Midwest cities top emerging housing markets list

Lafayette, Indiana topped the Wall Street Journal list of emerging markets
Home prices in the top markets were lower than the national average
Mortgage rates continue to fluctuate amid efforts to fight inflation

Updated: Apr 26, 2023 / 11:19 AM CDT

A condominium (not pictured) recently listed on Zillow is turning some heads with its property overview. (Getty Images)

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(NewsNation) — The Midwest is leading the rankings for emerging housing markets, even as real estate cools overall.

The Wall Street Journal/Realtor.com Emerging Housing Market Index showed Midwestern cities at the top of the first-quarter emerging housing markets in what the paper says is a sign of continued demand for affordable homes.

The housing market has slumped as interest rates have risen and mortgage rates have fluctuated.

The top cities in the index were Lafayette, Indiana; Bloomington, Illinois; Elkhart-Goshen, Indiana; Lebanon, Pennsylvania; and Fort Wayne, Indiana.

Home prices in the top metro areas were below the national median of $375,700. In Layafette, for example, $283,000 was the average sale price.