Top Ten Cities to Buy a Home 2022
The housing market in the United States is still overwhelmingly a seller’s market, but there are cities in the United States where the housing market is starting to turn to buyers’ advantage. Realtor.com recently came out with a ranking system to determine the top ten cities to purchase a home out of the 250 largest cities in the United States.
This ranking system is called the “buyer’s bonanza” ranking and ranks a city’s housing market based on the average price per square foot compared with the local median income, how many days on average homes spend on the market, the percentage of price reductions of homes on the market, and the number of homes for sale compared to the total number of households in the city.
The list was limited to one city per state to guarantee geographic variety in the results.
So here you have it, folks. For 2022, these are the top 10 cities to buy a home in according to Realtor.com.
Midland, TX
Median Listing Price: $274,800
Nicknamed the “Tall City,” Midland has recently been named the second best place to live in Texas by Movoto Real Estate, the second-fastest growing city, and the city with the highest income per capita in the United States by MSN Money.
Midland is also the business headquarters of the largest oil-producing region in the country, so it’s no wonder the city attracts many high-paying jobs.
Located directly between Dallas and El Paso, Midland boasts easy access to many of the Lone Star State’s greatest geographical attractions, including Monahans Sandhills State Park, Balmorhea State Park, the Big Bend National Park, and the Guadalupe Mountains National Park.
Cedar Rapids, IA
Median Listing Price: $198,500
Known as the “city of five seasons,” Cedar Rapids is the city that boasts a small-town feel and easier pace of life, while still providing all the amenities, attractions, and conveniences of a larger city.
Cedar Rapids is known for being the home of the largest corn production in the state, 300 different manufacturing plants, and two dozen Fortune 500 companies. Needless to say, there are a lot of opportunities in Cedar Rapids!
Detroit, MI
Median Listing Price: $77,000
Nicknamed “Motor City” for its significant contribution to the automotive industry, it’s no secret this city has seen its fair share of economic hardship in the last few decades. But Detroit is ready for its comeback, and as far as real estate goes, the opportunity surpasses any other city in the United States, with Detroit boasting the lowest price per square foot.
The median number of days on the market for listed homes is 30 days in Detroit. The housing market is heating up in Detroit, with average homes selling for about 4% below the listed price. Approximately 29.6% of homes listed saw price drops in August.
Lawrenceville, GA
Median Listing Price: $391,000
Lawrenceville is a quaint suburb of Atlanta approximately 30 miles northeast of the city’s downtown. A relatively small city with a population of 31,000, Lawrenceville is the perfect location for those who want the quiet benefits of small-town living with easy access to the city.
A substantially high average wage, and low price per square foot, makes Lawrenceville an easy contender in the top 10 locations to buy. In August of 2022, Lawrenceville’s housing market saw a price drop in 47.4% of listings, a 19.4 point increase compared to the previous year.
Jacksonville, FL
Median Listing Price: $329,500
There really isn’t a more ideal location than Jacksonville, with its 22 miles of beach, world-class fishing, historic neighborhoods, and extensive park system.
Jacksonville also saw a significant drop in prices for listed homes in August with 47.0% of homes with price drops on the market, a 22.2 point increase compared to the previous year.
Boise, ID
Median Listing Price: $529,000
An urban and outdoorsy relaxing city, Boise boasts an “anything’s possible” feeling their city has worked hard to cultivate.
Houses in the Boise, Idaho market are on the market for an average of 25 days, which is 16 days higher than the previous year.
Reno, NV
Median Listing Price: $595,000
Reno is the largest city in northern Nevada, with a population of 235,000. The city boasts fantastic weather and a variety of indoor and outdoor recreational activities, including the spectacular Lake Tahoe. For those who love biking, camping, hunting, fishing, and mountain climbing, Reno is an ideal home.
In the last 5 months, the median listing price in Reno has dropped from $635,000 to $595,000, a good indicator that the market is starting to cool off in this location!
Baton Rouge, LA
Median Listing Price: $299,500
The phrase “baton rouge” means “the red stick city”, a name given to the city by French explorers. Home of Louisiana’s capital, flagship university, and distinguishing Cajun and Creole cultures, Baton Rouge is a city saturated with history and culture.
Baton Rouge is also a city that has seen significant price drops recently, with 41.4% of homes listed having undergone price reductions.
Myrtle Beach, SC
Median Listing Price: $359,900
Endearingly dubbed “The Beach” by local South Carolina residents, Myrtle Beach boasts 60 miles of beautiful coastline and 14 unique communities. With temperate weather even in the winter, this is the perfect location for those who are in love with the coast!
The median days on the housing market for real estate in Myrtle Beach is 61 days.
Scottsdale, AZ
Median Listing Price: $899,000
Known as “The West’s Most Western Town”, Scottsdale is a city located in the beautiful Sonoran Desert and flanked by Phoenix on the west, the Tonto National Forest to the north, the McDowell Mountains to the east, and the Salt River to the south.
Homes in Scottsdale spend a median of 47 days on the market. While home prices have been on the rise, the housing market is heating up and the average home sells for 3% below the listing price. Approximately 40.4% of listed homes saw price drops in August.
Summary
What did you think of the Top Ten Cities to Buy a Home in? Do you currently live in one of these cities? Are you ready to drop everything and relocate? Wherever you are in your homeownership journey, we are here for you. Whether you are a first-time homebuyer or are looking to upgrade, our loan specialists can help you make your dreams of homeownership a reality. Call 1 (888) 232-1428 to speak with a loan specialist today!