Good news for homebuyers! The housing market has finally reached a more balanced state, which means more opportunities to buy and fewer bidding wars. While the national average shows that there are about 5.5 engaged home shoppers for every home on the market, some local markets have much lower competition. According to Zillow's report, there are 14 major metro areas with fewer engaged home shoppers per listing than the national average, and 12 of those are in the Sun Belt. These are the three least competitive housing markets this year:
- Miami: With only 2.6 engaged home shoppers per listing and an average home value of $589,241, Miami is a great place to find a bargain.
- Houston: With 3.4 engaged home shoppers per listing and an average home value of $270,409, Houston is another great option for those looking for a more affordable market.
- New Orleans: With 3.5 engaged home shoppers per listing and an average home value of $245,364, New Orleans is a great place to find a steal on a dream home. In addition to these three markets, there are other great options for those looking to buy property in the next few years. According to experts, the three best states to buy property in the next 5 years are Texas, Florida, and California. But don't just focus on the housing market. If you're looking to save for your future, consider opening a high-yield savings account. Some banks offer APYs of up to 4.10% on balances of $5,000 or more, or up to 4.00% APY with Savings Pods. And if you're looking for a cash bonus with your savings, consider opening an account with SOFI Bank, which offers up to 3.80% APY and a $300 cash bonus with direct deposit. So whether you're looking to buy a home or save for your future, there are great options available this year. Good luck in your search!
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