BUYERS don’t have to break the bank to buy a home in a beautiful metropolitan area.
Although housing costs are high in the wake of the pandemic, there are still several large U.S. cities that offer affordable prices.
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May real estate data from Realtor.com reveals that the average list price of homes has increased 37.5% since May 2019.
Additionally, the number of homes on the market decreased by 34.2% from normal levels from 2017 to 2019.
It is the “typical” house, however, that is bringing in the most.
“The increase in the average price per square foot suggests that a typical home on the market today is worth 52.7% more than before the pandemic – more than double the roughly 23% increase in consumer price inflation over this period,” said Danielle Hale. , chief economist at Realtor.com.
Read more at Let’s get real
The typical home refers to an average home representative of the current real estate market, often characterized by common features found in most properties within a given area, which may include size, rooms, location and features.
“This opportunity favors sellers who do not need to replace a mortgage, such as investors or second-home owners looking for a way out, or equity-rich homeowners looking to downsize in their current area or to a lower-cost region, as well as those planning to rent their next home.
THE 10 CHEAPEST CITIES
Although the market is currently more seller-friendly, many popular metro areas still offer great priced homes for those interested in buying a home.
As part of The US Sun’s Let’s Get Real collaboration series with Realtor.com, experts have revealed a list of the top US cities with affordable homes.
10. Raleigh, North Carolina
- Average list price: $462,000
Raleigh is known for its southern charm and family-friendly atmosphere.
It is also nicknamed the “City of Oaks” thanks to the many oak trees that line the city.
9. Orlando, Florida
- Average list price: $440,000
Orlando is known for its theme parks, including Disney, Universal, Legoland, Fun Spot and SeaWorld.
“The City Beautiful” welcomes millions of tourists a year and also has many popular sporting events, conventions and trade shows.
8. Charlotte, North Carolina
- Average list price: $435,000
The “Queen City” is popular thanks to its sports teams, museums and history.
Charlotte is also an important financial center and has a strong association with motorsports, being home to the NASCAR Hall of Fame and numerous racing teams.
7. Tampa, Florida
- Average list price: $425,000
Tampa is known for its variety of attractions, including Busch Gardens, the Florida Aquarium, and ZooTampa at Lowry Park.
“The Lightning Capital of the World” is also close to Clearwater Beach and St. Pete Beach.
6. Atlanta, Georgia
- Average list price: $424,000
Atlanta is a popular destination for its vibrant cultural scene, with numerous theaters, museums and music venues.
“The Big Peach” is also famous for its fruit, as it produces some of the highest quality and tastiest peaches in the United States.
Higher priced homes
Here are the top 10 metro areas with the highest median listing prices:
- Los Angeles: $1,248,000
- San Diego: $1,072,000
- Boston: $900,000
- New York: $789,000
- Washington, DC: $640,000
- San Bernardino, California: $620,000
- Nashville: $588,000
- Austin: $565,000
- Phoenix: $545,000
- Las Vegas: $477,000
5. Jacksonville, Florida
- Average list price: $423,000
Jacksonville is home to the largest urban park system in the US.
“The River City” is located along the St. Johns River and averages 270 days of sunshine per year.
4. Columbus, Ohio
- Average list price: $402,000
Named after Christopher Columbus, “The Discovery City” features a mix of urban amenities and a friendly, community-oriented atmosphere.
Columbus is also known for its strong academic and competitive sports programs.
3. Cincinnati, Ohio
- Average list price: $383,000
Cincinnati, or “The Queen City,” is a popular metro due to its rich cultural heritage.
It features renowned institutions such as the Cincinnati Art Museum, Cincinnati Music Hall and the Cincinnati Symphony Orchestra.
2. Philadelphia, Pennsylvania
- Average list price: $382,000
Philadelphia, also called “Philly,” is famous for its Philly cheesesteaks.
The city is also rich in historic landmarks such as Independence Hall and the Liberty Bell.
1. Memphis, Tennessee
- Average list price: $350,000
Memphis is popular for its rich musical heritage, especially in blues, soul and rock ‘n’ roll.
“The Bluff City” is the birthplace of Elvis Presley and is home to Graceland, Presley’s former home that is now a museum.
BUYERS AND SELLERS
These major metropolitan cities can offer a great opportunity for buyers and sellers.
In addition to offering affordable homes to buyers, current interest rates could offer buyers an opportunity to outperform the competition.
Interest rates are currently high, ranging between 5.25% and 5.5%, and the Federal Reserve announced in March that these rates would remain stable.
High rates reduce competition by pricing out others also looking for a home among the limited supply on the market.
These metropolitan areas are also profitable for home sellers as average listing prices per square foot have increased significantly.
For example, since 2019, the average home price per square foot has increased by 68.00% in Tampa, meaning home owners in the area make more money when they sell.
In related news, check out the cheapest seaside towns – and experts point out ‘budget-friendly’ properties for first-time buyers.
Plus, read on for three easy exterior solutions to add more than $17,000 to your home’s resale value — and you can even get it at Home Depot.
This story originally appeared on The-sun.com read the full story
