Despite record-high home prices, Manchester-Nashua, N.H., has been named the top housing market in the country in the Summer 2025 Housing Market Ranking by The Wall Street Journal and Realtor.com®.
The joint analysis identifies metro areas offering a strong balance of quality of life and projected home price appreciation. Manchester-Nashua took the No. 1 spot among 200 metropolitan areas evaluated across real estate trends, economic health, and lifestyle indicators.
“We are thrilled to see that we have once again been recognized as America’s top housing market,” said Manchester Mayor Jay Ruais, who is running for re-election in November. “This affirms our ongoing commitment to enhancing the quality of life for our residents while expanding economic and housing opportunities. While we celebrate this, we know there is more work to be done.”
The findings reflect a broader trend: while for-sale inventory has improved in many markets, high housing costs remain the biggest barrier to home sales. That dynamic is pushing buyers toward more affordable, mid-sized communities—many in the Northeast and Midwest.
Joining Manchester-Nashua in the top 10 were:
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Manchester-Nashua, N.H.
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Canton-Massillon, Ohio
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Springfield, Mass.
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Toledo, Ohio
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New Haven-Milford, Conn.
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Lansing-East Lansing, Mich.
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Worcester, Mass.
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Appleton, Wis.
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Rockford, Ill.
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Hartford-West Hartford-East Hartford, Conn.
The WSJ/Realtor.com® Housing Market Ranking draws on eight weighted indicators, including median listing price trends, unemployment, wages, climate risk, and amenities. Real estate factors account for 60 percent of the final score. The report incorporates the latest data from the U.S. Census Bureau and Office of Management and Budget.
Gov. Kelly Ayotte, who prioritized housing in her legislative agenda this year, welcomed the news.
“There’s no better place to call home than New Hampshire, and the work we’ve done this year will help our economy continue to thrive,” Ayotte said. “From establishing a lean, 60-day permitting process to expanding ADUs and converting unused commercial space to workforce housing, I’m proud of what we accomplished. We’ll continue cutting red tape and expanding partnerships to make our state an even better place to live.”
Still, housing affordability remains a major challenge. The New Hampshire Association of REALTORS (NHAR) reports that the median price for single-family homes reached an all-time high of $566,250 in June 2025, up 4.9% from the previous record of $540,000 set in June 2024.
According to the Greater Manchester/Nashua Board of Realtors (GMNBR), the root issue is supply. In 2010, homes typically remained on the market for 90 days. That number has dropped to fewer than 20 days in recent years.
“The state legislature has taken several important steps to help increase the housing supply,” said GMNBR President Jeffrey Brown. “One of the most significant is HB 577, which allows for the construction of both attached and detached accessory dwelling units (ADUs), by right, for all single-family homes in New Hampshire.”
Brown added that while Manchester has made major strides in issuing housing permits, addressing the statewide shortage will require broader participation.
He cited a recent listing where, after one open house, multiple offers drove the sale price more than $50,000 above asking. “These bidding wars make it much harder for first-time homebuyers and many two-income families to stay in New Hampshire,” he said.
“The hope is that recent bipartisan legislative actions will begin to alleviate some of the pressures being felt by consumers throughout New Hampshire,” Brown added.
Housing has emerged as a top political issue in the state. A recent New Hampshire Journal/Praecones Analytica poll found housing to be the No. 1 concern among voters, particularly independents. A separate March 2025 survey showed strong bipartisan support for a package of pro-housing reforms, including zoning changes, expanded ADUs, and relaxed parking requirements.
Mayor Ruais highlighted several of Manchester’s recent accomplishments:
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535 Certificates of Occupancy issued in 2024, with 600 new dwellings brought online
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707 additional units currently under construction
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More than 300 affordable units underway, including 40 transitional housing units and 300 supported by federal funds
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Affordable housing project approved at the Lamont Hanley Building on Elm Street using 79-E tax incentives
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Designation as a “Housing Champion” by the N.H. Department of Business and Economic Affairs
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A pending citywide zoning rewrite this fall aimed at simplifying development and boosting supply
Perhaps most notably, Ruais said, the city raised over $1.25 million for the Affordable Housing Trust Fund through the sale of 16 city-owned properties.
“The lots that will be built on will now generate tax revenue that wasn’t available before,” Ruais said. “But we know more needs to be done.”
Democrat Jessica Spillers, a Manchester school board member who filed at the last minute to prevent her party from being shut out of the mayoral race for the first time since the Civil War, did not respond to a request for comment.
Housing is not mentioned on her campaign website, which still features the headline “Re-Elect Jessica Spillers 4 School Board.”
The full report is available at dowjones.com.
