{"id":4821,"date":"2024-03-11T17:23:02","date_gmt":"2024-03-11T17:23:02","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/11\/finally-affordable-homes-are-flooding-the-market-heres-where-you-can-buy-under-350k-today\/"},"modified":"2024-03-11T17:23:02","modified_gmt":"2024-03-11T17:23:02","slug":"finally-affordable-homes-are-flooding-the-market-heres-where-you-can-buy-under-350k-today","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/03\/11\/finally-affordable-homes-are-flooding-the-market-heres-where-you-can-buy-under-350k-today\/","title":{"rendered":"Finally, Affordable Homes Are Flooding the Market: Here\u2019s Where You Can Buy Under $350K Today"},"content":{"rendered":"

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Getty Images<\/p>\n

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Although home prices hover at a median of $415,500<\/a> nationwide, properties within a significantly lower price range have just started inundating the market.<\/p>\n

The number of homes for sale in the $200,000 to $350,000 range has shot up by 20.6% compared with this same month last year, a recent Realtor.com\u00ae report<\/a> has found. This growth spurt in affordable real estate outstrips all other price categories.<\/p>\n

While homes in this price range run the full gamut, the median clocks in at $285,000\u2014that\u2019s a hefty $130,500 in savings compared with the median home price overall.<\/p>\n\n

Where to find affordable homes<\/h2>\n

So where are all these modestly priced homes hiding? Mainly in the South, which typically has more affordable listings than other parts of the country. Nonetheless, the South\u2019s recent surge in budget-friendly listings is a substantial increase from just a few years earlier. It now accounts for over half of America\u2019s available inventory in the $200,000\u2013$350,000 range.<\/p>\n

\u201cA big part of what\u2019s driving an increased share of lower-priced homes for sale is growth in the South,\u201d says Realtor.com Chief Economist Danielle Hale<\/strong>. \u201cIn fact, Miami<\/a> and Tampa<\/a> were the metro areas with the biggest inventory growth, and the state of Florida has a sizable 18% share of the nation\u2019s supply of homes in this price tier.\u201d<\/p>\n

In February, the number of homes in Miami and Tampa priced between $200,000 and $350,000 shot up 67.4% and 31% respectively compared with the same month last year. This is particularly astonishing given overall median home prices in Miami and Tampa are quite high at $550,000 and $416,000 respectively.<\/p>\n

Among the 50 largest metros, Dallas<\/a> also experienced significant inventory gains in this price range, with the number of listings rising by 31.9% compared with last year. (The overall median list price in Dallas is $435,000.)<\/p>\n

While homes in the $200,000\u2013$350,000 price range showed the biggest jump in inventory, the second-fastest growth category, at 19.8%, are homes priced over $1 million.<\/p>\n

\u201cThat said, more affordable homes has been the tightest price category in recent years, as the most affordable homes were snapped off the market first,\u201d says Realtor.com<\/a> economic data manager Sabrina Speianu<\/strong> in her analysis. \u201cIn 2021, when the market was very hot, this price category saw the largest decrease in inventory.\u201d<\/p>\n

What types of homes are for sale?<\/h2>\n

In Miami and Tampa, buyers will find that most homes in the $200,000\u2013$350,000 price range are attached homes\u2014meaning condos<\/a>, townhomes<\/a>, and row houses<\/a>.<\/p>\n

Dallas also saw a surge in single-family homes in this price bracket, closely followed by San Antonio<\/a> and Houston<\/a>.<\/p>\n

However, despite this welcome upswing in affordable real estate, overall inventory levels remain below those of previous years.<\/p>\n

\u201cHome shoppers will have more choice than they did in recent years heading into the spring homebuying season, and in particular, more choice of lower-priced homes compared with last year,\u201d explains Speianu. \u201cBut inventory is still not as plentiful as years past.\u201d<\/p>\n

Nonetheless, bargain hunters will feel more flush with budget-friendly options than they have in a long while. This chart shows the top 10 cities where buyers can find the most homes in the $200,000\u2013$350,000 price range.<\/p>\n

Eager to start shopping? Here are some sample listings for these cities, along with the overall median price in these metros so you can see how much you can save.<\/p>\n\n

1. Miami, FL<\/a><\/h2>\n

Metro median list price: $550,000
\n<\/strong>1841 NW 51st St<\/a>\u00a0for sale for $329,990<\/strong><\/p>\n

Miami, FL, home for sale<\/p>\n

Realtor.com<\/p>\n

2. Dallas, TX<\/a><\/h2>\n

Metro median list price: $435,000
\n<\/strong>9918 Hustead St<\/a>\u00a0for sale for $225,000<\/strong><\/p>\n

<\/a>Home for sale in Dallas, TX<\/p>\n

Realtor.com<\/p>\n

3. Tampa, FL<\/a><\/h2>\n

Metro median list price: $416,000
\n<\/strong>3127 W Sligh Ave Unit 303B<\/a>\u00a0for sale for $225,000<\/strong><\/p>\n

<\/a>Condo for sale in Tampa, FL<\/p>\n

Realtor.com<\/p>\n

4. San Antonio, TX<\/a><\/h2>\n

Metro median list price: $335,000
\n<\/strong>2135 Seven Pines St<\/a>\u00a0for sale for $250,000<\/strong><\/p>\n

<\/a>Home for sale in San Antonio, TX<\/p>\n

Realtor.com<\/p>\n

5. Houston, TX<\/a><\/h2>\n

Metro median list price: $360,000
\n<\/strong>12223 W Village Dr Unit C<\/a>\u00a0for sale for $140,000<\/strong><\/p>\n

<\/a>Townhome for sale in Houston, TX<\/p>\n

Realtor.com<\/p>\n

6. Orlando, FL<\/a><\/h2>\n

Metro median list price: $435,000
\n<\/strong>4324 S Kirkman Rd Apt 1114<\/a>\u00a0for sale for $230,000<\/strong><\/p>\n

<\/a>Condo for sale in Orlando, FL<\/p>\n

Realtor.com<\/p>\n

7. Atlanta, GA<\/a><\/h2>\n

Metro median list price: $409,000
\n<\/strong>2383 Perry Blvd NW<\/a> for sale for $194,995<\/strong><\/p>\n

<\/a>House for sale in Atlanta, GA<\/p>\n

Realtor.com<\/p>\n

8. Oklahoma City, OK<\/a><\/h2>\n

Metro median list price: $323,000
\n<\/strong>3613 NE 30th St<\/a>\u00a0for sale for $245,000<\/strong><\/p>\n

<\/a>Home in Oklahoma City, OK<\/p>\n

Realtor.com<\/p>\n

9. New Orleans, LA<\/a><\/h2>\n

Metro median list price: $325,000
\n<\/strong>604 Esplanade Ave Unit 103A<\/a>\u00a0for sale for $215,000<\/strong><\/p>\n

<\/a>A condo in New Orleans, LA<\/p>\n

Realtor.com<\/p>\n

10. Birmingham, AL<\/a><\/h2>\n

Metro median list price: $286,000
\n<\/strong>1325 Impala Dr<\/a>\u00a0for sale for $269,900<\/strong><\/p>\n

Home for sale in Birmingham, AL<\/p>\n

Realtor.com<\/p>\n

The post Finally, Affordable Homes Are Flooding the Market: Here\u2019s Where You Can Buy Under $350K Today<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images Although home prices hover at a median of $415,500 nationwide, properties within a significantly lower price range have just started inundating the market. The number of homes for sale in the $200,000 to $350,000 range has shot up by 20.6% compared with this same month last year, a recent Realtor.com\u00ae report has found….Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4821"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4822"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4821"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}