The South Leads the Way in Affordable
Inventory Growth
SANTA
CLARA, Calif., May 2, 2024
/PRNewswire/ -- According to the Realtor.com® April
housing data, the national required household income to purchase
the median priced home rose to $116,000, up $5,900
from a year ago, after accounting for the cost of tax and
insurance. For hopeful buyers in California's major metros of Los Angeles, San
Diego, San Francisco and
San Jose the household income
required to purchase the median-priced home is over double the
national figure.
April 2024 Housing Metrics –
National
Metric
|
Change over Apr
2023
|
Change over Apr
2019
|
Median listing
price
|
+0% (to
$430,000)
|
+36.5 %
|
Active
listings
|
+30.4 %
|
-35.4 %
|
New listings
|
+12.1 %
|
-21.8 %
|
Median days on
market
|
+1 days (to 47
days)
|
-7
days
|
Share of active
listings with price
reductions
|
+3.2 percentage
points
(to 15.5%)
|
+1.0 percentage
points
|
"California is a fascinating
market not only because the income-required figures are an
eye-popping quarter of a million dollars, but because it is a
microcosm of the variety we're seeing in housing markets
nationally," said Danielle Hale,
Chief Economist, Realtor.com®. "In areas like
San Francisco home prices have
fallen enough to offset rising mortgage rates, and the income
needed to buy a home has dropped. In other markets, like
San Jose and Sacramento, home price declines have been more
modest and rising mortgage rates have pushed required incomes
higher despite lower home prices. And finally, the majority of
major U.S. markets see trends like we're seeing in Southern California. In Los Angeles, Riverside, and San
Diego rising home prices and mortgage rates have combined to
push required incomes higher—in some cases like in these
California markets, up by
double-digits compared to one year ago."
Buying in California Comes at a Price
Six metros
across the country required a household income of over $200,000, with California's largest metros leading the pack:
San Jose (household income
$361,000), Los Angeles (household income $298,000), San
Diego (household income $259,000) and San
Francisco (household income $256,000). The major East coast hubs of
Boston (household income
$226,000) and New York (household income $218,000) closely followed.
Counter to the larger household income required to purchase the
median-priced home in the major coastal metros, there were 16 metro
areas that required a household income of less than $100,000. The most affordable by this measure
were Pittsburgh (household income
$67,000), Detroit (household income $69,000), and Cleveland (household income $71,000).
List of the 10 Metro Areas with Lowest Required Income to
Purchase Median Home
- Pittsburgh, Pa. - $67,000
- Detroit-Warren-Dearborn,
Mich. - $69,000
- Cleveland-Elyria, Ohio - $71,000
- Birmingham-Hoover, Ala. - $75,000
- Buffalo-Cheektowaga, N.Y. - $79,000
- St. Louis, Mo.-Ill. -
$82,000
- Rochester, N.Y. - $87,000
- Indianapolis-Carmel-Anderson,
Ind. - $87,000
- Louisville/Jefferson County, Ky.-Ind. - $87,000
- New Orleans-Metairie, La.- $90,000
Fear Not, Affordable Inventory is Also on the
Rise
While the west coast state experienced a bit of a surge
in household required income to purchase the median-priced home, in
other parts of the country, affordable inventory is on the rise.
The South has been largely driving the increase in availability of
homes in the $200,000 to $350,000 price range, and the increase in
availability of homes overall. More than half (56.6%) of available
inventory in April 2024 was in the
South, up from 52.0% last year and 47.7% in April 2019. A rise in homes available for
purchase combined with population migration has paved the way for
the South to lead the share of nationwide existing home sales,
rising from 43.2% in March 2019 to
45.3% in March 2024. Across the
country active inventory grew over the previous year with inventory
in the South growing 43.0%, 27.4% in the West, 17.6% in the
Midwest, and 4.0% in the Northeast. Interestingly, large
Florida metros experienced
inventory growth driven primarily by an increase in the
availability of attached homes (condos, townhomes, or row
homes).
Median List Price Stays Stable, but Price per Square Foot
Inches its Way Up
Between March
2024 and April 2024, the U.S.
median list price increased from $424,900 to $430,000, while remaining stable compared to the
same median list price in April of last year. This is likely
attributed to the mix of homes hitting the market particularly in
the South where sellers are listing smaller and more affordable
homes. While median list price has remained relatively unchanged,
the median list price grew 3.8% on an adjusted per-square-foot
basis indicating that homes are retaining value even as inventory
grows.
