The housing market in Delaware seems to be offering average affordability, but with the added benefit of very low property taxes. This combination makes it an attractive option for homebuyers looking for a good deal. With an effective tax rate of less than half a percent, Delaware homeowners are paying one of the lowest rates in the country. However, despite these advantages, the median sales price of $360,700 could still be a barrier for some buyers. The state ranks No. 10 in the 2024 Economy Rankings with a grade of B-.
Indiana presents a unique opportunity for homebuyers with its low property taxes and healthy price appreciation. Even though inventory remains tight, buyers are still able to find affordable homes with a median sales price of $265,300. The state ranks No. 19 in the 2024 Economy Rankings with a grade of C.
Georgia: The Peach State
In Georgia, home inventories are on the rise, leading to improved affordability. Homebuilders are actively participating in the market, contributing to the healthy price appreciation seen in the state. With a median sales price of $385,600, Georgia ranks No. 7 in the 2024 Economy Rankings with a grade of B.
While offering some of the lowest property taxes in the country, affordability remains a concern in Tennessee. The state has introduced new laws to incentivize affordable housing in multifamily units to address this issue. With a median sales price of $393,000, Tennessee ranks No. 3 in the 2024 Economy Rankings with a grade of B+.
Nevada’s housing market has historically been volatile, but current inventory levels are manageable. Property taxes are low, and home equity remains healthy despite an increase in foreclosure activity. However, affordability continues to be a challenge in the state. With a median sales price of $458,300, Nevada ranks No. 8 in the 2024 Economy Rankings with a grade of B.
New Jersey saw a surge in home prices last year, indicating an active housing market. However, affordability could be better, especially considering the state’s high property taxes. With a median sales price of $532,400, New Jersey ranks No. 17 in the 2024 Economy Rankings with a grade of C+.
Builders are busy in North Carolina, making it the second-highest state in terms of housing starts. Despite this, inventory remains tight, leading to strong price appreciation. With reasonable property taxes and a median sales price of $383,700, North Carolina ranks No. 4 in the 2024 Economy Rankings with a grade of B+.
Home sellers in Arizona are making decent gains, even as home inventory increases. Construction activity is robust, and property taxes are low. However, housing affordability is still a concern in the state. With a median sales price of $450,800, Arizona ranks No. 5 in the 2024 Economy Rankings with a grade of B+.
South Carolina’s housing market is experiencing rising home prices while maintaining relative affordability. This price appreciation has led to an increase in construction activity, boosting inventory levels. With low property taxes and a median sales price of $387,700, South Carolina ranks No. 12 in the 2024 Economy Rankings with a grade of B-.
The housing market in Florida is appreciating, with homebuilders working hard to meet the demand from new residents. Property taxes help offset some of the affordability issues in the state, but challenges remain, such as rising foreclosures and underwater mortgages. The state is also dealing with climate risks that could impact the housing stock. Despite these challenges, Florida ranks at the top of the 2024 Economy Rankings due to a strong overall economy.
The housing market in different states across America presents a varied landscape in terms of affordability, property taxes, price appreciation, and overall market health. It is important for prospective buyers to consider these factors carefully before making a decision on where to invest in a home.