It’s no secret that real estate has become extremely competitive in many areas of the United States. Trade wars, money offers and all kinds of personal requests became parts of the housing market as much as saving on a down payment, finding a lender and signing a bunch of paperwork. But there are still a few places in the US where home buyers can take a break.
While U.S. home prices continue to rise across the country, National Association of Realtors identified several markets in which the rise in house prices was less dramatic, and stocks – to a lesser extent.
Courtesy of the City of Tuscaloosa
Come up with its exhaustive listThe National Association of Realtors looked for cities with populations of more than 50,000, where house prices have risen less than 10% over the past year. He limited each state to one city to accommodate a wider range of geographic regions, and took into account the number of real estate listings available.
“Being in one of the most competitive markets in the country isn’t necessarily fun,” says Danielle Hale, chief economist at the National Association of Realtors.
What can it do for homebuyers in particularly competitive markets? Look for nearby locations that may provide a viable alternative. “They can be very affordable, but still not too far from the cities you might want to visit,” she says.
Skip the expensive West Coast markets.
Other places on the National Association of Realtors’ list of the best markets for buyers include: Iowa City, Iowa; Stamford, Connecticut; and Tuscaloosa, Alabama.
“The South, Midwest and Northeast are regions where we tend to find more affordability and more supply,” says Hale. “Western markets have been developing very rapidly lately, especially with regard to alternatives to traditional expensive markets.”
Remarkably, no city west of Las Cruces, New Mexico made the list, and only a few locations are even west of the Mississippi River.
Consider nearby communities.
BUT Decrease in listing prices by 12.5% Over the past year, Hoboken, New Jersey, with only nine listings available for every 1,000 local households, has ranked on the list.
Hoboken is across the river from Manhattan, making it a popular alternative to New York City. And while Hoboken’s average March listing price of $ 784,500 isn’t exactly cheap, prices are lower than the Hudson River in the city center that never sleeps.
Find great deals on college campuses.
To find a home for less than $ 300,000, consider Springfield, Illinois, where the average listing price in March was $ 121,450.– 4.2% less than a year earlier. The capital city of Illinois is located in a state that is experiencing a sharp decline in population. For home buyers, this means better affordability and affordability.
If the weather gets warmer on a real estate deal, consider Tuscaloosa, Alabama, home to the University of Alabama. IN The average listing price in March was $ 248,700.– an increase of only 3.2% compared to the previous year. However, the housing inventory in Tuscaloosa is no longer what it used to be, with only eight house listings per 1,000 residents available in March. However, the properties that become available in Tuscaloose have been on the market for an average of 46 days, giving buyers at least a little more breathing room in this booming property market.