10 Best Cities to Buy a Home Buyer's Markets in the United States

Table of Content

• Fort Worth, Texas
• Discover a place you’ll love to live
• Typical home price in Pennsylvania: $267,549 (62% of typical U.S. price)
• Why getting an accurate home value estimate matters
• Foreign Investment In US Real Estate
• Typical home price in Illinois: $269,575 (63% of typical U.S. price)
• Typical home price in Wyoming: $320,939 (75% of typical U.S. price)
• Typical home price in the United States: $354,649

You can find buyer’s markets across the United States, from big cities like Dallas, Chicago, and Houston to the surprisingly affordable fringes of Atlanta, Denver, and San Diego. Statistics are current to the first quarter of 2022 or the fourth quarter of 2021. All home pricing and sales data are courtesy of Redfin, Roofstock, and Zillow. This longer-term metric shows how home prices have fared since the depths of the financial crisis and recession. This figure measures price momentum over a longer period and hints at the overall strength of a buyer’s market.

In many non-disclosure states, home value estimators aren’t even available at all. For example, two properties may appear to be the same to an algorithm, but if one has a renovated kitchen, that can add $20,000 extra to the list price. Ownerly’s home value estimator isn’t worth the cost and hassle. We found its estimates comparable to other free options, including Zillow and Redfin. We also found that Chase’s property information is often inaccurate. Our test property and its comparables had the wrong number of bedrooms and bathrooms, for example.

Fort Worth, Texas

That reasonable amount is due to the cheap housing, as incomes in this state are 25% lower than the U.S. median. Florida homeowners spend nearly 45% of their median income on their mortgages. It's a somewhat high figure caused by a median income 15% below the national median. Overall, median and mean home prices have made similar gains. Between 1980 and 2020 the median home price has increased by 416% and the mean has increased by 420%.

For the past 5 years, we have seen 50% price growth in this market which has priced out many middle-class buyers. Phoenix's housing market has been one of the highest appreciating communities not only in Arizona but in the nation as well. Single-family detached homes are the single most common housing type in Raleigh. The current metro area population of Denver in 2020 is 2,827,000, a 1.33% increase from 2019 – Macrotrends.net.

Discover a place you’ll love to live

But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Nearly half of foreign buyers purchased the property as a primary residence. Seattle is a great city for families to start and grow, with a lot of quality public schools and lush green scenery.

These conditions are fantastic for patient buyers who seek long-term investment opportunities and those who just want to upgrade to a better home at a reasonable price. While the rock-bottom mortgage rates we saw early in the COVID-19 pandemic are no longer with us, it’s still possible to find good deals if you know where to look. First, let’s take a look at the recent home equity figures in more detail. At the time of this writing, the most up-to-date figures on home equity available are those from the end of 2021. This represents an increase in average equity of almost 35% in 2021 and means that there is currently $10 trillion in home equity held across the U.S.

Typical home price in Pennsylvania: $267,549 (62% of typical U.S. price)

Ranging from the peaceful small town of Griswold, CT, to bustling Dallas, TX, these homes prove it’s possible to find a budget-friendly property without sacrificing style. Before undertaking any renovation project in order to increase your home’s value, consider your current market conditions and your timeline for selling. If you live in a hot seller’s market where your house is likely to sell quickly and over asking anyway, renovations may not make much of a difference in terms of attracting buyers.

Read 177 Reviews Builder that offers custom-built and move-in ready homes. Interactive floor plans, VR tours and educational resources online. Get to Richland, MI, a village with a population of only about 791 people . This four-bedroom, three-and-a-half-bathroom gives you plenty of room to relax and unwind.

Housing prices in Boise have risen sharply as Ada County's median home sale price exceeds $500,000. The real estate appreciation rate in Boise in the latest quarter was around 4.53%, which equates to an annual appreciation rate of nearly 20%. Here are the typical home prices in all 50 states, the typical value of a single-family home, and the average mortgage rate as of early August 2021. In addition, we've calculated how much an average mortgage payment in each state would cost in comparison to its median income.

You’ll get far more house for your money than in nearby Washington, D.C., or New York City. If that sounds like an exaggeration, consider that the median household’s annual income and benefits are worth about $93,000. In New Jersey, unemployment benefits and ObamaCare subsidies alone are worth an annualized $122,000 — that’s 30% more for not working in most occupations. If current trends continue, more and more homeowners are likely to access their home equity.

For example, Zillow Zestimates has its largest margin of error for active listings in Seattle and San Francisco — two of the hottest real estate markets in the country. Despite how costly New York City is, New York as a whole isn't nearly as bad. House prices are below average and the median income is 1% above average.

A real estate agent can get you a far more accurate CMA for free and with no obligation. Redfin Estimate has a median error rate of 7.67% for off-market homes and 2.61% for on-market homes, so your home valuation is likely less accurate than Zillow. Homeowners in Rhode Island are often stretched thin by costly mortgage payments. That's because of expensive homes and a median income (18% more than the U.S. median) that isn't enough to balance those out. Oklahoma offers some of the most affordable homes nationwide.

Typical home price in Illinois: $269,575 (63% of typical U.S. price)

Single-family detached homes are the single most common housing type in Colorado Springs. Durham has a track record of being one of the best long-term real estate investments. In the last decade of the twentieth century, the greater Ocala area had one of the highest growth rates in the country for a city of its size. Single-family detached homes are the single most common housing type in Lakeland. Last December, the median home price increased 8% year-over-year to $405,093. Austin has a record of being one of the best long-term real estate investments in the U.S. over the past 10 years.

Job opportunities, amenities, crime rates are all important areas to investigate before moving to a new home. It’s a place to connect with a local agent, explore financing solutions, schedule home tours, understand your buying and selling power, and more. The city’s relatively diverse economic base keeps it in better shape than other rusting New England factory towns. In central-city neighborhoods, much of the housing stock dates to the late 19th and early 20th century — catnip for DIYers who know what they’re doing.