The 2025 homebuying season faces challenges with mortgage rates around 7% and increasing property listing durations. However, a report by Realtor.com reveals that over 140 U.S. locations have median listing prices of $300,000 or less, particularly in the South and Midwest, and these regions present a viable option for homeownership. Major metros like Detroit are experiencing increased affordability due to rising housing inventories that are above pre-pandemic levels. This research emphasizes the potential for realistic investments in affordable homes, especially amidst an evolving market landscape.
The majority of these cities are in the South or Midwest. These regions tend to offer more affordable homes as they have generally more space to grow.
Increased housing inventory has led to modest improvement in affordability in several markets, particularly in states like Texas, Florida, and Tennessee.
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