COLUMBIA, Mo., March 21, 2025 -- The University of Kentucky Wildcats may be entering the men's college basketball tournament season as a No. 3 seed, but their home city of Lexington is already celebrating a win. Lexington ranks as the top housing market among this year's tournament contenders, claiming the title as the real estate MVP for both buyers and sellers, according to a new analysis released today from Mortgage Research Center.
The real estate research and news site analyzed the housing markets of the 64 tournament-bound colleges and universities, assessing affordability, market speed, how sellers fare and overall lifestyle. Lexington's winning formula of affordable housing, balanced market dynamics and high quality of life propelled it to the top spot. Pittsburgh, Pa., (home of Robert Morris University), Virginia Beach, Va., (Norfolk State University), and Ames, Iowa, (Iowa State University) round out the four market finalists.
"The top-ranked housing markets share key strengths: affordability that keeps homeownership within reach, a balanced real estate playing field that benefits both buyers and sellers, and vibrant local communities that make these cities great places to live," said Tim Lucas, Lead Analyst at MortgageResearch.com. "Although the Wildcats' performance this March remains to be seen, Lexington fans can already celebrate a victory on the homebuying court."
None of the top four cities took the top spot in any single category, but each scored consistently high across all metrics.
Lexington stands out for its affordability, with buyers spending just 27% of their income on housing. Only Akron at 25% (No. 32 overall – University of Akron) and St. Louis at 26%, (No. 6 overall – Southern Illinois Edwardsville) posted better affordability scores.
At 29 days on market, homes in Lexington sell faster than the national average of 40 days, and the market aligns closely with the U.S. average on price cuts. Known as the "Horse Capital of the World" and for its Southern charm and bourbon, Lexington scored 15th in quality of life – behind leaders like Madison, Wis., (No. 31 overall – University of Wisconsin); San Francisco, Calif., (No. 37 overall – Saint Mary's University); and New York, N.Y., (No. 49 overall – St. John's University), which took the top three lifestyle spots.
Pittsburgh stood out for their affordability, ranking fifth in the percentage of income buyers spend on housing. At No.10, Ames ranked high for quality of life, while homes in Pittsburgh spend six fewer days on the market than the national average. Despite ranking lower in affordability, Virginia Beach picked up points for its strong lifestyle ranking (No. 12) and a steady housing market.
At the other end of the spectrum, a combination of long selling times, high housing costs and tough housing market fundamentals pushed Knoxville, Tenn., (University of Tennessee); Los Angeles, Calif., (UCLA); New York, N.Y., (St. John's University); Phoenix, Ariz., (Grand Canyon University); and Waco, Texas, (Baylor University) to the bottom of the housing market rankings.
Los Angeles and New York struggled with sky-high home prices and a high cost of living. Phoenix and Knoxville faced affordability challenges and a higher percentage of price cuts. Waco, with homes spending an average of 61 days on the market, struggled to recover from one of the longest days-on-market scores.
Ranking the Housing Markets of Teams in the 2025 Tournament*
Rank* | Housing Market | University | Market Madness Score | Days to Accepted Offer | % of Listings w/Price Cut | Payment as % of Monthly Income | Lifestyle Rank |
1 | Lexington-Fayette, KY | University of Kentucky | 98.5 | 29 | 20 % | 27 % | 15 |
2 | Pittsburgh, PA | Robert Morris University | 97.9 | 34 | 20 % | 28 % | 32 |
3 | Virginia Beach- Chesapeake- Norfolk, VA-NC | Norfolk State University | 96.7 | 35 | 20 % | 40 % | 12 |
4 | Ames, IA | Iowa State University | 95.9 | 40 | 18 % | 37 % | 10 |
5 | Des Moines-West Des Moines, IA | Drake University | 93.3 | 38 | 24 % | 33 % | 9 |
6 | St. Louis, MO-IL | SIU Edwardsville | 92.8 | 16 | 20 % | 26 % | 19 |
7 | Lubbock, TX | Texas Tech University | 91.2 | 58 | 21 % | 35 % | 16 |
8 | Montgomery, AL | Alabama State University | 90.5 | 32 | 17 % | 33 % | 30 |
9 | Milwaukee- Waukesha, WI | Marquette University | 90.3 | 34 | 17 % | 36 % | 20 |
10 | Oklahoma City, OK | The University of Oklahoma | 90.0 | 38 | 24 % | 39 % | 17 |
11 | Spartanburg, SC | Wofford College | 89.9 | 33 | 23 % | 44 % | 8 |
