Gen Z’ers are buying here…

Green Escrow Services | woman home buyer

Generation Z (born late 1990’2 to early 2010’s), said to frugal and financially responsible, make up approximately 6.2% of homeowners.

Known for doing their research, Gen Z has also shown a willingness to move to less expensive areas to purchase their first home.

Here are the top ten metro areas where Generation Z is buying. The percentage is the percentage Gen Z homebuyers followed by the median list price:

  1. Jacksonville, NC – 17.91% – $330,000
  2. Elkhart, IN – 17.86% – $295,000
  3. Lima, OH – 17.44% – $212,500
  4. Waterloo, IA – 17.14% – $280,450
  5. Cumberland, MD – 15.2% – $158,000
  6. Watertown, NY – 15.14% – $235,000
  7. St. Joseph, MO – 14.96% – $169,9000
  8. Hinesville, GA – 14.86% – $282,000
  9. Dubuque, IA – 14.78% – $308,750
  10. St. Cloud MN – 14.62% – $350,000

Too good to give up

Green Escrow Services | American economy

Mortgage rates have been high – close to 7% – for the last two years. This, of course, has slowed the housing market but the main factor that has kept movement at a standstill is that 70% of existing mortgage holders have a rates that are more then three percentage rates below the current rate.

This means that those thinking of relocating for better jobs or pay, those looking for more space or those looking to downsize aren’t going anywhere anytime soon.

It’s estimated that low locked-in rates are worth close to $50,000 to the average mortgage holder over the life of the loan.

Is it any wonder they’re reluctant to give that up?

Own an electric vehicle? These are the cities for you

heavy commuter traffic

These days there are more and more electric vehicles on the road and more and more at-home chargers for these cars. Below are the top 10 housing markets that cater to these vehicles:

  1. San José, CA
  2. Salt Lake City, UT
  3. San Francisco, CA
  4. Boston, MA
  5. Seattle, WA
  6. Durham, NC
  7. Austin, TX
  8. Los Angeles, CA
  9. Washington, DC
  10. Denver, CO

Looking to buy for under $300K?

Green Escrow | Real Estate online

Sure, home prices continue to be sky-high and inventory remains low – not a good combination for homebuyers. However, there are seven major metro areas where the median list price is below $300,000.

  • Birmingham, AL – $290,000
  • Buffalo, NY – $270,000
  • Cleveland, OH – $227,000
  • Detroit, MI – $238,000
  • Pittsburgh, PA – $240,000
  • Rochester, NY – $277,000
  • St. Louis, MO – $292,000

Prices are dropping in these hot markets

Green Escrow | Real Estate

Since the Spring is considered a prime time in the real estate market, you would expect prices to rise. And generally they are, the the 20 hottest markets seeing an increase of 3.8%.

But tucked in those 2 markets are four metro areas where prices are actually falling. The include:

  • Oshkosh-Neenah, WI: number 10, prices down 12.3% to a median list of $325,000
  • Bridgeport-Stamford, CT: number 14, prices down 9.8% to a median list of $869,000
  • Lancaster, PA: number 12, prices down 0.5% to a median list of $420,000
  • Dayton-Kettering, OH: number 15, prices down 0.7% to a median list of $218,000 (!)

Good news: Rates down, listings up

Green Escrow Services | Adding value to home

Just in time for Spring, the housing trend is positive. Mortgage rates dropped from 6.87% to 6.79% for the week ending March 28 and listings were up 14.9% from a year earlier.

Another good sign is that home prices remained flat.

Finally, houses are selling quickly, averaging one less day on the market than the same time in 2023.

Looking to sell? You’ve got 3 weeks

Real Estate Growth

Homeowners thinking of selling should start painting those walls, repairing those ceiling cracks, planting a few geraniums and generally getting those old homestead in tip-top shape because the absolute prime time for selling is almost here: April 14-20.

Spring is generally considered the prime time to sell and some analysts believe that the third week of April is the most prime of all as prices have historically been 1.1% higher than at any other time.

As we’ve been noting, generally the trend has been more positive than in recent years. Mortgage rates are down a bit, prices are stabilizing, and, probably most significantly of all, inventory is increasing.

And the Spring Housing Forecast is …

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Spring is typically the busiest time for the housing market and, after a year of high list prices and mortgage rates and low inventory, there is cautious optimism in the real estate industry.

And, so far the news is good for homebuyers. There were nearly 15% more homes for sale in February this year than in February 2023. More good news: 20.6% more properties priced between $200,000 and $350,000 than a year ago.

While mortgage rates continue to fall, the Fed’s fight against stubborn inflation may slow their decline.

All in all, most analysts see an improvement over 2023 but nothing like the pre-pandemic year of 2019.

Homes under 350K?

For Sale sign

In the search for affordable homes – in the $200,000-$350,000 range – it’s best to look to the South where the number of less expensive listings continues to grow. And many of these are single family homes.

Here are ten metro areas with the number of listings in the $200,000-$350,000 range:

  1. Miami, FL – 6,654
  2. Dallas, TX – 4,629
  3. Tampa, FL – 3,803
  4. San Antonio, TX – 4,134
  5. Houston, TX – 7,799
  6. Orlando, FL – 2,109
  7. Atlanta, GA – 4,835
  8. Oklahoma City, OK – 1,429
  9. New Orleans, LA – 1,621
  10. Birmingham, AL – 993

Home prices are declining here …

Green Escrow | Real Estate News

While the housing market continues to struggle with high mortgage rates and stubborn home prices (up 0.3% in February nationally), there are a number of major metro areas where prices are actually declining. Please note, this doesn’t mean the homes are cheap (hello, San Francisco!), they’re just slightly less expensive than previously. Median list prices and the percentage of decline are included.

  1. Miami, FL – $550,00, -8.2%
  2. Oklahoma City, OK – $323,00, -7.4%
  3. Cincinnati, OH – $337,00, -6.4%
  4. Kansas City, MO – $421,00, -4.9%
  5. Denver, CO – $610,00, -3.6%
  6. San José, CA – $1,367,00, -2.3%
  7. Raleigh, NC – $440,00, -2.2%
  8. San Antonio, TX – $335,00, -1.5%
  9. San Francisco, CA – $989,00, -1.3%
  10. Portland, OR – $600,00, -1.2%