What’s a first-time homebuyer to do in today’s market? Mortgage rates remain well above the pandemic lows, while inventory has turned a corner and is providing more and more options by the week.
Realtor.com sought to find the 10 best markets for first-time buyers in 2023—of which California was completely shut out. In fact, Utah is the only Western state to chart.
Taking into account local job markets, short commute times, plenty of places to eat and drink, a younger population, affordability and more homes to choose from, Realtor.com found the following to be the 10 best markets for newbies in 2023:
- Portsmouth, VA
- DeForest, WI
- Windsor Locks, CN
- Gloucester City, NJ
- Moore, OK
- Magna, UT
- Eggertsville, NY
- Watervliet, NY
- Mattydale, NY
- Somersworth, NH
This year’s markets are located within metro areas that have an average forecasted 2023 home sales growth rate of 1.2 percent, higher than the national rate which is expected to decline -14.1 percent.
In terms of price growth, Somersworth, which is located within the Boston metro area, is expected to have the highest growth in 2023 among the 10 places on the list, up 9.5 percent. That’s followed closely by the Madison metro area containing DeForest, up 9 percent.