Home News Housing market: What’s the least overpriced city? It’s not in Utah or Idaho

Housing market: What’s the least overpriced city? It’s not in Utah or Idaho

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We already know that Boise, Idaho is leading the country that researchers consider most. Western “overrated” housing market — Closely tracked by Three cities in Utah, Ogden, Provo and Salt Lake City..

So where is the cheapest city?

Look at the east coast of Baltimore, Maryland.

This is according to researchers at Florida Atlantic University. Top 100 U.S. Housing Market Rankings Use open source data from Zillow and other providers to score the “highest or lowest” metropolises in the country.

Data compiled by researchers Ken Johnson and Eli Beracha “makes readers quick to see premiums or discounts they are paying on the subway on average, and can make more informed decisions about real estate investments. Masu “. For research.

Really Baltimore? You wouldn’t expect a metro not far from Washington DC or New York to be known for home prices, but forget that the key words here are “overrated” or “overrated” home prices, which are especially expensive. Please do not.

  • Baltimore is at the bottom of the Florida Atlantic University rankings, with a 2.03% premium recorded in March. This is slightly cheaper than the cities of Honolulu and New York City. These cities are ranked as part of the lowest priced cities with premiums of 2.11% and 2.83%, respectively.

Why are these desirable housing markets seeing lower premiums compared to other metros across the country? This may have something to do with how hard these same areas were hit during the last housing recession of 2008.

  • “These markets and other hit markets like Miami seem to have learned and resulted in more aggressive price negotiations by the locals. Somehow, once deceived me, I’m ashamed of you. And deceive me twice and be ashamed of me, “Johnson said. MarketWatch reported..

Baltimore has the lowest average home price in March at $ 366,129, compared to an estimated $ 358,854 based on historical price trends.

Compare it to Boise, which stands at the top of the rankings with a premium of 75% or higher. According to the survey, the average home price of Idaho Metro in March was $ 515,926, compared to the expected price of $ 294,512.

Why are Boise and Utah so expensive? The The West remains one of the most popular housing markets In the country after the COVID-19 pandemic disrupted the lives of Americans, many reassessed their situation and spurred them to move to larger plots at lower prices.

Fast-growing regions like Boise and Utah— Already suffering from housing shortages before the pandemic — Housing demand is skyrocketing.

The question is whether that demand will continue at current levels and continue to push prices up. Experts say that mortgage rates may help cool demand, but in high-demand areas, it can only slow down price increases and not stop them.

  • “For months, Boise has been the highest-priced housing market in the United States, and the market has been the most depressed. Therefore, we expect rising mortgage rates to first lower Boise’s prices and premiums. Is rational, “says Johnson. Market watch report.

According to experts, in Utah, demand far exceeds supply. They predict that mortgage rates will only slow down and will not stop raising prices. While pricing more homebuyers..

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