Delaware offers housing affordability that is about average, but what sets it apart is the remarkably low property taxes that homeowners have to pay. The effective tax rate is less than half a percent, making it the fourth-lowest in the country. This factor alone contributes to Delaware’s ranking as the 10th state in terms of economy for 2024. With a median sales price of $360,700 and healthy appreciation rates, Delaware provides a good investment opportunity in the real estate market.
Indiana stands out for its combination of affordability, low property taxes, and healthy price appreciation. Although inventory remains tight, homebuyers in Indiana can find properties at attractive prices. The state ranks 19th in terms of economy for 2024 with a median sales price of $265,300. Indiana’s effective property tax rate of 0.86% reflects a state that offers a balanced housing market for both buyers and sellers.
Georgia’s housing market is seeing an increase in home inventories, which bodes well for affordability. The state has been experiencing healthy price appreciation while also witnessing active home construction. With a median sales price of $385,600 and an effective property tax rate of 0.82%, Georgia is ranked 7th in terms of economy for 2024. These factors combined make Georgia an attractive state for those looking to invest in residential real estate.
Tennessee offers some of the lowest property taxes in the country, yet affordability remains a concern. However, the state has implemented new laws to incentivize more affordable housing options. With inventory levels rising and moderated price gains, Tennessee is ranked 3rd in terms of economy for 2024. A median sales price of $393,000 reflects a market that is evolving to cater to a wider range of buyers looking for affordable housing options.
The Silver State
Nevada’s housing market is historically known for its volatility, but the state has managed to keep inventory manageable and maintain active housing construction. Affordability remains an issue, but recent price moderations have made it favorable for buyers. With an effective property tax rate of 0.48% and a median sales price of $458,300, Nevada is ranked 8th in terms of economy for 2024. Despite challenges, the state’s housing market shows resilience and adaptability.
New Jersey saw a surge in home prices last year, reflecting an active housing market. Affordability could be improved, but it remains in line with median incomes. However, the state has the second-highest property taxes in the nation, affecting overall housing affordability. With a median sales price of $532,400 and an effective property tax rate of 1.64%, New Jersey is ranked 17th in terms of economy for 2024. The state’s housing market continues to attract buyers despite certain challenges.
North Carolina has seen a boom in home construction, with the second-highest level of housing starts after Alabama. However, tight inventory levels have contributed to strong price appreciation. With a median sales price of $383,700 and an effective property tax rate of 0.6%, North Carolina is ranked 4th in terms of economy for 2024. The state’s rapid growth combined with reasonable property taxes makes it an appealing choice for both buyers and sellers.
Arizona continues to see decent gains for sellers, even as home inventory builds up. Construction activity remains robust, and home equity levels are healthy. Affordability remains a concern, but with low property taxes and a median sales price of $450,800, Arizona is ranked 5th in terms of economy for 2024. The state’s housing market shows signs of stability and growth, making it an attractive prospect for investors.
South Carolina’s housing market is witnessing rising home prices, but affordability levels remain relatively stable. Price appreciation has led to increased construction activity and rising inventory levels. With low property taxes and a median sales price of $387,700, South Carolina is ranked 12th in terms of economy for 2024. The state offers a balance between affordability and market growth, making it an interesting option for real estate investors.
Florida’s housing market is known for being unpredictable, but recent trends show a steady increase in home values. Homebuilders are active in meeting the demand driven by new residents moving to the state. With moderate property taxes and ongoing affordability issues, Florida continues to attract buyers and investors. Despite some concerning trends like rising foreclosures and underwater mortgages, Florida is ranked as having the strongest overall economy for 2024. The state’s housing market strikes a tenuous balance between growth and sustainability, contributing significantly to the nation’s economic stability.