The 10 best places in the US for first-time homebuyers to invest in real estate right now

The 10 best places in the US for first-time homebuyers to invest in real estate right now

The U.S. housing market can seem highly competitive and saturated with unaffordable homes – especially for homebuyers looking to close on a house for the first time.

a bridge over a body of water with a city in the background: Understanding market trends will help you navigate heated housing markets.

Understanding market trends will help you navigate heated housing markets.

According to Zillow, first-time homebuyers account for 46% of all homebuyers and are more likely than veteran homebuyers to go over their budgets.

But not every market is filled with competitive prices and low inventory. There are many markets – such as Tampa, Florida and Las Vegas, Nevada – that offer first-time homebuyers low down payments in desirable locations. If homebuyers are able to pinpoint and understand current market trends, these markets can be easy to navigate through.

To establish its list of best markets for first-time homebuyers, Zillow evaluated metropolitan areas on four data points: current median home value; strength of home value appreciation forecast; size of current inventory; and current percentage of listings with a price cut. All four data points were given equal weighting. Listing and home-value data represent each market as of May 2019.

10. Charlotte, North Carolina

a view of a city

Share of listings with a price cut: 15.4%

The median home value in the Charlotte, North Carolina metro area is $209,800 and the median listing price per square foot is $135.

According to Zillow, home values have increased by 7.7% since June 2018.

9. Nashville, Tennessee

a castle surrounded by a body of water

Share of listings with a price cut: 14.7%

The median home value in the Nashville, Tennessee metro area is $255,500 and the median listing price per square foot is $166.

According to Zillow, home values have increased by 4.4% since June 2018.

8. Dallas, Texas

a body of water with a city in the background

Share of listings with a price cut: 20.3%

The median home value in the Dallas, Texas metro area is $242,900 and the median listing price per square foot is $140.

According to Zillow, home values have increased by 5.6% since June 2018.

7. Detroit, Michigan

a view of a city

Share of listings with a price cut: 18.1%

The median home value in the Detroit, Michigan metro area is $163,100 and the median listing price per square foot is $135.

According to Zillow, home values have increased by 5.8% since June 2018.

6. Miami, Florida

a large body of water with a city in the background

Share of listings with a price cut: 15.5%

The median home value in the Miami, Florida metro area is $282,700 and the median listing price per square foot is $221.

According to Zillow, home values in Miami have increased by 3.2% since June 2018.

5. Orlando, Florida

a view of a city

Share of listings with a price cut: 20.5%

The median home value in the Orlando, Florida metro area is $240,500 and the median listing price per square foot is $149.

According to Zillow, home values in Orlando have increased by 6.4% since June 2018.

4. Atlanta, Georgia

a body of water with a city in the background

Share of listings with a price cut: 16.8%

The median home value in the Atlanta, Georgia metro area is $219,700 and the median listing price per square foot is $131.

According to Zillow, home values in Atlanta have increased by 7.6% since June 2018.

3. Phoenix, Arizona

Share of listings with a price cut: 17.4%

The median home value in the Phoenix, Arizona metro area is $267,200 and the median listing price per square foot is $163.

According to Zillow, home values have increased by 4.9% since June 2018.

2. Las Vegas, Nevada

an aerial view of a city

Share of listings with a price cut: 25.7%

The median home value in the Las Vegas, Nevada metro area is $278,700 and the median listing price per square foot is $170.

According to Zillow home values have increased by 6.1% since June 2018.

1. Tampa, Florida

a bridge over a body of water with a city in the background

Share of listings with a price cut: 21.8%

The median home value in the Tampa, Florida metro area is $215,500 and the median listing price per square foot is $145.

According to Zillow, home values have increased by 5.5% since June 2018.

Thank you for the great article, Business Insider!

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