Cities Becoming Less Affordable in 2019

Despite 81% of cities becoming “more affordable” in 2019, according to realtor.com, only 18% of cities are ”truly affordable” for the people who live in those cities. Prices still remain well out of reach even in metros that are showing signs of improving affordability.

Lack of inventory appears to be the main culprit here. Little and/or no supply translates into surging prices.

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For those who can afford to, first-time buyers and investors are gobbling up houses faster than anyone anticipated. In some metros, there are 9-10 offers for one house within 72 hours of the listing hitting the market.

George Ratiu, chief economist with realtor.com, said, “Demand has been so strong it’s pushing demand (and prices) even higher. More people want to buy homes than there are homes for sale.”

Here are 10 metros that have become less affordable to buy during 2019:

1. Tulsa OK
   1. Median list price – $246,700
   2. Annual price increase – +43%
   3. Change in affordability – -0.07
   4. Change in inventory – -26%
2. El Paso TX
   1. Median list price – $191,260
   2. Annual price increase – +24%
   3. Change in affordability – -0.06
   4. Change in inventory – 20%
3. Winston-Salem NC
   1. Median list price – $281,000
   2. Annual price increase – +34%
   3. Change in affordability – -0.04
   4. Change in inventory – -13.7%
4. Rochester NY
   1. Median list price – $202,550
   2. Annual price increase – +48%
   3. Change in affordability – -0.03
   4. Change in inventory – -20.1$
5. Philadelphia PA
   299. Median list price – $299.050
   300. Annual price increase – +44%
   301. Change in affordability – -0.03
   302. Change in inventory – -19.4%
6. Oxnard CA
   1. Median list price – $782,050
   2. Annual price increase – +6%
   3. Change in affordability – -0.02
   4. Change in inventory – -18.4%
7. Birmingham AL
   1. Median list price – $255,550
   2. Annual price increase – +46%
   3. Change in affordability – -0.01
   4. Change in inventory – =13.6%
8. Bakersfield CA
   1. Median list price – $259,950
   2. Annual price increase – +34%
   3. Change in affordability – -0.01
   4. Change in inventory – -17.6%
9. Colorado Springs CO
   1. Median list price – $427,425
   2. Annual price increase – +16%
   3. Change in affordability – -0.01
   4. Change in inventory – -17.1%
10. Knoxville TN
    1. Median list price – $285,000
    2. Annual price increase – +31%
    3. Change in affordability – -0.01
    4. Change in inventory – -17%

Thanks to realtor.com for source data.

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