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Buyers looking to smaller cities for affordable properties

On Behalf of | Aug 24, 2018 | Residential Real Estate |

As homes in California and throughout the country continue to get more expensive, even midsize cities are starting to become too pricey for buyers. In Nashville, the median home price has increased to $263,000 and saw several years of double-digit price increases. That played a role in net migration falling to 18,700 in 2017. Kansas City has also seen home values increase significantly. In 2017, prices went up 10.3 percent. However, sales dropped 10 percent in that same year.

While Kansas City is experiencing a shortage in available homes, smaller markets tend to have a better balance of supply and demand. Locations like Winston-Salem and Boise have seen home prices rise by 6.4 percent in the last year. Despite this growth, the median home prices in such areas is $246,000, which is below the national median of $264,000.

In Winston-Salem, the median home price is $166,000 despite a 9 percent increase in 2017. Home sales in that city grew by 23 percent in 2016 and 22 percent in 2017. Sales in Boise increased 23 percent in 2017 despite the median price increasing to $255,000. They grew another 2 percent in 2018 according to Boise Regional Realtors. The city has become a popular destination for those looking to escape the high prices in Portland and Seattle.

When buying residential real estate, it may be a good idea to look for homes in as many different areas as possible. This may help a buyer find a home that meets his or her needs and budget. It may also help a person find something that may appreciate in value over time. It might be advisable to have an attorney’s advice along with that of a real estate professional.