Zillow’s Latest Report on Best Markets for First-Time Homebuyers

Zillow’s latest report on the Best Markets for First-Time Homebuyers analyzed more than “just” home prices. Zillow also factored in home value, home appreciation, wealth and inventory.

“Becoming a homeowner for the first time is easier in some markets than others – and the difference is not strictly about home prices…strong inventory and lower competition for listings also make a difference – as does the market outlook.

When reading Zillow’s below latest 10 Most Affordable Housing Markets, keep in mind that the median age of a first-time homebuyer is 34, 11.7% of younger (below 36 years) buyers pay with cash, and that 44.2% younger buyers buy in urban setting, 41.9% buy in suburban settings and 13.8% of younger buyers buy in rural settings, according to Zillow Group’s latest Consumer Housing Trends Report.

1. Tampa
   1. Median home value = $213,600
   2. 24% of listings experienced a price cut
2. Las Vegas
   1. Median home value = $277,900
   2. 9% of listings experienced a price cut
3. Phoenix
   1. Median home value = $264,900
   2. 20% of listings experience a price cut
4. Atlanta
   1. Median home value = $217,500
   2. 9% of listings experienced a price cut
5. Orlando
   1. Median home value = $237,100
   2. 3% of listings experienced a price cut
6. Miami
   1. Median home value = $283,800
   2. 6% of listings experienced a price cut
7. Detroit
   1. Median home value = $160,000
   2. 5% of listings experienced a price cut
8. Dallas
   1. Median home value = $242,600
   2. 7% of listings experienced a price cut
9. Nashville
   1. Median home value = $253,500
   2. 9% of listings experienced a price cut
10. Charlotte
    1. Median home value – $206,200
    2. 4% of listings experienced a price cut