A new Wall Street Journal/Realtor.com study has found the No. 1 market for affordability this fall — and buyers will have to go to the Midwest for it.
Former NBA star Butch Beard’s Harlem penthouse hits market for $1.55MThe top emerging housing markets in America this fall have one key thing in common: They’re generally places where buyers can still find an affordably priced home.“These areas are relatively inexpensive,” says Hannah Jones, a senior economic research analyst at Realtor.com. “Inflation remains high, home prices are high, mortgage rates are high, so buyers are being hit from every angle right now.
Nearly all of the top 20 emerging housing markets this fall either boast low home prices or are cheaper alternatives to pricier nearby cities. Just over half of the markets were in the Midwest, with “Many of these areas didn’t see some of the early pandemic price surges,” says Jones. “These more affordable areas are pulling in interest from out-of-area buyers. It’s highly possible that they have higher incomes and therefore may be willing to prop up that price growth, because homes are still relatively affordable compared to the U.S. as a whole.
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