In this article, we will be covering the 27 cheapest housing markets in the US. If you wish to skip our detailed analysis, you can move directly to the 5 Cheapest Housing Markets in the US.
The US Housing Market at a Glance
Homeowners in the US continue to be victims of the mortgage lock-in effect where high rates stop them from selling their houses thereby reducing supply. Amidst the spring homebuying season in which the housing supply still remains restricted, an opportunity has been witnessed. As reported by CNBC on April 26, would-be homebuyers are seeing an opportunity in new construction. This is because these new homes tend to offer more incentives and are not limited as compared to existing homes.
Buyers are also getting motivated to consider the new home sales market through incentives including rate buy-downs and price cuts. The month of March saw the sale of 693,000 new single-family houses thereby recording a year-over-year rise of 8.3%. At the same time, existing home sales went down by 3.7% year-over-year. In terms of price, the median price for a new home has been nearly 4% higher than that for an existing home. Although buyers who were price conscious used to take into account only the existing homes market, the market of new homes tends to offer them more options. You can also take a look at some of the best states for first-time homebuyers.
Regional Analysis of the Homebuying Market
According to a report by Zillow, home values have climbed in 47 of the 50…