12 | Lansing-East Lansing, MI | Michigan State University | 88.5 | 22 | 22 % | 28 % | 40 |
13 | Champaign- Urbana, IL | University of Illinois | 88.5 | 19 | 19 % | 34 % | 35 |
14 | Fayetteville- Springdale-Rogers, AR | University of Arkansas | 87.6 | 34 | 22 % | 48 % | 28 |
15 | Omaha, NE-IA | Creighton University, University of Nebraska Omaha | 87.4 | 24 | 26 % | 33 % | 5 |
16 | Houston- Pasadena-The Woodlands, TX | University of Houston | 87.0 | 46 | 23 % | 40 % | 37 |
17 | Lynchburg, VA | Liberty University | 87.0 | 26 | 21 % | 41 % | 39 |
18 | Athens-Clarke County, GA | University of Georgia | 86.9 | 51 | 19 % | 56 % | 14 |
19 | Gainesville, FL | University of Florida | 86.7 | 50 | 20 % | 52 % | 34 |
20 | New Haven, CT | Yale University | 85.6 | 16 | 16 % | 39 % | 4 |
21 | Memphis, TN-MS-AR | University of Memphis | 85.6 | 38 | 23 % | 41 % | 43 |
22 | San Diego-Chula Vista-Carlsbad, CA | UC San Diego | 84.9 | 26 | 21 % | 40 % | 45 |
23 | Fort Collins- Loveland, CO | Colorado State University | 84.6 | 51 | 18 % | 59 % | 7 |
24 | Spokane-Spokane Valley, WA | Gonzaga University | 83.3 | 49 | 22 % | 56 % | 22 |
25 | Wilmington, NC | UNC Wilmington | 83.1 | 32 | 23 % | 62 % | 6 |
26 | Lawrence, KS | University of Kansas | 83.1 | 27 | 18 % | 48 % | 38 |
27 | Greensboro- High Point, NC | High Point University | 83.0 | 25 | 25 % | 42 % | 13 |
28 | Auburn-Opelika, AL | Auburn University | 82.6 | 26 | 21 % | 60 % | 21 |
29 | Louisville/Jefferson County, KY-IN | University of Louisville | 82.3 | 24 | 25 % | 36 % | 27 |
30 | Columbia, MO | University of Missouri | 82.3 | 25 | 17 % | 46 % | 33 |
31 | Madison, WI | University of Wisconsin | 82.0 | 24 | 12 % | 45 % | 1 |
32 | Akron, OH | University of Akron | 81.6 | 17 | 23 % | 25 % | 53 |
33 | Tuscaloosa, AL | University of Alabama | 81.5 | 34 | 16 % | 42 % | 49 |
34 | Durham- Chapel Hill, NC | Duke University, University of North Carolina | 81.2 | 34 | 22 % | 48 % | 51 |
35 | Albuquerque, NM | University of New Mexico | 80.6 | 25 | 23 % | 51 % | 23 |
36 | Provo-Orem- Lehi, UT | Brigham Young University | 80.5 | 38 | 26 % | 53 % | 26 |
37 | San Francisco- Oakland-Fremont, CA | Saint Mary's College of California | 80.2 | 25 | 14 % | 61 % | 2 |
38 | Lafayette-West Lafayette, IN | Purdue University | 80.2 | 15 | 22 % | 47 % | 31 |
39 | Nashville- Davidson– Murfreesboro– Franklin, TN | Vanderbilt University, Lipscomb University | 79.6 | 41 | 26 % | 55 % | 29 |
40 | Tucson, AZ | University of Arizona | 79.1 | 38 | 25 % | 52 % | 41 |
41 | Hartford-West Hartford-East Hartford, CT | University of Connecticut | 78.9 | 10 | 15 % | 35 % | 24 |
42 | Ann Arbor, MI | University of Michigan | 78.8 | 20 | 18 % | 41 % | 52 |
43 | Richmond, VA | Virginia Commonwealth University | 78.5 | 16 | 23 % | 40 % | 44 |
44 | Providence- Warwick, RI-MA | Bryant University | 78.0 | 17 | 18 % | 52 % | 36 |
45 | Cincinnati, OH-KY-IN | Xavier University | 77.9 | 16 | 24 % | 32 % | 48 |
46 | Lake Charles, LA | McNeese State University | 77.5 | 92 | 18 % | 31 % | 25 |
47 | Washington- Arlington- Alexandria, DC-VA-MD-WV | University of Maryland | 77.0 | 16 | 19 % | 40 % | 54 |
48 | College Station-Bryan, TX | Texas A&M University | 76.8 | 49 | 13 % | 53 % | 18 |
49 | New York- Newark-Jersey City, NY-NJ | St. John's University | 75.0 | 39 | 11 % | 68 % | 3 |
50 | Oxford, MS | University of Mississippi | 72.9 | 37 | 15 % | 64 % | 47 |
51 | Knoxville, TN | University of Tennessee | 72.5 | 31 | 26 % | 55 % | 42 |
52 | Phoenix-Mesa- Chandler, AZ | Grand Canyon University | 66.8 | 38 | 30 % | 54 % | 50 |
53 | Los Angeles-Long Beach-Anaheim, CA | University of California Los Angeles | 64.4 | 26 | 16 % | 98 % | 11 |
54 | Waco, TX | Baylor University | 62.6 | 61 | 9 % | 43 % | 46 |
*54 markets were analyzed due to universities sharing the same metro area or being located in areas with insufficient data.
To view the full report, including snapshots of the top ranked cities a detailed methodology, please visit: https://www.mortgageresearch.com/articles/housing-market-madness-tournament/
About MortgageResearch.com
Based in Columbia, Missouri, MortgageResearch.com provides real estate advice, research, and news to help homebuyers navigate the mortgage landscape. With a focus on simplifying decisions around homeownership, the site delivers in-depth analyses and reports on market trends, lending practices, and homebuying tips.
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