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These were the top 3 most competitive housing markets in October

Not every housing market is cooling because of rising mortgage rates. In top competitive housing markets like Rochester, Fort Wayne, and Omaha, some homes are getting multiple offers and flying off the market in days.

CL

Chelsea Levinson, JD

11/1/2022 · 2 min read

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Key takeaways 

  • Mortgage rates are climbing and home sales are slowing, but some markets remain competitive. 

  • Rochester, Fort Wayne, and Omaha are the top 3 most competitive housing markets in the US.

  • In top markets, some homes get multiple offers and fly off the market in a matter of days.

Mortgage rates are climbing and home sales are slowing down across the country. Yet not all regional housing markets are dramatically cooling. These were the top 3 most competitive markets in the US as of October 2022, according to Redfin data. Note that these are subject to change and may not reflect the most recent statistics. 

1. Rochester, NY

Rochester, a former industrial town set on Lake Ontario in upstate New York, has become a popular spot for city-dwellers looking for affordable housing in a beautiful setting. However, the small city’s popularity with newcomers and investors has heated up its real estate market: in February, Rochester had just 2 homes available for every 1,000 households. More than that, homes sell for a median of 11% over list price, and hotter homes can sell for as much as 24% over list price.

  • Median sale price: $164,000

  • Median days on market: 9

  • Average offers received per home: 5

2. Fort Wayne, IN

Both buyers and investors have been flocking to Fort Wayne, Indiana, for its affordable housing and strong quality of life. The city has become increasingly popular, placing 48 in the US News ratings for Best Places to Live, thanks to its small-town feel and big city amenities. Would-be buyers in Fort Wayne can find a competitive market, with homes selling in a median of just 5 days. Home prices in Fort Wayne are also up 11.4% since last year, and the price per square foot is up 18%.   

  • Median sale price: $195,000

  • Median days on market: 5

  • Average offers received per home: multiple (not specified)

3. Omaha, NE

Rated 29th on US News Best Places to Live, Omaha’s increasing popularity means there’s no shortage of competition in its real estate market. Homes for sale in the city get an average of four offers, and sell in a median of eight days. Meanwhile, home prices are up 14.8% since last year, and the average price per square foot has climbed 7.6%.

  • Median sale price: $265,000

  • Median days on market: 8

  • Average offers received per home: 4

This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice. Opendoor always encourages you to reach out to an advisor regarding your own situation.

CL

Chelsea Levinson, JDAuthor

Chelsea Levinson, JD, is an award-winning content creator with expertise in real estate, mortgage, and personal finance. She has written for top real estate publications like HomeLight and Bigger Pockets, and has created content for some of the world’s most recognizable brands, including Bank of America, Vox, Comcast, AOL, State Farm Insurance, PBS, Delta Air Lines, Huffington Post, H&R Block and more. When she's not writing, you can find her fixing up her cabin in the Catskills.

JG

Jena GreeneEditor

Jena Greene is the Managing Editor at Opendoor. She covers real estate, personal finance, money management, and market best practices. Jena is passionate about empowering people to find their dream homes and making the home-buying process a delightful one.