Beyond The Bibs – Oshkosh Takes Top Spot As America's Hottest Housing Market

Oshkosh, Wisconsin, might not be the first name that comes to mind for a booming real estate market.

But look beyond the connection to a popular children's clothing brand, and you'll find a city attracting buyers in droves. The secret sauce? A combination of surprisingly affordable homes and a peaceful environment.

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According to Realtor.com’s Hottest Housing Markets rankings, Oshkosh has taken the top spot for the first time. The Midwestern gem boasts a median list price of $374,000 – a steal compared to the national median of $440,950. That's $65,950 in savings for homebuyers seeking a slice of the American dream.

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Budget-friendly prices and serene surroundings launched Oshkosh to the top of Realtor.com's July rankings, said Hannah Jones, Realtor.com's senior economic research analyst.

"Situated on Lake Winnebago, Oshkosh offers buyers affordability in an idyllic setting," Jones said.

Realtor.com listings in July received 3.7 times more views per property than the national average. The surge translates to quick home sales. Houses in Oshkosh typically vanish from the market in 18 – 32 days, faster than the national average.

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Local real estate agents say that homes in Oshkosh don't sit around waiting for buyers. Many are from nearby cities like Milwaukee, looking for less expensive places to live.

"We are still getting multiple offers in Oshkosh and even seeing some bidding wars," said Kate Schlagel-Grier of Berkshire Hathaway HomeServices.

Broker Siamhof, also with Berkshire Hathaway HomeServices, said intense competition forces her clients to get creative to get sellers to pay attention to their offers.

"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," Siamhof said. "And we are still seeing some houses going for up to $30,000 over asking."

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Oshkosh isn't the only Midwestern market that's booming. When mortgage rates began climbing in 2022 – and home prices remained high across the country – buyers turned to the Midwest as a cheaper alternative, Jones said.

However, inventory levels in Oshkosh and other Midwest markets couldn't keep up with demand. Although listings rose 24.2% year over year in Oshkosh in July, there were 72.8% fewer homes during that month than before the COVID-19 pandemic.

"The gap between inventory and buyer demand sent Oshkosh to the top of this month's list," Jones said.

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The Northeast and Midwest continued their dominance of the housing market in July, each claiming half of the top 20 hottest markets for the 10th consecutive month.

Hartford, Connecticut, secured the second spot. With home prices averaging $444,000, Hartford's listings garnered 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 but offsets the cost without state income tax. Homes in Manchester were on the market for an average of 20 days in July.

Rounding out the top five were Rockford, Illinois, with a median home price of $216,000, and Akron, Ohio, at $257,000.

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