T
oledo, Ohio, has taken the top spot in the latest Wall Street Journal/Realtor.com Housing Market Ranking. The city's strong demand, quick market pace, and impressive price growth have made it a magnet for homebuyers. With a typical home costing $235,000 in March, nearly $200,000 lower than the national median, Toledo is an attractive option for those seeking affordability.

    The city's robust demand has led to homes selling quickly, with the typical residential property being purchased within 37 days in March. This is more than two weeks faster than the national median. According to ATTOM Data Solutions, Toledo saw the sharpest increase in home sales profit margins so far this year, with a 16.9 percentage point gain.

    Toledo's affordability and low risk of climate-related disasters are major draws for homebuyers. Only 1.5% of properties in the city face severe or extreme risk over the next 30 years, compared to an average of 4.7% across the top 20 markets.

    The Midwest dominates the rankings, with 12 cities on the list scattered across the region. Four of these cities have unemployment rates below the national level, including Appleton, WI, which boasts a jobless rate of just 3.1%. Home prices in the Midwest are also lower, with Youngstown, OH, emerging as the metro with the lowest median list price of $185,000.

    New Haven, CT, has ascended to No. 11 on the list, while Trenton, NJ, suffered a dramatic reversal, tumbling from No. 12 to No. 24. Columbus, OH, also lost ground, ending up in No. 28 this quarter.