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Joel Berner Identifies Southern United States as Leading Region for Affordable New-Construction Housing

Realtor.com senior economist Joel Berner reported that the Southern United States is currently the premier region for purchasing new-construction homes due to a combination of affordability and inventory availability. The report identified the top 10 metro areas for new builds, with eight of those locations situated in the South. Specifically, North Carolina and South Carolina dominated the list, with six of the top 10 metros appearing in those two states alone. Berner noted that Southern metros are creating conditions where new builds compete with or even beat existing homes in price. In Charleston, South Carolina, the median new-build price is 12.2% lower than the median existing-home price. Other top-performing markets include Greenville, South Carolina, and Nashville, Tennessee. Builders in these regions are leveraging cheaper land and more permissive zoning laws to increase supply. To attract buyers, developers are offering aggressive incentives such as mortgage-rate buy-downs and closing-cost assistance. These factors, combined with a Sun Belt lifestyle, are driving significant migration from other states, including a large exodus of residents moving from Florida to North Carolina.

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