Least & Most Challenging Markets for First-Time Homebuyers

Recent data by Zillow reveals that first-time homebuyers make up 46 percent of all homebuyers in the nation. They face greater challenges than those who have previously purchased homes as they are more likely to surpass their budget. Zillow makes it easier for those looking to find an affordable first home by listing the least challenging and most challenging housing markets, which will help inform them on the best place to make their investment.

Zillow examined U.S. metropolitan states by focusing on the most recent available data points on each city’s current amount of inventory; median home value; percentage of listings with price decreases; and the strength of home value appreciation forecast. According to their report, metro cities on the west coast, especially in California, have the most challenging housing markets for first-time homebuyers.

Most Challenging Markets

  1. San Francisco, CA
  2. Seattle, WA
  3. Washington, DC
  4. Los Angeles, CA
  5. Sacramento, CA
  6. Minneapolis, MN
  7. Denver, CO
  8. San Diego, CA
  9. San Jose, CA
  10. Boston, MA

The median home value in San Francisco as of June 2019 is $942,800 and the median listing price per square foot is $503. In Seattle, the second most challenging market, the median home value is $489,400 and the median listing price is $295 per square foot. The third challenging market, Washington, DC, has a median home value of $407,200 and a median listing price per square foot of $238.

Least Challenging Markets

  1. Tampa, FL
  2. Las Vegas, NV
  3. Phoenix, AZ
  4. Atlanta, GA
  5. Orlando, FL
  6. Miami, FL
  7. Detroit, MI
  8. Dallas, TX
  9. Nashville, TN
  10. Charlotte, NC

Tampa, FL tops the list as the least challenging housing market across the nation with a median home value of $215,500 and a median listing price of $145 per square foot. In second place, Las Vegas has median home value of $278, 700 and a median listing price per square foot of $170. Homebuyers in Phoenix witness a median home value of $267,200 and a median listing price of $163 per square foot.

See the full report here.

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