Additional details and full analysis of the market inventory
levels, income requirements, trends in listing prices and more can
be found in the Realtor.com® April Monthly Housing Report. For
buyers looking to gain more local-market insights to guide their
decision making, visit realtor.com/research to access online tools
and better understand ways to partner with an experienced buyer's
agent for help along the way.
List of Metro Areas Sorted by Required Income to Purchase
Median Home (Least to Most)
Metro Area
|
Required
Income to
Purchase
Median Home*
|
Required
Income to
Purchase
Median Home
YoY
|
Median Listing
Price
|
Median Listing
Price YoY
|
Median Listing
Price per Sq.
Ft. YoY
|
Pittsburgh,
Pa.
|
$67,000
|
17.10 %
|
$250,000
|
11.10 %
|
12.00 %
|
Detroit-Warren-Dearborn,
Mich.
|
$69,000
|
5.30 %
|
$250,000
|
0.00 %
|
2.30 %
|
Cleveland-Elyria,
Ohio
|
$71,000
|
19.30 %
|
$255,000
|
13.40 %
|
11.70 %
|
Birmingham-Hoover,
Ala.
|
$75,000
|
10.20 %
|
$297,000
|
4.20 %
|
4.30 %
|
Buffalo-Cheektowaga,
N.Y.
|
$79,000
|
20.00 %
|
$285,000
|
14.00 %
|
9.80 %
|
St.
Louis, Mo.-Ill.
|
$82,000
|
8.70 %
|
$294,000
|
3.30 %
|
5.20 %
|
Indianapolis-Carmel-Anderson,
Ind.
|
$87,000
|
8.80 %
|
$340,000
|
3.00 %
|
5.50 %
|
Louisville/Jefferson
County,
Ky.-Ind.
|
$87,000
|
8.00 %
|
$327,000
|
2.30 %
|
2.50 %
|
Rochester,
N.Y.
|
$87,000
|
16.80 %
|
$295,000
|
11.40 %
|
8.10 %
|
New
Orleans-Metairie,
La.
|
$90,000
|
3.90 %
|
$335,000
|
-1.40 %
|
-2.30 %
|
Baltimore-Columbia-Towson,
Md.
|
$91,000
|
9.40 %
|
$352,000
|
3.60 %
|
2.80 %
|
Memphis,
Tenn.-Miss.-Ark.
|
$91,000
|
10.20 %
|
$339,000
|
4.50 %
|
2.20 %
|
Oklahoma
City, Okla.
|
$98,000
|
-2.20 %
|
$330,000
|
-6.80 %
|
-0.60 %
|
Cincinnati,
Ohio-Ky.-Ind.
|
$99,000
|
2.70 %
|
$375,000
|
-2.60 %
|
4.00 %
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$100,000
|
14.80 %
|
$370,000
|
8.90 %
|
7.10 %
|
San
Antonio-New Braunfels,
Texas
|
$100,000
|
2.90 %
|
$345,000
|
-2.00 %
|
-1.20 %
|
Virginia
Beach-Norfolk-Newport News,
Va.-N.C.
|
$100,000
|
7.30 %
|
$390,000
|
1.60 %
|
5.80 %
|
Milwaukee-Waukesha,
Wis.
|
$102,000
|
7.50 %
|
$376,000
|
2.00 %
|
6.80 %
|
Charlotte-Concord-Gastonia,
N.C.-S.C.
|
$106,000
|
5.20 %
|
$422,000
|
-0.60 %
|
4.40 %
|
Atlanta-Sandy
Springs-Alpharetta,
Ga.
|
$108,000
|
4.30 %
|
$415,000
|
-1.20 %
|
3.70 %
|
Columbus,
Ohio
|
$108,000
|
8.40 %
|
$397,000
|
2.90 %
|
6.20 %
|
Jacksonville,
Fla.
|
$108,000
|
8.30 %
|
$420,000
|
2.40 %
|
3.70 %
|
Tampa-St.
