Hello and welcome to my real estate blog! Today, I’m going to take you on a journey through the ever-evolving landscape of real estate across the United States, with a special focus on Southern California and some exciting potential future trends. We’ll talk about virtual brokerage, the future of real estate, and a company that is making waves in the industry, eXp Realty.

It’s no secret that the real estate market has seen some significant changes over the past few years. The spring market specifically, has seen an uptick in the condition of both sales and inventory. The National Association of Realtors® highlighted an increase of 1.3% year on year, showing a positive sign of recovery after a turbulent time.

But as the industry starts to bounce back, competition is increasing and so are the prices, making us all wonder where the best deals can now be found. Lucky for you, I’m here to help navigate the treacherous waters of fluctuating home prices.

Out of the 50 metropolitan areas analyzed, 33 have a median home price below the national average. That’s good news! Even more exciting? 15 of them have populations above 2 million with five boasting populations above 5 million. Seems like opportunity is knocking on the door of large urban cities like Chicago, IL, where despite a 6.2% year-over-year price growth, its median house price is still below the national median.

Plus, the comforting fact is, even in more affordable markets, like Rochester, NY, Hartford, CT, New Haven, CT, Oklahoma City, OK, and Cincinnati, OH, where prices are still below the national median, growth is more than 9%. That’s an open invitation to any potential homeowner to build significant equity.

The emergence of these markets also makes them an exciting prospect for real estate investment as well. If becoming a real estate investor is on your wishlist, locations like Philadelphia, PA, and the burgeoning market of Kansas City, MO might just be the perfect starting points for you.

However, if your heart is set on the glitz and glamor of sought-after cities like New York or Southern California, you might want to brace yourself for the reality of a hefty price tag. But don’t worry, it’s not all doom and gloom. Alternative markets are also experiencing a surge in appeal due largely to impressive affordability. For instance, New York’s second and third-largest cities, Buffalo and Rochester, maintain home prices nearly $150,000 below the national median.

Southern California, home to notoriously high home prices, also offers affordable options such as Fresno or the savvy buyer’s choice, Bakersfield, where the median home price is a comfortable $11,800 below the national median.

The advancements in technology have effectively reshaped the real estate industry, and it’s clear that virtual brokerage is the future of real estate. eXp Realty, also known as a cloud-based brokerage, is providing a fantastic model for how technology can enhance the real estate buying and selling process. With a focus on remote work and collaborative tools, they’re reshaping the industry standards and expectations.

So there you have it! The real estate market is continuously evolving, with areas like Southern California and amazing companies like eXp Realty leading the charge into the future of real estate. However, it’s clear that opportunity exists across the country for savvy buyers and investors willing to explore alternative markets and take advantage of innovative virtual brokerage models.

Well, that’s all for today on this rollercoaster ride through the real estate industry. I hope this enlightening trip has brought out the real estate enthusiast in you.

Stay tuned for more thrilling insights into the world of real estate on my blog! Until next time, keep dreaming, keep investing, and let’s shape the future of real estate together.

Original Article: https://life.exprealty.com/single-family-homes-us-below-national-median-q1-2024/