The 25 Most Underpriced Housing Markets in the US in 2024: Analysis and Insights
The 25 Most Underpriced Housing Markets in the US in 2024
The housing market in the United States is filled with opportunities for home buyers looking for affordable options. In a recent report by Zillow, it was revealed that there are several housing markets where the median list price is lower than the typical home value, making them underpriced. Let’s take a closer look at the 25 most underpriced housing markets in the US in 2024.
## Current State of the US Housing Market
The US housing market is experiencing a surge in listings as more sellers are entering the market after holding back due to high mortgage rates in 2023. Cities like Dallas, Minneapolis, and Austin are seeing an increase in new listings, with total national inventory up by 12% compared to the previous year. The South, including cities like Dallas, Tampa, Orlando, and Miami, is witnessing significant growth in inventory.
The average home value in the US is $349,216, marking a 40.8% increase since the pre-pandemic period. While many metro areas have seen a rise in home values, some cities like New Orleans, Austin, and San Antonio have experienced price drops. The recent trends in the housing market suggest a shift, with decreasing mortgage rates and an increase in affordable homes priced between $200,000 and $350,000.
## Homebuilders Offering Affordable Options
Leading homebuilders like KB Home, Lennar Corporation, and LGI Homes are providing affordable living options in various markets across the US. These companies are catering to buyers looking for quality homes at reasonable prices, with customizable features.
KB Home recently announced the grand opening of its new community in Jacksonville, offering homes starting from the $280,000s. Lennar Corporation started sales in its Plant City community in Florida, featuring homes starting in the low $300,000s. LGI Homes introduced its Bold Springs Farm community in Atlanta, with move-in ready homes starting in the $380,000s.
## The 25 Most Underpriced Housing Markets in the US in 2024
To compile the list of the 25 most underpriced housing markets in the US in 2024, data from Zillow was used to compare average home values with median list prices. The analysis revealed several cities where the median list price is lower than the average home value, indicating underpricing.
Some of the notable cities on the list include Detroit, Michigan; Trenton, New Jersey; Cape Coral, Florida; Harrisburg, Pennsylvania; and Seattle, Washington. These markets offer excellent opportunities for home buyers to find affordable options in desirable locations.
As the US housing market continues to evolve in 2024, these underpriced markets present unique opportunities for buyers looking to invest in real estate. Whether you’re a first-time homebuyer or looking to upgrade to a larger property, exploring these underpriced markets could lead to significant savings.
For more information and insights on the 25 most underpriced housing markets in the US in 2024, continue reading the full article on Insider Monkey.
*Disclosure: None. 25 Most Underpriced Housing Markets in the US in 2024 is originally published on Insider Monkey.*