Petersburg-Clearwater,
Fla.
|
$109,000
|
7.60 %
|
$420,000
|
1.90 %
|
3.20 %
|
Raleigh-Cary,
N.C.
|
$113,000
|
2.70 %
|
$451,000
|
-3.00 %
|
5.20 %
|
Las
Vegas-Henderson-Paradise,
Nev.
|
$114,000
|
9.50 %
|
$475,000
|
3.20 %
|
7.00 %
|
Richmond,
Va.
|
$114,000
|
14.30 %
|
$459,000
|
8.00 %
|
6.10 %
|
Chicago-Naperville-Elgin,
Ill.-Ind.-Wis.
|
$115,000
|
10.70 %
|
$389,000
|
5.50 %
|
7.10 %
|
Orlando-Kissimmee-Sanford,
Fla.
|
$116,000
|
5.10 %
|
$440,000
|
-0.40 %
|
1.70 %
|
Hartford-East
Hartford-Middletown,
Conn.
|
$118,000
|
6.60 %
|
$406,000
|
1.60 %
|
11.50 %
|
Houston-The
Woodlands-Sugar Land,
Texas
|
$118,000
|
4.20 %
|
$370,000
|
-0.30 %
|
0.80 %
|
Kansas
City, Mo.-Kan.
|
$119,000
|
-3.60 %
|
$422,000
|
-8.30 %
|
-4.30 %
|
Minneapolis-St.
Paul-Bloomington,
Minn.-Wis.
|
$122,000
|
5.20 %
|
$449,000
|
-0.10 %
|
-0.50 %
|
Phoenix-Mesa-Chandler,
Ariz.
|
$132,000
|
10.30 %
|
$537,000
|
4.10 %
|
3.20 %
|
Providence-Warwick,
R.I.-Mass.
|
$138,000
|
4.40 %
|
$524,000
|
-1.00 %
|
-1.80 %
|
Dallas-Fort
Worth-Arlington,
Texas
|
$139,000
|
2.40 %
|
$450,000
|
-2.20 %
|
1.10 %
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
$142,000
|
7.60 %
|
$573,000
|
1.70 %
|
6.30 %
|
Riverside-San
Bernardino-Ontario,
Calif.
|
$152,000
|
11.50 %
|
$600,000
|
5.40 %
|
7.10 %
|
Miami-Fort
Lauderdale-Pompano Beach,
Fla.
|
$153,000
|
-6.20 %
|
$540,000
|
-10.70 %
|
-6.60 %
|
Portland-Vancouver-Hillsboro,
Ore.-Wash.
|
$156,000
|
3.40 %
|
$615,000
|
-2.20 %
|
1.80 %
|
Austin-Round
Rock-Georgetown,
Texas
|
$157,000
|
3.00 %
|
$557,000
|
-2.00 %
|
1.00 %
|
Washington-Arlington-Alexandria,
DC-Va.-Md.-W.
Va.
|
$159,000
|
6.60 %
|
$625,000
|
0.80 %
|
7.30 %
|
Sacramento-Roseville-Folsom,
Calif.
|
$162,000
|
4.20 %
|
$650,000
|
-1.60 %
|
3.40 %
|
Denver-Aurora-Lakewood,
Colo.
|
$165,000
|
-2.90 %
|
$625,000
|
-8.00 %
|
2.00 %
|
Seattle-Tacoma-Bellevue,
Wash.
|
$193,000
|
-0.60 %
|
$775,000
|
-6.10 %
|
-0.70 %
|
New
York-Newark-Jersey City,
N.Y.-N.J.-Pa.
|
$218,000
|
15.50 %
|
$769,000
|
9.90 %
|
11.30 %
|
Boston-Cambridge-Newton,
Mass.-N.H.
|
$226,000
|
9.50 %
|
$870,000
|
3.70 %
|
8.30 %
|
San
Francisco-Oakland-Berkeley,
Calif.
|
$256,000
|
-5.50 %
|
$1,027,000
|
-10.70 %
|
-2.80 %
|
San
Diego-Chula Vista-Carlsbad,
Calif.
|
$259,000
|
11.20 %
|
$1,050,000
|
5.00 %
|
7.40 %
|
Los
Angeles-Long Beach-Anaheim,
Calif.
|
$298,000
|
14.70 %
|
$1,192,000
|
8.40 %
|
5.60 %
|
San
Jose-Sunnyvale-Santa Clara,
Calif.
|
$361,000
|
1.10 %
|
$1,467,000
|
-4.50 %
|
-0.90 %
|
* The required income to purchase a home,
assuming an affordability price-to-income ratio of 30%, a 20% down
payment, 30-year term, 30-year fixed mortgage rate, and local tax
and insurance rates.
