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Live (tax) free or die: This N.H. city has the hottest housing market in the US

But there's an underlying concern behind that "hot market" designation.

Manchester, N.H., properties had nearly four times as many viewers on the site in January than the typical US listings on Realtor.com. Adobe Stock

By Claudie Bellanger

February 12, 2025

2 minutes to read

Manchester, N.H., is back on top as the country’s hottest housing market, according to a Feb. 11 report from Realtor.com.

Manchester, N.H., properties had nearly four times as many viewers on the site in January than the typical US listings. The metro’s housing market had fallen to the second spot in December.

The Northeast dominated in the January rankings, with Hartford nabbing the second spot. The other New England cities in the Top 10 were Norwich, Conn.; Worcester; Concord, N.H.; and Providence. (Boston ranked 15th.)

See the top 20 hottest markets:

RANK	CITY	MEDIAN LIST PRICE
1.	Manchester, N.H.	$579,000
2.	Hartford	$408,000
3.	Kenosha, Wis.	$335,000
4.	Norwich, Conn.	$384,000
5.	Worcester	$527,000
6.	Concord, N.H.	$541,000
7.	Rockford, Ill.	$235,000
8.	Lancaster, Pa.	$409,000
9.	Providence	$521,000
10.	Rochester, N.Y.	$258,000
11.	Milwuakee	$363,000
12.	Racine, Wis.	$335,000
13.	Springfield	$328,000
14.	Reading, Pa,	$330,000
15.	Boston	$799,000
16.	Peoria, Ill.	$143,000
17.	Bloomington, Ill.	$291,000
18.	Toledo	$220,000
19.	Oshkosh, Wis.	$305,000
20.	Canton, Ohio	$237,000

Source: Realtor.com

Realtor.com determines the hottest housing market list based on the number of views on their website and how many days properties stay unsold. Nationally, properties stay on the market 73 days before selling. In Manchester, N.H., the average is just 46 days. This is the city’s 32d time in the No. 1 spot since 2017.

New Hampshire’s “Queen City” is just under an hour for Boston, making it a good housing market for commuters. The city mixes urban aspects with access to a range of outdoor activities, from skiing to hiking.

Another big draw for movers is New Hampshire’s tax policies. There’s no income tax or sales tax.

But there’s an underlying concern behind that “hot market” designation.

“While your initial reaction may be that this is a super exciting notion, we have to be subdued about what that truly means to the market,” said Susan Cole, president of the New Hampshire Association of Realtors. “It’s not really a thing to be happy about. It means … we have a lack of inventory, there’s high buyer demand, and as prices continue to rise, it’s going to hold back our economy.”

The city’s median listing price is up 2.5 percent year over year, according to Realtor.com, and at $579,000, it is a lot higher than many of the cities in the top 20.

“In our economy, we need every type of person, from first-time home buyers to those living in apartments they can afford,” said Cole. “Every facet of our economy is needed to make a healthy community, and if only certain people can afford to live in an area, that will eventually trickle down.”

Cole said the state is working to combat the shortage through a variety of efforts, including the reduction of minimum lot sizes that would allow property owners to sell smaller, more affordable parcels.

“It’s going to take time, but it’s opening up opportunities in unique ways for property owners to develop more homes to help meet the demand,” said Cole.