Brand-new homes can cost less than older ones in these booming housing markets
If you’re shopping for a new home, one region of the U.S. in particular offers competitive pricing and an abundance of choice. The South leads the country as the best region for buying a brand new home, according to a new report from Realtor.com . Eight out of the 10 leading metro areas for buying newly-built are located in the Southern U.S., with Charleston, South Carolina leading the way.…
The South leads the U.S. in offering competitive pricing for brand new homes, with Charleston, South Carolina taking the top spot, according to a new report by Realtor.com. Eight out of the top 10 metro areas for buying newly-built homes are located in the Southern U.S., with Charleston, Greenville, and Boise City, Idaho also ranking highly.
Factors considered in the ranking include the share of listings that are new homes, the price difference between new and existing homes, and the market availability of new homes. New construction is seen as a vital way to expand home supply, and the report highlights the concentration of top performing markets in smaller, high-growth metros in the South, driven by favorable local building rules and cheaper land.
Buyers in these regions can find new homes at prices that compete with, and in some cases beat, existing homes.
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