Syndicated post from InmanNews.
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The Upper Midwest is an affordability hotspot, according to Realtor.com’s latest market report, which revealed the seven markets where median listing prices are below $300,000.
Many of the headlines about the summer housing market have been less than sunny; however, there are still plenty of opportunities for homebuyers to enter the market — if they’re willing to be flexible.
The Upper Midwest is an affordability hotspot, according to Realtor.com’s latest market report, which revealed the seven markets where median listing prices are below $300,000. Ohio and Illinois topped the list, with Canton ($270,000), Akron ($250,000), Toledo ($245,000), Rockford ($250,000), and Springfield ($215,000) all providing affordable living while maintaining easy access to professional and lifestyle opportunities in larger nearby markets.
Rochester, New York ($280,000), and Erie, Pennsylvania ($239,000), rounded out the list as the only two markets on the East Coast.
Hannah Jones | Credit: Realtor.com
“Savvy buyers are zeroing in on smaller cities that offer the best of both worlds: Affordable homeownership plus access to jobs and lifestyle amenities,” Hannah Jones, Realtor.com senior economic research analyst, said in the report. “In metros within reach of major economic hubs, buyers don’t have to choose between affordability and opportunity.”
If small-town living, even with great prices, isn’t on your buyers’ radars, national median list price and median list-price-per-square-foot trends signal that sellers in larger markets are done playing chicken.
For the week ending Sept. 6, Realtor.com found that the median list price and the median list price per square foot declined 0.9 percent year over year — breaking longstanding trends.
“This is the first annual retreat in listing prices since the spring, and the first annual drop in price per square foot in two years,” Jones said.
Slowing sales and new listing growth offer some hope for homebuyers who’ve slugged out a difficult summer market, which has been stifled by sticky mortgage rates and economic anxiety. The fall, the report said, may offer further price reductions from homesellers whose homes have lingered on the market for several months.
New listings dropped 1.9 percent annually, while overall active inventory rose for the 96th consecutive week, clocking in with 18.4 percent year-over-year growth.
“Active inventory is growing significantly faster than new listings, an indication that more homes are sitting on the market for longer,” Jones said. “The best time of year to buy a home, typically in early to mid-October, is approaching, but buyers may find more lingering summer listings than an influx of fresh options.”
Jones said mortgage and jobs trends and economic sentiments will be what make — or break — the fall homebuying season.
