Housing Markets of Fall: Owning a home in particularly competitive housing markets can be tough. Still, some U.S. cities appear to be a bit more conducive to buyers this fall, with home prices holding steady, greater inventory and less competitive pressures overall. Homebuyers are drawn to these markets for the triad of affordability, lifestyle appeal and access to job opportunities.
Building on the buyer-friendly housing markets of Fall 2024 that Trends sought out last week, this is a more detailed overview of what each city has to offer, its respective trends, and why it’s uniquely positioned for buyers this season.
Top Buyer-Friendly Housing Markets of Fall 2024 — Highlights
Low Cost of Living — Each of these cities offer low housing costs, from high-value fringe suburbs to up-and-coming city neighborhoods.
Less Competition: With more supply being introduced to these areas you will have the upper hand in negotiations with a bigger selection of homes.
Robust Local Economies: Every market is located in a city with job security, which brings steady long-term pricing strength and stability to homeowners.
Variety of Homes: A good mix of single-family homes, townhomes and condos makes these cities attractive to different types of buyers.
Lifestyle:Passport NecessaryCultural based attractionsOutdoor amenitiesCity-CentricDaily work commuteFamily setting-RetirementogaDifferent cities provide unique lifestyles for young professionals, families, and retirees.
Austin, TX: Making Room for More with Accessibility
Austin has experienced incredible growth in the past ten years as a rising tech hub. But with new housing developments popping up in the suburbs and outskirts of town, the market seems to be leveling out. Suburban buyers will have more options at lower price points as a growing number of homes become available.
Why Austin?
Jobs and Economy: Tech keeps Austin strong with expansion from big employers such as Apple, Tesla and Google. This growth, alongside correction in property prices recently has made homes more affordable for buyers but during this entire phase demand for housing has remained steady.
Affordable Areas Outside of Austin: Neighborhoods like Buda, Cedar Park and Round Rock serve as cheap outside central Austin areas where you will find family-oriented neighborhoods with good schools and large homes.
The lifestyle is different: Austin boasts of a fantastic music scene, food culture and access to outdoor activities from hiking to kayaking. Young professionals, families, and retirees all want to live there.
Austin — Where homes are still flying off the shelvesAustin housing stock is continuing to rise too, helping slow the pace of price appreciation. With more listings, buyers have the luxury to wait, shop around and negotiate lower prices.
Continue Reading: 5 Best Southern Locations To Buy a Home for Under $250K
Phoenix, Arizona: Affordable Living in an Expanding Metropolis
Phoenix continues to be an attractive place for people moving thanks to its lower cost of living, jobs and steady temperatures. This fall, the Phoenix market has taken a breath, offering buyers more breathing-room thanks to lower competition and stable prices.
Why Phoenix?
Range of Economy: The economy of Phoenix has broadened, with different sectors such as technology, healthcare, and finance contributing to its growth away from tourism and real estate making it a reliable region for living and investment.
Affordable Living — Phoenix is still the affordable option when compared to most other large metro areas and you can certainly find home below the national median price in neighborhoods like Glendale and Mesa. Such communities are especially attractive to families and buyers just starting out in their homeownership journeys.
Outdoor Lifestyle Phoenix offers great weather year-round, national parks in proximity and things to do outdoors — hiking, golf, the list goes on.
Progressive Market Conditions: Larger housing supply in the Phoenix market has tempered price gains as home buyers become more favorable to obtain housing. It’s fall, and an excellent place to open up the options for buyers. Single courses through patches of patchy land still found in many settings.
Atlanta: Southern Charm with City Convenience
One of the most popular cities in the Southeast, Atlanta boasts a steady job market, a diverse economy that ranges from agriculture to technology and an impressive cultural scene. Overall, this fall in Atlanta is doing right by buyers as competition from both institutional and single-family investors cools off particularly with suburban homeowners listing their homes.
Why Atlanta?
Employment Prospects: Atlanta has a diversified economy including film, technology, and logistics industries that offer you plenty of job opportunities. But Atlanta, home to the likes of Coke and Delta Airlines keeps it going.
Low-Cost Suburbs: Decatur, Marietta & Smyrna all have affordable housing and quick access to the city centre. These suburbs are perfect for families and professionals who want to experience all that Atlanta has to offer while living in a quieter, more affordable neighborhood.
THE ATLANTA VIBE: Atlanta has robust culture, historic sites, music venues and world-class dining. Additionally, the city also has highly-rated schools and many family-friendly resources.
Buyer Advantage: Increased inventory has swung the advantage to buyers this fall. There are more homes to choose from, prices have less wiggle room and buyers can enjoy a bigger selection with none of the fierce competition.
Columbus Columbus, Ohio: An affordable option in a rising Midwestern city
Columbus is the most affordable city in the midwest with stable housing market and economy. With plenty of places to buy and not many people entering the fray, Columbus marks the one fall market that really favors buyers.
Why Columbus?
Robust Job Market: The Columbus economy is fueled by many industries, from healthcare to education to finance. It has a cost of living that is incredibly low, and stable work with big employers such as Nationwide Insurance and Ohio State University.
Affordable NeighborhoodsColumbus as a whole is known for affordable housing, with popular neighborhoods such as Clintonville and German Village providing historic homes, family-friendly neighborhoods, and access to downtown.
Lifestyle Attraction: Columbus has a strong arts culture, good restaurants and a lot of parks. He says the city attracts a lot of people who want to slow down their lifestyle while still having access to urban amenities.
More Inventory: Columbus’ Housing market is now in much better shape for buyers with ample inventory and less competition. This is great news for entry-level buyers looking for affordable housing.
Columbus, Ohio
Charlotte mixes a strong economy, temperate weather and inexpensive housing to be among the top Southern cities for buyers this autumn.
Why Charlotte?
A Booming Economy: Charlotte is a financial hub, home to main offices of the US largest banks such as Bank of America and Wells Fargo. That booming job scene draws a lot of young workers and families.
Budget-Friendly Suburban Living — Suburbs closest to Charlotte (like Gastonia & Concord) have affordable houses and are not too far from downtown Ch. It makes these neighborhoods popular with families looking for value-for-money features.
Nature and Outdoor Activities: Charlotte is located near both the mountains and the coast, making it easy to experience different forms of outdoor recreation; from hiking to beach trips.
Market Trends: The increased housing inventory in Charlotte has developed a balanced market that gives additional negotiating power and leeway for buyers to find homes during Fall 2024.
Frequently Asked Questions
What does a buyer-friendly housing market look like?
A buyer’s market has prices that are stable or falling, lots of inventory, and almost no competition. Buyers can find less expensive homes that are still offering favorable terms due to these factors.
What cities have affordable homes right now?
Among the most affordable cities for buyers this fall are Austin, Phoenix, Atlanta, Columbus and Charlotte. In these cities, there are more homes available for sale, and the competition is not as intense.
What do I need to pay to be ultra-competitive in a sellers market?
When inventory increases and competition loosens, negotiate for price reductions or seller concessions to better your position in a buyer-friendly market. Consider working with a local realtor for more specific market data.
Interest Rates — Are They Affecting These Markets?
Absolutely, interest rates are major variables when it comes to housing affordability. With rates stabilizing, and more buyers are able to finance, this asset class in affordable markets is seeing total buyer power on the rise.
Where do I find buying a home resources in these cities?
Visit AmericaDollars. Visit realtor.com for advice from the pros, current market news, and resources to purchase a house in one of Fall 2024’s best-buying hotspots.
What Are Most Homes in These Markets Like?
They range from single-family houses to townhouses to condos in these cities. Urban vs. suburban single-family: urban = condos, townhomes; sub = more single family
