These Are America’s 10 Best States for Buying and Selling a Home in 2024, With a Big Caveat at No. 1
The U.S. housing market is in a deep funk, with high mortgage rates and low inventory squeezing both buyers and sellers. But the pain isn’t evenly distributed. Some states are weathering the storm better than others, with a surprising mix of climate risks and housing opportunities.
As a real estate expert who’s been in the trenches for over a decade, I’ve seen markets boom and bust. The 2024 landscape is one of the trickiest I’ve encountered. Companies use housing data to decide where to relocate, and for good reason: employees need affordable places to live. That makes the housing market a critical factor in a state’s economic competitiveness.
CNBC’s annual “America’s Top States for Business” study grades states on housing affordability and value, considering price appreciation, inventory levels, new construction, and signs of market stress like foreclosures and underwater mortgages.
While every market has its own quirks, these 10 states offer the best balance of opportunity for both buyers and sellers in 2024.
Delaware: The Quiet Achiever
The First State might not be the flashiest market, but it offers surprising stability. Delaware’s housing affordability is about average, but what makes it stand out are the rock-bottom property taxes. At less than half a percent, Delaware has one of the lowest effective property tax rates in the nation.
For homebuyers, this translates to significant savings over time. While inventory remains tight and price appreciation is modest, the low tax burden makes your housing dollar go further. The market is stable, with manageable foreclosure rates and healthy home equity levels. It’s not a market for speculators, but for those seeking a reliable place to put down roots, Delaware offers a compelling value proposition.
2024 Economy Rank: No. 10 (Top States Grade: B-)
Appreciation: 4.73%
Inventory (July): 2 months
Affordability Score (0 to 2, with 2 being most affordable): 0.56
Effective Property Tax Rate: 0.43%
Median Sales Price: $360,700
Indiana: Midwest Value at Its Best
Indiana continues to be a standout for homebuyers seeking affordability combined with solid price appreciation. The Hoosier State offers low property taxes and a healthy supply of entry-level homes, making it a haven for first-time buyers.
Inventory has been tight, but builders are stepping up, with new construction helping to ease the pressure. Home price growth has been robust, outpacing the national average, yet prices remain well below coastal markets. The state’s low cost of living and business-friendly environment further enhance its appeal. Indiana represents that rare combination of value and opportunity that’s increasingly hard to find.
2024 Economy Rank: No. 19 (Top States Grade: C)
Appreciation: 8.02%
Inventory (July): 2 months
Affordability Score: 0.81
Effective Property Tax Rate: 0.86%
Median Sales Price: $265,300
Georgia: Southern Growth Engine
Georgia’s housing market is firing on all cylinders, driven by robust job growth and a steady influx of new residents. The Peach State offers a great blend of affordability, appreciation, and lifestyle, making it a magnet for both buyers and sellers.
Home inventories are building, thanks to active homebuilders who are racing to keep pace with demand. This increased supply is helping to moderate price gains, keeping the market balanced. Atlanta, in particular, continues to be a hotbed of activity, with strong demand across all price points. Georgia represents that sweet spot of southern charm and economic dynamism that’s hard to beat.
2024 Economy Rank: No. 7 (Top States Grade: B)
Appreciation: 7.16%
Inventory (July): 3 months
Affordability Score: 0.59
Effective Property Tax Rate: 0.82%
Median Sales Price: $385,600
Tennessee: Affordable Charm and Growth
Tennessee offers a compelling package for homebuyers, with low property taxes and a growing economy. The Volunteer State has become a go-to destination for those seeking affordability without sacrificing quality of life.
While affordability can be a challenge in some areas, the state has implemented policies to encourage more affordable housing development. Inventory is on the rise, which is helping to cool off bidding wars and stabilize prices. Nashville and its surrounding areas continue to see strong demand, but affordability is still better than in many neighboring states. Tennessee is proof that you can have it all: growth, affordability, and a great lifestyle.