April 2024 Housing Overview of
the 50 Largest Metros
Metro
Area
|
Active Listing
Count YoY
|
New Listing
Count YoY
|
Median Days
on Market
|
Median Days
on Market Y-Y
(Days)
|
Price–
Reduced
Share
|
Price-
Reduced
Share Y-Y
(Percentage
Points)
|
Atlanta-Sandy
Springs-Alpharetta, Ga.
|
42.7 %
|
27.4 %
|
39
|
-4
|
17.7 %
|
6.1 pp
|
Austin-Round
Rock-Georgetown, Texas
|
23.6 %
|
36.1 %
|
42
|
-3
|
24.7 %
|
-2.5 pp
|
Baltimore-Columbia-Towson, Md.
|
15.3 %
|
3.8 %
|
36
|
-1
|
12.0 %
|
2.6 pp
|
Birmingham-Hoover,
Ala.
|
36.5 %
|
23.6 %
|
46
|
1
|
14.9 %
|
2.6 pp
|
Boston-Cambridge-Newton, Mass.-N.H.
|
7.5 %
|
4.5 %
|
24
|
-1
|
10.4 %
|
1.2 pp
|
Buffalo-Cheektowaga,
N.Y.
|
5.1 %
|
3.4 %
|
34
|
-6
|
5.3 %
|
-0.3 pp
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
31.9 %
|
20.3 %
|
37
|
-2
|
16.9 %
|
5.7 pp
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
0.1 %
|
7.4 %
|
34
|
-4
|
8.5 %
|
0.2 pp
|
Cincinnati,
Ohio-Ky.-Ind.
|
23.2 %
|
9.4 %
|
32
|
1
|
10.7 %
|
3.3 pp
|
Cleveland-Elyria,
Ohio
|
-2.4 %
|
3.4 %
|
39
|
-3
|
11.1 %
|
1.7 pp
|
Columbus,
Ohio
|
23.1 %
|
5.1 %
|
25
|
2
|
15.2 %
|
4.5 pp
|
Dallas-Fort
Worth-Arlington, Texas
|
48.0 %
|
20.7 %
|
40
|
1
|
21.7 %
|
5.2 pp
|
Denver-Aurora-Lakewood,
Colo.
|
57.6 %
|
20.1 %
|
32
|
8
|
21.1 %
|
7.2 pp
|
Detroit-Warren-Dearborn, Mich.
|
4.4 %
|
-3.8 %
|
39
|
2
|
9.9 %
|
-1.7 pp
|
Hartford-East
Hartford-Middletown, Conn.
|
2.2 %
|
-1.6 %
|
30
|
9
|
5.6 %
|
1.2 pp
|
Houston-The
Woodlands-Sugar Land, Texas
|
32.1 %
|
17.5 %
|
43
|
0
|
18.1 %
|
4.4 pp
|
Indianapolis-Carmel-Anderson, Ind.
|
33.4 %
|
1.5 %
|
39
|
1
|
18.2 %
|
6.2 pp
|
Jacksonville,
Fla.
|
59.1 %
|
22.5 %
|
51
|
-1
|
24.9 %
|
7.3 pp
|
Kansas City,
Mo.-Kan.
|
17.3 %
|
13.9 %
|
47
|
-15
|
12.1 %
|
3.1 pp
|
Las
Vegas-Henderson-Paradise, Nev.
|
-18.3 %
|
5.9 %
|
39
|
-11
|
13.9 %
|
-4.2 pp
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
19.7 %
|
18.0 %
|
39
|
-6
|
8.8 %
|
0.6 pp
|
Louisville/Jefferson
County, Ky.-Ind.
|
24.9 %
|
2.3 %
|
38
|
2
|
14.1 %
|
2.4 pp
|
Memphis,
Tenn.-Miss.-Ark.
|
39.2 %
|
16.9 %
|
48
|
1
|
20.2 %
|
5.7 pp
|
Miami-Fort
Lauderdale-Pompano Beach, Fla.
