Houses in These Cities Are Suddenly Major Bargains
The COVID-19 pandemic has caused a real estate surge in many parts of the U.S., creating a strong seller’s market. Record low mortgage rates, combined with a sharp decline in inventory, sent listing prices up 17% from January to September 2020, according to Realtor.com.
Read: Americans’ Savings Drop to Lowest Point in Years
While this is great news for sellers, it can be discouraging for buyers looking to put down roots. However, there are still plenty of cities where homes can be purchased at affordable prices.
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GOBankingRates conducted a study to find out which cities have the biggest bargains on houses. Single-family residences in those that made the list were valued above the national average of $247,282 in March 2020, but fell below the national average of $265,109 in December 2020 — as well as below the average for their state.
If you’re interested in buying a house, but don’t want to pay a premium, this could be a strategic way to find your dream home. Here’s a look at the 15 largest cities to make the list.
Last updated: Feb. 22, 2021
Colville, Washington
March 31, 2020, Single Family Residence Home Value: $254,253
Dec. 31, 2020, Single Family Residence Home Value: $262,110
March to Dec. Growth in Home Value: $7,857
March to Dec. Growth in Home Value (%): 3.09%
State Average SFR Home Value December 2020: $471,133
State Average Growth in Home Value March to Dec.: $42,779
State Average Growth in Home Value March to Dec (%): 9.99%
Difference in Dec. Home Value vs. State Average: $209,023
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Knik-Fairview, Alaska
March 31, 2020, Single Family Residence Home Value: $259,476
Dec. 31, 2020, Single Family Residence Home Value: $258,994
March to Dec. Growth in Home Value: -$482
March to Dec. Growth in Home Value (%): -0.19%
State Average SFR Home Value December 2020: $312,877
State Average Growth in Home Value March to Dec.: $5,522
State Average Growth in Home Value March to Dec (%): 1.80%
Difference in Dec. Home Value vs. State Average: $53,883
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Lander, Wyoming
March 31, 2020, Single Family Residence Home Value: $252,794
Dec. 31, 2020, Single Family Residence Home Value: $259,528
March to Dec. Growth in Home Value: $6,734
March to Dec. Growth in Home Value (%): 2.66%
State Average SFR Home Value December 2020: $260,481
State Average Growth in Home Value March to Dec.: $6,754
State Average Growth in Home Value March to Dec (%): 2.66%
Difference in Dec. Home Value vs. State Average: $953
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Winnemucca, Nevada
March 31, 2020, Single Family Residence Home Value: $249,770
Dec. 31, 2020, Single Family Residence Home Value: $251,153
March to Dec. Growth in Home Value: $1,383
March to Dec. Growth in Home Value (%): 0.55%
State Average SFR Home Value December 2020: $341,854
State Average Growth in Home Value March to Dec.: $21,434
State Average Growth in Home Value March to Dec (%): 6.69%
Difference in Dec. Home Value vs. State Average: $90,701
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Wimauma, Florida
March 31, 2020, Single Family Residence Home Value: $247,309
Dec. 31, 2020, Single Family Residence Home Value: $259,949
March to Dec. Growth in Home Value: $12,640
March to Dec. Growth in Home Value (%): 5.11%
State Average SFR Home Value December 2020: $280,248
State Average Growth in Home Value March to Dec.: $17,637
State Average Growth in Home Value March to Dec (%): 6.72%
Difference in Dec. Home Value vs. State Average: $20,299
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Callahan, Florida
March 31, 2020, Single Family Residence Home Value: $247,771
Dec. 31, 2020, Single Family Residence Home Value: $257,802
March to Dec. Growth in Home Value: $10,031
March to Dec. Growth in Home Value (%): 4.05%
State Average SFR Home Value December 2020: $280,248
State Average Growth in Home Value March to Dec.: $17,637
State Average Growth in Home Value March to Dec (%): 6.72%
Difference in Dec. Home Value vs. State Average: $22,446
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Prineville, Oregon
March 31, 2020, Single Family Residence Home Value: $249,934
Dec. 31, 2020, Single Family Residence Home Value: $262,523
March to Dec. Growth in Home Value: $12,589
March to Dec. Growth in Home Value (%): 5.04%
State Average SFR Home Value December 2020: $401,060
State Average Growth in Home Value March to Dec.: $29,593
State Average Growth in Home Value March to Dec (%): 7.97%
Difference in Dec. Home Value vs. State Average: $138,537
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Crescent City, California
March 31, 2020, Single Family Residence Home Value: $249,070
Dec. 31, 2020, Single Family Residence Home Value: $257,737
March to Dec. Growth in Home Value: $8,667
March to Dec. Growth in Home Value (%): 3.48%
