Affordability in Delaware gets a boost from very low property taxes, making it attractive to potential homebuyers. Despite average housing prices, the effective property tax rate is one of the lowest in the country at less than half a percent. This makes Delaware a good option for those looking for a high return on investment. Inventory is decent at 2 months, and the median sales price is $360,700.
Indiana offers a combination of affordability and healthy price appreciation. With low property taxes and a median sales price of $265,300, homebuyers are finding attractive deals. While inventory remains tight at 2 months, the appreciation rate is at a healthy 8.02%. These factors contribute to making Indiana a desirable state for affordable housing.
Home inventories are increasing in Georgia, leading to greater affordability. Price appreciation remains healthy at 7.16%, and the state boasts an effective property tax rate of 0.82%. With a median sales price of $385,600, Georgia offers a good balance of affordability and value for potential homebuyers.
Despite some of the lowest property taxes in the country, affordability is a concern in Tennessee. However, the state has new incentives for affordable housing in multifamily units, which could help moderate price gains. Inventory is at 3 months, with a median sales price of $393,000. Tennessee ranks high for its housing market, with an Economy Rank of No. 3.
Nevada’s housing market is historically volatile, but manageable inventory and active housing construction make it an interesting option for homebuyers. Affordability remains a concern, but prices have moderated. With a median sales price of $458,300 and an appreciation rate of 3.39%, Nevada offers a mix of challenges and opportunities for potential homeowners.
New Jersey: The Garden State
New Jersey has seen a surge in home prices, making affordability a concern. With a median sales price of $532,400 and the second-highest property taxes in the nation, the state faces challenges in the housing market. However, home equity is healthy, despite a high foreclosure rate. New Jersey ranks at No. 17 in terms of economic performance.
With the second-highest level of housing starts after Alabama, North Carolina offers potential homeowners a mix of new construction and strong price appreciation. Inventory remains tight at 2 months, with a median sales price of $383,700. Property taxes are reasonable, making North Carolina an attractive option for those looking for affordable housing.
Arizona: The Grand Canyon State
Arizona continues to see decent gains in home sales, despite increasing inventory. With a median sales price of $450,800 and an appreciation rate of 6.63%, the state offers opportunities for both buyers and sellers. Property taxes are low, but housing affordability remains a concern. Arizona ranks at No. 5 in terms of overall economic performance.
Home prices are on the rise in South Carolina, leading to more construction activity and increasing inventory levels. Affordability remains relatively good, with low property taxes and a median sales price of $387,700. However, home equity could be better, and foreclosures are a concern. South Carolina ranks at No. 12 for housing market performance.
Florida: The Sunshine State
Despite ongoing affordability issues, Florida’s housing market is appreciating in value. Homebuilders are working to meet the demand as new residents move into the state. While property taxes help offset affordability concerns, rising foreclosures and underwater mortgages pose risks. Florida’s real estate market is delicate but balanced, contributing to the state’s strong overall economy.