7 Cities with Abundant Listings Below $300K Amid High U.S. Home Prices
Despite soaring home prices and persistent mortgage rate challenges, a recent Realtor.com® report highlights seven cities where budget-conscious homebuyers can still find affordable options below $300,000. These cities span various regions across the United States and offer increased listing availability compared to the previous year, providing a glimmer of hope for bargain hunters.
1. Overview of Affordable Markets: While the median listing price across the nation stands at $424,900, these seven metros boast median home prices below $300,000, signaling relative affordability amidst a competitive market. Prospective buyers can expect more choices, particularly in the lower price range, as the spring homebuying season progresses.
2. Key Findings: Birmingham, AL leads the pack with a 4% annual price increase to $290,000, accompanied by a notable 27.6% rise in listings. Conversely, Rochester, NY experienced a slight inventory decline of 4%, despite an 8.7% price increase to $277,000.
3. Snapshot of Affordable Markets: Each city offers unique opportunities, with Buffalo, NY boasting a median list price of $270,000 and Cleveland, OH featuring a median list price of $227,000. Sample listings, such as 2872 Norwood Blvd in Birmingham listed at $279,900, provide insights into available properties.
4. Potential Savings for Buyers: Amidst a landscape of elevated interest rates, the proliferation of lower-priced homes presents an opportunity for buyers to save significantly. Despite marginal price increases, the affordability of these markets, coupled with current mortgage rates, offers potential savings for households.
As the housing market navigates challenges posed by high interest rates, the emergence of more affordable housing options in these cities could stimulate activity and provide relief for budget-conscious buyers. The availability of listings below $300,000 underscores the resilience and diversity of the U.S. real estate market.
Source: Realtor.com by Margaret Heidenry
