Those smart folks at Agent Genius (I guess that’s why they named the company Genius! AGBeat here), in this case, Tara Steele, tell us that National Association of Home Builders’ (NAHB) latest reports show Cumberland MD/WV as one of the most affordable small markets in the US. Here’s a link on homesdatabase.com to 311 listings in this market area.
On another bright note, the Baltimore/DC/VA areas was not on the list of least affordable large cities.
That distinction goes to:
- New York-White Plains-Wayne, NY/NJ (23%)
- San Francisco-San Mateo-Redwood City, CA
- Honolulu, HI
- Santa Ana-Anaheim-Irvine, CA
- Los Angeles-Long Beach-Glendale, CA
The NAHB report is here.
This comes as welcome news and it certainly contributes to the fact that our markets are among the best in the US in the past few critical years as the industry recovers.
One constructive criticism I would make about the report is the markets they cover are too broad e.g. New York-White Plains-Wayne, NY/NJ. I grew up there and my family has been in NY real estate since the 1930’s. So I know firsthand the market is very different from White Plains to Wayne, New Jersey – even through they’re geographically (somewhat) proximate and similar markets.
With that in mind, it’s great MRIS’ sister company RealEstate Business Intelligence covers the local markets with market stats that offer a very deep level of detail. Local markets are what real estate is all about and you really need to check out RBI if you have not already!