2024 Economy Rank: No. 3 (Top States Grade: B+)
Appreciation: 6.24%
Inventory (July): 3 months
Affordability Score: 0.49
Effective Property Tax Rate: 0.44%
Median Sales Price: $393,000
Nevada: Volatile but Promising
Nevada’s housing market is never boring, but this year offers some intriguing opportunities for savvy buyers and sellers. The Silver State’s market is historically volatile, but recent trends show a stabilization that could benefit those willing to navigate the ups and downs.
Inventory remains manageable, and new construction is active, particularly in master-planned communities around Las Vegas. While affordability is a persistent issue, price moderation has created a more balanced market. Home equity levels are healthy, and foreclosure rates, while ticking up slightly, are not at alarming levels. Nevada is a market for those who understand risk and reward, offering potentially high returns for those who time it right.
2024 Economy Rank: No. 8 (Top States Grade: B)
Appreciation: 3.39%
Inventory (July): 2 months
Affordability Score: 0.43%
Effective Property Tax Rate: 0.48%
Median Sales Price: $458,300
New Jersey: High Taxes, High Rewards
New Jersey’s housing market presents a classic trade-off: high property taxes but also strong price appreciation and demand. The Garden State offers a robust market for sellers, with home prices surging in recent years.
For buyers, the affordability equation is tougher, with median incomes struggling to keep pace with rising prices. However, the market is active, and inventory levels, while tight, are not as dire as in some other Northeast markets. New Jersey’s strong economy and proximity to New York City continue to drive demand. The state is a prime example of a market where value is determined by location and lifestyle, not just price.
2024 Economy Rank: No. 17 (Top States Grade: C+)
Appreciation: 11.38%
Inventory (July): 2 months
Affordability Score: 0.56
Effective Property Tax Rate: 1.64%
Median Sales Price: $532,400
North Carolina: The Growth Leader
North Carolina has emerged as one of the country’s hottest markets, with robust job growth and a booming housing sector. The Tar Heel State offers a winning combination of affordability, appreciation, and lifestyle, attracting residents from across the nation.
Homebuilders are working overtime to keep pace with demand, with housing starts among the highest in the country. Inventory is tight, but the construction boom is helping to ease the pressure. Property taxes are reasonable, especially considering the state’s rapid growth. North Carolina represents that ideal scenario where a strong economy fuels a healthy housing market, creating opportunities for both buyers and sellers.
2024 Economy Rank: No. 4 (Top States Grade: B+)
Appreciation: 6.98%
Inventory (July): 2 months
Affordability Score: 0.52
Effective Property Tax Rate: 0.6%
Median Sales Price: $383,700
Arizona: Desert Dynamism
Arizona’s housing market is characterized by strong demand and a healthy supply of new construction. The Grand Canyon State offers a dynamic market with rising home prices and healthy equity gains for sellers.
Home inventories are building, but construction activity remains robust, with builders scrambling to meet demand. Property taxes are low, which helps offset some of the affordability challenges. Phoenix and its surrounding areas continue to be major draws, attracting remote workers and retirees alike. Arizona represents a market in full swing, offering opportunities for those who can navigate its fast-paced environment.
2024 Economy Rank: No. 5 (Top States Grade: B+)
Appreciation: 6.63%
Inventory (July): 3 months
Affordability Score: 0.44
Effective Property Tax Rate: 0.41%
Median Sales Price: $450,800
South Carolina: Affordable Coastal Living
South Carolina offers a compelling mix of affordability and lifestyle, making it a top destination for homebuyers. The Palmetto State’s housing market is characterized by strong price appreciation and a growing inventory that’s helping to keep the market balanced.
Home prices are rising, but they remain more affordable than in many neighboring states. This affordability is attracting new residents and fueling construction activity. Property taxes are low, and home equity levels are healthy. While foreclosure rates are on the higher side, they’re not at alarming levels. South Carolina represents that perfect blend of southern charm
