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Akron area is No. 12 emerging housing market in nation in debut of ranking system

Akron Beacon Journal logo Akron Beacon Journal 4/29/2021 Staff report
a toy house: What homes have sold recently in the Jacksonville area? Find out here! © Getty Images/iStockphoto What homes have sold recently in the Jacksonville area? Find out here!

The Akron area is turning heads in residential real estate by yet another measure this week with the debut of a new tool to analyze market activity.

On the heels of a Realtor.com report ranking Akron as the 20th-hottest housing market last month, the homebuying region that includes Summit and Portage counties scored a No. 12 ranking in the inaugural Wall Street Journal/Realtor.com Emerging Housing Markets Index released Tuesday.

The new index, which will be updated quarterly, takes steps beyond the industry group's "hottest" cities criteria "to rank which housing markets are expected to provide a strong return on investment — and are a nice place to live."

Factoring into the scores are real estate supply and demand, median home listing price trends, unemployment, wages, regional price parities, amenities, commutes, population percentage of foreign-born residents and small-business activity.

Here's why foreign-born residents can help a city's rank

The Wall Street Journal's explanation of the methodology cites studies indicating a strong correlation between the economic vitality of a region and the number of foreign-born residents.

The growth of Akron's immigrant population has been fueled heavily by Nepalese and Bhutanese refugees settling here, especially in the city's North Hill neighborhood.

More: Fusion for the future: Rebooted Louie's to serve burgers plus Nepali and Indian cuisine

More: Homebuying 101: Millennials figure out how to buy homes in Greater Akron

More: Sticker shock: Lumber prices soar as demand rises in Akron and beyond

Top 50 list includes five Buckeye State cities

Akron's 12th-place ranking in the new index put it second among Ohio cities on the list comparing 300 metropolitan areas.

The city of Springfield, which ranked fifth on the recent hottest markets list, ranked No. 3 on the emerging markets index.

Other Buckeye State markets in the top 50 were Columbus (17th), Toledo (25th) and Canton-Massillon (46). Farther down in the rankings were Dayton (73), Cleveland-Elyria (165), Cincinnati (167) and Youngstown-Warren-Boardman (180).

Coeur D'Alene, Idaho, ranked No. 1 among all cities; Odessa, Texas, was No. 300.

This article originally appeared on Akron Beacon Journal: Akron area is No. 12 emerging housing market in nation in debut of ranking system

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