8 Places Where Houses Are Suddenly Major Bargains
Homeownership certainly isn’t a cheap decision. In a shocking 99% of the country, the average family cannot afford a home, according to a recent report from real estate data provider ATTOM.
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The median list price for homes currently on the market in New York City is $727,695, which still falls short of the astronomical median list price of San Francisco homes, at $1,212,137. Meanwhile, the U.S. median list price is $342,941, a 3.1% increase from the previous year.
If you’re looking for a bargain on your home, you may find greater success in certain areas of the country. To determine which cities currently have the best bargain homes, GOBankingRates analyzed the 2022 and 2023 median list prices for the 200 largest housing markets in the country.
The study found 8 cities where the year-over-year change in home prices has declined and home prices are below the U.S. median, all of which are concentrated in the South and Midwest. GOBankingRates ranked the cities by their year-over-year change in median list prices, with the No. 1 city offering the biggest bargain on real estate.
These places offer the best deal if you’re looking to buy a house.
8. St. Louis
Median list price in 2022: $215,839
Median list price in 2023: $215,626
Year-over-year price change: -0.10%
Median days to close: 31
Average percentage of listings with price cuts in 2023: 19.84%
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7. New Orleans
Median list price in 2022: $310,767
Median list price in 2023: $310,225
Year-over-year price change: -0.17%
Median days to close: 30
Average percentage of listings with price cuts in 2023: 25.16%
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6. Macon, Georgia
Median list price in 2022: $138,221
Median list price in 2023: $137,450
Year-over-year price change: -0.56%
Median days to close: 27
Average percentage of listings with price cuts in 2023: 18.62%
5. Lafayette, Louisiana
Median list price in 2022: $250,153
Median list price in 2023: $248,726
Year-over-year price change: -0.57%
Median days to close: 31
Average percentage of listings with price cuts in 2023: 23.42%
4. South Bend, Indiana
Median list price in 2022: $205,282
Median list price in 2023: $203,110
Year-over-year price change: -1.06%
Median days to close: 30
Average percentage of listings with price cuts in 2023: 21.21%
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3. Flint, Michigan
Median list price in 2022: $164,692
Median list price in 2023: $162,332
Year-over-year price change: -1.43%
Median days to close: 28
Average percentage of listings with price cuts in 2023: 21.81%
2. Detroit
Median list price in 2022: $225,889
Median list price in 2023: $221,767
Year-over-year price change: -1.82%
Median days to close: 27
Average percentage of listings with price cuts in 2023: 20.17%
1. Jackson, Mississippi
Median list price in 2022: $236,614
Median list price in 2023: $215,874
Year-over-year price change: -8.77%
Median days to close: 33
Average percentage of listings with price cuts in 2023: 22.73%
Methodology: In order to find metros in which houses are suddenly a major bargain, GOBankingRates looked at the 2022 average median list price and 2023 average median list price for the 200 biggest housing metro markets in the United States and found the percentage change in year over year growth or decline of median list price. GOBankingRates found 8 metros where median list price has gone down since 2022 and those 8 metros are included on this list. GOBankingRates also found the 2023 averages for median days to close and percent of listings with a price cut all as supplemental data. All data was sourced from Zillow’s housing data and is up to date as of Feb. 7, 2024. Metros also had to have a 2023 median list price below the national average to qualify.
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This article originally appeared on GOBankingRates.com: 8 Places Where Houses Are Suddenly Major Bargains
