What are your strategies for finding a good market?

[Jared Chenel]

Im in the current process of saving for a down payment for my first home to house hack with by the end of the year. I was just sort of looking around my area and for kicks in others to see the going rate for homes in New Hampshire vs. Virginia. Obviously cost of living plays a part in the asking prices for homes, but my question is. What specifies a hot market? 

For example, is a hot market determined based on if homes are being snatched up quickly above asking or a growing area? How can you tell if a market in another city or county or even state is a hot market? Also, how can I tell what will be a good area to focus on for investing? (Basically "tells" of that market)