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- Median current value: $303,909
- Median current value per square foot: $179
- Median untapped potential value: $128,628
- Median untapped value per square foot: $59
Over 38% of residents live in the South, nearly 15% more than in the West, which is the next largest region in the country. Population growth is particularly high in Texas and Florida, and while people often flock there for warmer weather, these states are known for lower taxes and less regulation.
Construction has also increased in the South. According to the Census Bureau, in 2021, over 917,000 housing permits were issued in the region, accounting for over half of all permits issued in the country. This year, although inflation and higher mortgage interest rates are cooling off the market, the South's overall housing permits are still up 1.2%, about the same as the Midwest. Meanwhile, the Northeast and West saw negative growth of -3.1% and -1.4%, respectively.