Homes have become increasingly unaffordable as prices continue to surge for a variety of reasons, one of which is a lack of supply. According to a recent report from Freddie Mac, the national housing shortage has reached 3.7 million units.
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However, housing supply has been increasing — albeit slowly — over the past two decades. The total inventory reached 144 million housing units in 2023, a 16.7% increase from 2005, StorageCafe reported. Supply has been increasing at faster rates in some areas; and, as a result, these areas tend to have more affordable homes.
To find the areas where the housing supply is booming, StorageCafe analyzed 489 cities with populations over 55,000, ranking them based on local inventory growth from 2005 to 2023. GOBankingRates then identified which of these cities have below-average priced homes.
Here’s a look at the cities with a booming housing supply and affordable homes. Also see housing markets where homes are expected to skyrocket soon.
The Woodlands, Texas
- 2005 to 2023 housing stock change (%): 84.3%
- Total housing units (2023): 47,665
- Average home value: $306,191
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Rio Rancho, New Mexico
- 2005 to 2023 housing stock change (%): 72.5%
- Total housing units (2023): 43,065
- Average home value: $346,028
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College Station, Texas
- 2005 to 2023 housing stock change (%): 65.6%
- Total housing units (2023): 52,687
- Average home value: $343,365
North Charleston, South Carolina
- 2005 to 2023 housing stock change (%): 64.8%
- Total housing units (2023): 57,530
- Average home value: $304,647
Killeen, Texas
- 2005 to 2023 housing stock change (%): 64.6%
- Total housing units (2023): 71,043
- Average home value: $219,436
Clarksville, Tennessee
- 2005 to 2023 housing stock change (%): 63.5%
- Total housing units (2023): 76,395
- Average home value: $304,401
Editor’s note: Housing stock data was sourced from StorageCafe. Average home values were sourced from Zillow and are accurate as of Dec. 16, 2024.
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This article originally appeared on GOBankingRates.com: 6 Affordable Cities Where the Housing Supply Is Booming
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