Affordable Homes Flood the Market: Where to Find Properties Under $350K
Despite a national median home price of $415,500, the real estate market is experiencing a surge of properties available at significantly lower prices. With a focus on affordability, potential homebuyers now have more options to explore within the $200,000 to $350,000 range.
1. Where to find affordable homes: The majority of affordably priced homes are concentrated in the South, particularly in cities like Miami, Tampa, and Dallas. These regions have witnessed substantial inventory growth in the $200,000–$350,000 price tier, offering buyers diverse options at relatively lower price points.
2. Types of homes available: In markets like Miami and Tampa, attached homes such as condos and townhouses dominate the inventory within the $200,000–$350,000 range. Meanwhile, cities like Dallas boast a surge in single-family homes, catering to various buyer preferences and lifestyles.
3. Impact on inventory levels: While the influx of affordable homes signals a positive shift for bargain hunters, overall inventory levels remain below those of previous years. Despite this, the increase in lower-priced options presents an opportunity for buyers to explore more budget-friendly choices.
4. Top cities for affordable homes: Several cities stand out as hotspots for affordable real estate, including Miami, Dallas, and Tampa. With median list prices ranging from $286,000 to $550,000, these cities offer a range of affordable properties, providing potential savings for savvy homebuyers.
5. Sample listings for top cities:
- Miami, FL: 1841 NW 51st St for sale for $329,990
- Dallas, TX: 9918 Hustead St for sale for $225,000
- Tampa, FL: 3127 W Sligh Ave Unit 303B for sale for $225,000
- San Antonio, TX: 2135 Seven Pines St for sale for $250,000
- Houston, TX: 12223 W Village Dr Unit C for sale for $140,000
- Orlando, FL: 4324 S Kirkman Rd Apt 1114 for sale for $230,000
- Atlanta, GA: 2383 Perry Blvd NW for sale for $194,995
- Oklahoma City, OK: 3613 NE 30th St for sale for $245,000
- New Orleans, LA: 604 Esplanade Ave Unit 103A for sale for $215,000
- Birmingham, AL: 1325 Impala Dr for sale for $269,900
As the market sees a surge in affordable homes, buyers have the opportunity to capitalize on budget-friendly options across various cities, especially in the South. With an array of properties available within the $200,000–$350,000 range, now may be the ideal time for prospective buyers to explore homeownership.
Source: Realtor.com by Margaret Heidenry
