Fort Wayne, Indiana (July 26, 2023) – Fort Wayne, one of the real estate market areas served by members of the Upstate Alliance of REALTORS® (UPSTAR), was ranked No. 2 on the Summer 2023 Emerging Housing Markets Index issued jointly today by The Wall Street Journal and Realtor.com®. This is the third time that Fort Wayne has been included in the top ten index in 2023.
According to information published by The Wall St. Journal and Realtor.com®, “the Index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation.”
“Fort Wayne’s cost of living remains lower than many other cities with similar amenities despite rising prices over the last few years,” said Rudy Koch, 2023 UPSTAR President. “Our municipal and business leaders are committed to the growth and development of Fort Wayne as a major economic and educational hub.
Joining Fort Wayne on The Top 10 Emerging Housing Markets for summer 2023 are:
- Lafayette-West Lafayette, Ind.
- Fort Wayne, Ind.
- Elkhart-Goshen, Ind.
- Bloomington, Ill.
- Sioux City, Iowa-Neb.-S.D.
- Columbus, Ohio
- Topeka, Kan.
- Johnson City, Tenn.
- South Bend-Mishawaka, Ind.
- Kingsport-Bristol-Bristol, Tenn.-Va.
The analysis highlighted the following key trends shared among markets on the list.
- Emerging markets offer lower cost of living
- Sustained demand drives high price growth, quick market pace
- Mid-sized markets with strong employment and convenient commutes
- Affordability attracts out-of-market shoppers
“With our strong housing market, thriving downtown, walkable neighborhoods, great arts community, and access to natural lakes and major cities, Fort Wayne has something for everyone” added Koch.
According to the jointly issued report, the index methodology looks at:
The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on average pageviews per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as the average number of stores per specific “everyday splurge” category (coffee, upscale/specialty grocery, home improvement, fitness) per capita in an area; commute (6.25%); and estimated effective real estate taxes (6.25%).
Links:
- Release issued by WSJ-Realtor.com: https://www.dowjones.com/press-room/the-wall-street-journal-and-realtor-com-release-summer-2023-emerging-housing-markets-index-report/
- Blog post from Realtor.com econ team: https://www.realtor.com/research/july-2023-wsj-rdc-emerging-housing-markets-index/