State Average SFR Home Value December 2020: $628,535
State Average Growth in Home Value March to Dec.: $48,231
State Average Growth in Home Value March to Dec (%): 8.31%
Difference in Dec. Home Value vs. State Average: $370,798
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The Dalles, Oregon
March 31, 2020, Single Family Residence Home Value: $249,284
Dec. 31, 2020, Single Family Residence Home Value: $260,497
March to Dec. Growth in Home Value: $11,213
March to Dec. Growth in Home Value (%): 4.50%
State Average SFR Home Value December 2020: $401,060
State Average Growth in Home Value March to Dec.: $29,593
State Average Growth in Home Value March to Dec (%): 7.97%
Difference in Dec. Home Value vs. State Average: $140,563
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Fallon, Nevada
March 31, 2020, Single Family Residence Home Value: $250,101
Dec. 31, 2020, Single Family Residence Home Value: $259,425
March to Dec. Growth in Home Value: $9,324
March to Dec. Growth in Home Value (%): 3.73%
State Average SFR Home Value December 2020: $341,854
State Average Growth in Home Value March to Dec.: $21,434
State Average Growth in Home Value March to Dec (%): 6.69%
Difference in Dec. Home Value vs. State Average: $82,429
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Gloucester, Virginia
March 31, 2020, Single Family Residence Home Value: $248,036
Dec. 31, 2020, Single Family Residence Home Value: $257,519
March to Dec. Growth in Home Value: $9,483
March to Dec. Growth in Home Value (%): 3.82%
State Average SFR Home Value December 2020: $308,226
State Average Growth in Home Value March to Dec.: $17,623
State Average Growth in Home Value March to Dec (%): 6.06%
Difference in Dec. Home Value vs. State Average: $50,707
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Crystal, Minnesota
March 31, 2020, Single Family Residence Home Value: $247,786
Dec. 31, 2020, Single Family Residence Home Value: $264,858
March to Dec. Growth in Home Value: $17,072
March to Dec. Growth in Home Value (%): 6.89%
State Average SFR Home Value December 2020: $283,194
State Average Growth in Home Value March to Dec.: $16,141
State Average Growth in Home Value March to Dec (%): 6.04%
Difference in Dec. Home Value vs. State Average: $18,336
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North Pole, Alaska
March 31, 2020, Single Family Residence Home Value: $252,329
Dec. 31, 2020, Single Family Residence Home Value: $263,873
March to Dec. Growth in Home Value: $11,544
March to Dec. Growth in Home Value (%): 4.57%
State Average SFR Home Value December 2020: $312,877
State Average Growth in Home Value March to Dec.: $5,522
State Average Growth in Home Value March to Dec (%): 1.80%
Difference in Dec. Home Value vs. State Average: $49,004
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Tamarac, Florida
March 31, 2020, Single Family Residence Home Value: $248,366
Dec. 31, 2020, Single Family Residence Home Value: $264,742
March to Dec. Growth in Home Value: $16,376
March to Dec. Growth in Home Value (%): 6.59%
State Average SFR Home Value December 2020: $280,248
State Average Growth in Home Value March to Dec.: $17,637
State Average Growth in Home Value March to Dec (%): 6.72%
Difference in Dec. Home Value vs. State Average: $15,506
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Melbourne, Florida
March 31, 2020, Single Family Residence Home Value: $248,755
Dec. 31, 2020, Single Family Residence Home Value: $264,140
March to Dec. Growth in Home Value: $15,385
March to Dec. Growth in Home Value (%): 6.18%
State Average SFR Home Value December 2020: $280,248
State Average Growth in Home Value March to Dec.: $17,637
State Average Growth in Home Value March to Dec (%): 6.72%
Difference in Dec. Home Value vs. State Average: $16,108
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Methodology: To learn where houses are suddenly a bargain, GOBankingRates first found the (1) March 2020 single family residence (SFR) home value for every U.S. city and the national average, sourced from Zillow. Those cities with SFR home values above the national average in March were moved on to the next factor (2) December 2020 SFR home values. The remaining cities with a December 2020 SFR home value lower than the national average were deemed “suddenly bargains” and moved on to the next set of factors. For inclusion in the top 15, the above criteria had to be met and the December 2020 SFR home value in each city had to be below (3) the state’s December 2020 average home value. The 15 largest cities that met all the criteria laid out above were included in the final ranking. GOBankingRates also found the (4) March to December 2020 growth in SFR home value: (5) percent change in March to December 2020 SFR home value for each city and state as supplemental data. All figures were sourced from Zillow and are up to date as of Jan. 27, 2021.
This article originally appeared on GOBankingRates.com: Houses in These Cities Are Suddenly Major Bargains
