Affordable Midwest and South Cities Become the New Hottest Housing Markets
The Corcoran Group broker Noble Black joins ‘Varney & Co.’ to discuss homebuilder confidence, mortgage rates, and Congress’ actions to address the housing crisis.
America’s hottest housing markets are not confined to flashy coastal cities; they are thriving in communities across the Midwest and South. Even as the national market cools, regions in states like Missouri and Kentucky are experiencing impressive double-digit price growth, making homes more accessible for middle-income buyers.
Recent data from the National Association of Realtors (NAR) highlights the top five single-family metro areas with the highest home price appreciation last quarter. Missouri’s Cape Girardeau topped the list with a remarkable nearly 20% yearly increase, boasting a median home price of $275,000. Following closely are Cumberland, Maryland, with a 17.1% increase and a median price of $174,900; Owensboro, Kentucky, up 15% at $264,000; Anniston-Oxford, Alabama, with a 14.9% increase and a median price of $175,103; and Mobile, Alabama, which appreciated 13.7% with a median price of $216,235.
‘WALL STREET TO Y’ALL STREET’: WHY AMERICA’S WEALTHY TRADES CITY LUXURY FOR ACRES OF TEXAS FREEDOM
These figures indicate a robust demand in smaller, more affordable pockets of American cities, suggesting that housing opportunities are increasingly found outside of expensive urban cores. The ongoing migration towards lower-cost regions continues to reshape market dynamics.
A for sale sign sits in front of a vacant lot near completed homes in a Missouri subdivision. (Getty Images)
In contrast, the bottom five single-family metro areas with the slowest price appreciation included Elmira, New York; Farmington, New Mexico; Boulder, Colorado; Pueblo, Colorado; and Cleveland, Tennessee. NAR notes that some overheated markets are correcting, while higher-cost Western markets are experiencing pressure.
Despite these fluctuations, America’s national median home prices rose 1.2% year-over-year to $414,900, indicating market resilience amid economic challenges. Additionally, monthly mortgage payments fell by 5.7% to $2,057 compared to the previous year.
‘The Big Money Show’ panel discusses Congress’s plan to tackle the nation’s housing crisis.
This winter, the housing market has cooled, with the annual pace of home price growth easing to levels not seen since the nation was recovering from the Great Recession. While some areas continue to experience strong price growth, states like Hawaii, California, Texas, and Florida have seen notable declines.
As of last week, mortgage affordability reached a four-year high after rates fell in January. The White House has highlighted President Donald Trump’s economic policies, emphasizing his commitment to “unlock” homeownership opportunities for American families.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
PMG Affordable principal Dan Coakley speaks to Fox News Digital about what it may take to make housing affordable again across the country.
As of Tuesday afternoon, the 30-year fixed-rate mortgage averaged 6.09%, a slight decrease from last week’s 6.11%, according to Freddie Mac. This time last year, the 30-year rate stood at 6.87%.
“Joe Biden’s inflation crisis crushed the dream of homeownership for millions of Americans — but President Trump is bringing it back,” stated White House press secretary Karoline Leavitt in a previous interview with Fox News Digital. “Thanks to the President’s successful economic policies, unnecessary red tape is being cut at a historic pace, borrowing costs are easing, and income growth is outpacing home price gains — finally making housing more affordable again.”
FOX Business’ Eric Revell and Brooke Singman contributed to this report.
The Corcoran Group broker Noble Black joins ‘Varney & Co.’ to discuss homebuilder confidence, mortgage rates, and Congress’ actions to address the housing crisis.
America’s hottest housing markets are not confined to flashy coastal cities; they are thriving in communities across the Midwest and South. Even as the national market cools, regions in states like Missouri and Kentucky are experiencing impressive double-digit price growth, making homes more accessible for middle-income buyers.
Recent data from the National Association of Realtors (NAR) highlights the top five single-family metro areas with the highest home price appreciation last quarter. Missouri’s Cape Girardeau topped the list with a remarkable nearly 20% yearly increase, boasting a median home price of $275,000. Following closely are Cumberland, Maryland, with a 17.1% increase and a median price of $174,900; Owensboro, Kentucky, up 15% at $264,000; Anniston-Oxford, Alabama, with a 14.9% increase and a median price of $175,103; and Mobile, Alabama, which appreciated 13.7% with a median price of $216,235.
‘WALL STREET TO Y’ALL STREET’: WHY AMERICA’S WEALTHY TRADES CITY LUXURY FOR ACRES OF TEXAS FREEDOM
These figures indicate a robust demand in smaller, more affordable pockets of American cities, suggesting that housing opportunities are increasingly found outside of expensive urban cores. The ongoing migration towards lower-cost regions continues to reshape market dynamics.
A for sale sign sits in front of a vacant lot near completed homes in a Missouri subdivision. (Getty Images)
In contrast, the bottom five single-family metro areas with the slowest price appreciation included Elmira, New York; Farmington, New Mexico; Boulder, Colorado; Pueblo, Colorado; and Cleveland, Tennessee. NAR notes that some overheated markets are correcting, while higher-cost Western markets are experiencing pressure.
Despite these fluctuations, America’s national median home prices rose 1.2% year-over-year to $414,900, indicating market resilience amid economic challenges. Additionally, monthly mortgage payments fell by 5.7% to $2,057 compared to the previous year.
‘The Big Money Show’ panel discusses Congress’s plan to tackle the nation’s housing crisis.
This winter, the housing market has cooled, with the annual pace of home price growth easing to levels not seen since the nation was recovering from the Great Recession. While some areas continue to experience strong price growth, states like Hawaii, California, Texas, and Florida have seen notable declines.
As of last week, mortgage affordability reached a four-year high after rates fell in January. The White House has highlighted President Donald Trump’s economic policies, emphasizing his commitment to “unlock” homeownership opportunities for American families.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
PMG Affordable principal Dan Coakley speaks to Fox News Digital about what it may take to make housing affordable again across the country.
As of Tuesday afternoon, the 30-year fixed-rate mortgage averaged 6.09%, a slight decrease from last week’s 6.11%, according to Freddie Mac. This time last year, the 30-year rate stood at 6.87%.
“Joe Biden’s inflation crisis crushed the dream of homeownership for millions of Americans — but President Trump is bringing it back,” stated White House press secretary Karoline Leavitt in a previous interview with Fox News Digital. “Thanks to the President’s successful economic policies, unnecessary red tape is being cut at a historic pace, borrowing costs are easing, and income growth is outpacing home price gains — finally making housing more affordable again.”
FOX Business’ Eric Revell and Brooke Singman contributed to this report.