|
58.3 %
|
24.4 %
|
64
|
1
|
19.0 %
|
6.3 pp
|
Milwaukee-Waukesha,
Wis.
|
12.2 %
|
11.2 %
|
31
|
1
|
6.9 %
|
0.6 pp
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
24.5 %
|
8.0 %
|
35
|
-2
|
10.6 %
|
3.0 pp
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
17.1 %
|
14.7 %
|
31
|
-2
|
19.3 %
|
0.8 pp
|
New Orleans-Metairie,
La.
|
29.6 %
|
10.9 %
|
60
|
4
|
19.3 %
|
-0.3 pp
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
-1.2 %
|
2.4 %
|
45
|
-5
|
7.1 %
|
-0.4 pp
|
Oklahoma City,
Okla.
|
34.1 %
|
24.2 %
|
41
|
-5
|
18.0 %
|
3.0 pp
|
Orlando-Kissimmee-Sanford, Fla.
|
64.2 %
|
26.6 %
|
54
|
3
|
20.6 %
|
6.3 pp
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
3.3 %
|
6.0 %
|
40
|
-5
|
11.3 %
|
0.3 pp
|
Phoenix-Mesa-Chandler,
Ariz.
|
47.4 %
|
11.7 %
|
55
|
5
|
23.7 %
|
1.6 pp
|
Pittsburgh,
Pa.
|
6.7 %
|
1.2 %
|
51
|
5
|
13.4 %
|
1.1 pp
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
37.5 %
|
22.1 %
|
39
|
2
|
20.8 %
|
9.7 pp
|
Providence-Warwick,
R.I.-Mass.
|
-0.8 %
|
5.5 %
|
29
|
-6
|
6.7 %
|
1.3 pp
|
Raleigh-Cary,
N.C.
|
20.5 %
|
28.0 %
|
38
|
-10
|
13.4 %
|
3.5 pp
|
Richmond,
Va.
|
18.9 %
|
8.5 %
|
41
|
3
|
8.5 %
|
2.4 pp
|
Riverside-San
Bernardino-Ontario, Calif.
|
25.8 %
|
18.9 %
|
45
|
-6
|
14.1 %
|
2.9 pp
|
Rochester,
N.Y.
|
-1.2 %
|
3.6 %
|
16
|
0
|
5.9 %
|
0.7 pp
|
Sacramento-Roseville-Folsom, Calif.
|
42.2 %
|
22.5 %
|
32
|
-3
|
14.6 %
|
5.7 pp
|
San Antonio-New
Braunfels, Texas
|
44.3 %
|
20.2 %
|
54
|
1
|
23.3 %
|
5.2 pp
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
50.7 %
|
29.0 %
|
33
|
0
|
11.9 %
|
4.6 pp
|
San
Francisco-Oakland-Berkeley, Calif.
|
30.3 %
|
23.0 %
|
28
|
-4
|
9.4 %
|
1.0 pp
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
25.5 %
|
40.6 %
|
21
|
-6
|
7.7 %
|
0.7 pp
|
Seattle-Tacoma-Bellevue, Wash.
|
37.4 %
|
46.5 %
|
29
|
-3
|
8.8 %
|
0.3 pp
|
St. Louis,
Mo.-Ill.
|
16.6 %
|
14.4 %
|
35
|
-5
|
12.0 %
|
2.9 pp
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
69.5 %
|
26.5 %
|
52
|
3
|
27.5 %
|
8.8 pp
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
16.8 %
|
5.8 %
|
32
|
2
|
13.9 %
|
4.6 pp
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
10.9 %
|
11.2 %
|
30
|
-3
|
10.3 %
|
2.9 pp
|
Methodology
Realtor.com housing data as of
April 2024. Listings include the
active inventory of existing single-family homes and
condos/townhomes/row homes/co-ops for the given level of geography
on Realtor.com; new construction is excluded unless listed via an
MLS that provides listing data to Realtor.com. Realtor.com data
history goes back to July 2016. The
50 largest U.S. metropolitan areas as defined by the Office of
Management and Budget (OMB-202003).
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subsidiary Move, Inc. For more information, visit
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View original
content:https://www.prnewswire.com/news-releases/realtorcom-april-housing-report-the-required-household-income-to-purchase-a-home-exceeds-250-000-in-four-california-metros-302133589.html
SOURCE Realtor.com