U.S. Home Prices Are Still High, but These 7 Cities Boast Tons of Listings Below $300K
April 15, 2024
Home prices and mortgage rates might be higher than most homebuyers find comfortable—but a new report has unearthed a few cities that can offer cash-strapped bargain hunters hope.
The Realtor.com® March monthly housing report has found that while listing prices have hit a median of $424,900 nationwide, seven metros still boast median home prices below $300,000.
Homebuyers looking for these deals will not only find them in various parts of the country, from the Northeast to the South to the Midwest, but be greeted with a greater number of listings compared to last year.
“Continuing into the spring homebuying season, prospective homebuyers will find more options compared with previous years, particularly more affordably priced homes,” says Realtor.com® economic data manager Sabrina Speianu.
Where homebuyers can find homes under $300K
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
Birmingham, Alabama
Metro median list price:$290,000
Annual price change: +4%
Annual inventory change: +27.6%
2872 Norwood Blvd for sale for $279,900
This completely remodeled home boasts three bedrooms, two bathrooms, and a garage.(Realtor.com)
Buffalo, New York
Metro median list price: $270,000
Annual price change: +9.7%
Annual inventory change: +4.2%
714 Mount Vernon Rd for sale for $269,900
This three-bedroom home features original woodwork. (Realtor.com)
Cleveland, Ohio
Metro median list price: $227,000
Annual price change:+8.4%
Annual inventory change: +0.4%
3134 W 73rd St for sale for $220,000
This single-family home boasts a wraparound porch. (Realtor.com)
Detroit, Michigan
Metro median list price:$238,000
Annual price change:+1.2%
Annual inventory change: +3.6%
1331 Cadillac Blvd for sale for $200,000
Live on Cadillac Boulevard in this brick home.(Realtor.com)
Pittsburgh, Pennsylvania
Metro median list price: $240,000
Annual price change:+11.6%
Annual inventory change: +10.8%
141 Sheldon Ave for sale for $229,900
This home has never been on the market before.(Realtor.com)
Rochester, New York
Metro median list price: $277,000
Annual price change: +8.7%
Annual inventory change: -4.0%
170 South Ave for sale for $250,000
A captivating 1920s Colonial fixer-upper with great potential(Realtor.com)
St. Louis, Missouri
Metro median list price: $292,000
Annual price change:+4.7%
Annual inventory change: +14.2%
2328 Bellevue Ave for sale for $275,000
This home has been fully renovated.(Realtor.com)
How Affordable Homes Can Help Buyers Save Money
In a housing market plagued by high interest rates that have been hovering stubbornly in the mid-6% range for months, a growing number of lower-priced homes might be what this sluggish spring housing market needs to get moving.
Nationwide, home prices inched upward by 0.2% in March compared to a year earlier. Yet despite the fact that home prices are basically flat, once you factor in today’s mortgage rates, this means the cost of financing 80% of the typical home in March rose by roughly $63 per month compared to last year.
“This increased the required household income to purchase the median-priced home by $2,500 to $88,600, before accounting for the cost of tax and insurance,” explains Speianu.
For homebuyers who can’t stretch their budgets to meet this high bar, shopping in areas where homes are selling for under $300,000 can give them some much-needed wiggle room.
Source: U.S. Home Prices Are Still High, but These 7 Cities Boast Tons of Listings Below $300K realtor.com (April 4, 2024) Margaret Heidenry