The U.S. housing market has been nothing short of a rollercoaster ride since the onset of the pandemic. Demand for homes has skyrocketed, which has resulted in elevated home prices and higher-than-normal mortgage interest rates.
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You might be thinking that buying a home in this market is simply out of the question. However, you might be surprised that there are still some undervalued U.S. housing markets in 2024.
Insider Monkey describes an underpriced housing market as one where the median list price tends to be lower than the typical home value.
If you want to snag a deal, there are 10 U.S. housing markets where you can still purchase a home before year’s end.
In ascending order, here are 10 undervalued housing markets to buy property before the end of 2024, according to Insider Money’s analysis of Zillow’s February 2024 Housing Market Report data. Each city includes the average home value, median list price, and the difference between the average home value and median list price:
10. Van Wert, OH
- Average Home Value (as of February 2024): $160,108
- Median List Price (as of February 2024): $134,967
- Difference between Average Home Value and Median List Price: $25,141
9. Detroit
- Average Home Value (as of February 2024): $240,536
- Median List Price (as of February 2024): $211,633
- Difference between Average Home Value and Median List Price: $28,903
8. Cape Coral, FL
- Average Home Value (as of February 2024): $396,012
- Median List Price (as of February 2024): $364,633
- Difference between Average Home Value and Median List Price: $31,379
7. Rochester, NY
- Average Home Value (as of February 2024): $233,753
- Median List Price (as of February 2024): $189,233
- Difference between Average Home Value and Median List Price: $44,520
6. Boone, NC
- Average Home Value (as of February 2024): $477,496
- Median List Price (as of February 2024): $421,000
- Difference between Average Home Value and Median List Price: $56,496
5. Santa Cruz, CA
- Average Home Value (as of February 2024): $1,148,405
- Median List Price (as of February 2024): $1,065,167
- Difference between Average Home Value and Median List Price: $83,238
4. Okeechobee, FL
- Average Home Value (as of February 2024): $264,907
- Median List Price (as of February 2024): $178,800
- Difference between Average Home Value and Median List Price: $86,107
3. Clewiston, FL
- Average Home Value (as of February 2024): $274,997
- Median List Price (as of February 2024): $181,033
- Difference between Average Home Value and Median List Price: $93,964
2. San Francisco
- Average Home Value (as of February 2024): $1,132,271
- Median List Price (as of February 2024): $951,667
- Difference between Average Home Value and Median List Price: $180,604
1. San Jose, CA
- Average Home Value (as of February 2024): $1,554,128
- Median List Price (as of February 2024): $1,315,463
- Difference between Average Home Value and Median List Price: $238,665
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This article originally appeared on GOBankingRates.com: 10 Undervalued Housing Markets To Buy Property Before the End of 2024
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