Purchasing a home signifies a momentous occasion whether it’s your first time buying or one of many. As a repeat home buyer, you know that cost is an important facet of the purchase decision. You’ve also likely noticed that costs on the coasts have been rising in recent years. In response, a lot of market attention has begun to shift toward inland areas. These areas offer great prospects in both metropolitan and rural areas where previously owned homes are fairly priced.
In the midst of one of the longest periods of growth in U.S. history, the housing market is rising right alongside the tides of an upturning economy. Keep in mind that a strong economy also results in strong budgets. As a repeat buyer, you can capitalize on this financial security and scoop up homes in the Midwest, South and West, where values are modest and options are many.
Midwest home prices
According to the U.S. census, in 2018 the median sales price of a Midwestern home was $290,900. And in 2020, prices are expected to fall in some of this region’s markets.
For example, data indicates that home prices in Chicago declined .2% in 2019 and can be expected to stay down this year. Additionally, Detroit’s home values are expected to remain manageable at an average of $35,500. Nearly $256,000 cheaper than the region’s average, Detroit is one of the most affordable Midwestern markets.
Southern home prices
In 2018, the median sales price of a southern home was $294,600, according to the U.S. census, slightly higher than the median price of a Midwestern home at $290,900. Florida’s market remains hot as its popularity as a retirement mecca with increasing amenities continues to grow. As mortgage interest rates remain low, Florida’s strong economy, favorable jobs outlook and low unemployment rate make it a prime candidate for repeat home buyers looking for a promising investment. Texas also comes with big opportunities: more than 100 U.S. economists expect prices in the Lone Star State, especially in its capital of Austin, to shine in the upcoming year.
Western home prices
According to the U.S. census, the average western home cost $410,600 in 2018, quite a bit higher than the Midwestern average of $333,200. Many western states are gaining popularity for their retirement allure, but the prices are still manageable. Areas like Tucson and parts of Texas – all of which are well below the region’s average home price – present compelling options with captivating environments and comfortable weather all year long.
Regardless of your region of choice, the Midwest, South and West are booming with potential and overflowing with economical prices. Whether you choose a home in an up-and-coming area of the South, find the perfect all-season retirement home in the West, or get the most out of rock-bottom prices in the Midwest, the current home-buying market is promising.
At First Centennial Mortgage, we provide all types of home loans to help you find the home of your dreams. Knowing the market price trends and average home prices in your area can help you find the perfect fit. To learn more or discuss your home financing needs, contact us today.