s the city’s budget-friendly home prices and peaceful surroundings that are whipping buyers into a frenzy.
Oshkosh, WI, has just ranked as the most desirable market in the U.S. for the first time in the data’s history, according to the Realtor.com® Hottest Housing Markets rankings for July.
The area—which is home to the clothing line OshKosh B’Gosh, a major employer—has homes with a median list price of $374,000, which is $65,950 less than the national median.
These budget-friendly prices combined with the tranquil surroundings helped elevate this Wisconsin city to the top of July’s rankings, according to Hannah Jones, senior economic research analyst at Realtor.com.
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“Situated on Lake Winnebago, Oshkosh offers buyers affordability in an idyllic setting,” she says.
Real estate agents around Oshkosh agree that homes for sale here don’t sit around long.
“We are still getting multiple offers in Oshkosh and even seeing some bidding wars,” says local real estate agent Kate Schlagel-Grier, of Berkshire Hathaway HomeServices.
Real estate agent Chris Siamhof, also with Berkshire Hathaway HomeServices, agrees there’s stiff competition in Oshkosh, and her clients have had to get creative to get their offers noticed.
“Clients are waiving home inspections, offering
Many of these home shoppers hail from bigger cities nearby like Milwaukee and are seeking cheaper places to settle down, says Schlagel-Grier.
“Oshkosh is a very nice town with a much lower cost of living than Milwaukee or the Upper Valley,” she says. “This draws many people to the area.”
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The rise of mighty Midwest real estate markets
Oshkosh may be leading the pack, but it’s just one of many Midwest markets that have been heating up.
“Oshkosh has ascended the hottest markets ranks over the last couple of years along with many other Midwest metros,” says Jones.
As mortgage rates started to climb in 2022—and home prices remained stubbornly high across much of the country—buyer attention zeroed in on the Midwest, according to Jones.
“As a result, many Midwest markets, such as Oshkosh, have seen inventory levels fail to keep up with rising popularity,” she explains.
Though listing levels improved 24.2% year over year in Oshkosh in July, there were 72.8% fewer homes for sale this July compared with before the COVID-19 pandemic.
“The gap between inventory and buyer demand sent Oshkosh to the top of this month’s list,” Jones says.
(Realtor.com)
