15 Cities Where Houses Are Best Bargains Right Now

During the pandemic, Americans yearned to move to places with more space – allowing for working – and working out — from home and the security of social distancing. And that drove up housing prices as eager buyers snapped up homes, often sight unseen and at way-over-asking prices, in droves. It was a seller’s dream market.

Fast forward, and the market rush has ended in many cities, partially because rising interest rates have made homes increasingly unaffordable for many buyers.

As a result, nearly 20% of the homes nationwide on the market underwent price reductions in February, Realtor.com reported. Still, home prices aren’t as budget-friendly as they were pre-pandemic, but there are some cities where you can settle down at a more affordable price.

GOBankingRates conducted a study to find out which cities have the biggest bargains on houses. To be included on the list, homes needed to meet certain criteria, including being priced below the average in 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.

• Feb. 28, 2022, Single Family Residence Home Value: $273,766
• Feb. 28, 2023, Single Family Residence Home Value: $276,294
• February to February Growth in Home Value: $2,528
• February to February Growth in Home Value (%): 0.92%
• State Average SFR Home Value February 2023: $291,194
• State Average Growth in Home Value February to February: $18,781
• State Average Growth in Home Value February to February (%): 6.89%
• Difference in February 2023 Home Value vs. State Average: $14,900

• Feb. 28, 2022, Single Family Residence Home Value: $185,479
• Feb. 28, 2023, Single Family Residence Home Value: $193,457
• February to February Growth in Home Value: $7,978
• February to February Growth in Home Value (%): 4.30%
• State Average SFR Home Value February 2023: $200,943
• State Average Growth in Home Value February to February: $15,585
• State Average Growth in Home Value February to February (%): 8.41%
• Difference in February 2023 Home Value vs. State Average: $7,486

• Feb. 28, 2022, Single Family Residence Home Value: $222,638
• Feb. 28, 2023, Single Family Residence Home Value: $225,208
• February to February Growth in Home Value: $2,569
• February to February Growth in Home Value (%): 1.15%
• State Average SFR Home Value February 2023: $232,421
• State Average Growth in Home Value February to February: $11,618
• State Average Growth in Home Value February to February (%): 5.26%
• Difference in February 2023 Home Value vs. State Average: $7,214

• Feb. 28, 2022, Single Family Residence Home Value: $303,648
• Feb. 28, 2023, Single Family Residence Home Value: $305,341
• February to February Growth in Home Value: $1,693
• February to February Growth in Home Value (%): 0.56%
• State Average SFR Home Value February 2023: $312,520
• State Average Growth in Home Value February to February: $10,967
• State Average Growth in Home Value February to February (%): 3.64%
• Difference in February 2023 Home Value vs. State Average: $7,179

• Feb. 28, 2022, Single Family Residence Home Value: $194,550
• Feb. 28, 2023, Single Family Residence Home Value: $199,742
• February to February Growth in Home Value: $5,192
• February to February Growth in Home Value (%): 2.67%
• State Average SFR Home Value February 2023: $206,318
• State Average Growth in Home Value February to February: $12,033
• State Average Growth in Home Value February to February (%): 6.19%
• Difference in February 2023 Home Value vs. State Average: $6,576

• Feb. 28, 2022, Single Family Residence Home Value: $255,659
• Feb. 28, 2023, Single Family Residence Home Value: $270,614
• February to February Growth in Home Value: $14,955
• February to February Growth in Home Value (%): 5.85%
• State Average SFR Home Value February 2023: $276,663
• State Average Growth in Home Value February to February: $21,534
• State Average Growth in Home Value February to February (%): 8.44%
• Difference in February 2023 Home Value vs. State Average: $6,049

• Feb. 28, 2022, Single Family Residence Home Value: $280,134
• Feb. 28, 2023, Single Family Residence Home Value: $285,385
• February to February Growth in Home Value: $5,251
• February to February Growth in Home Value (%): 1.87%
• State Average SFR Home Value February 2023: $291,194
• State Average Growth in Home Value February to February: $18,781
• State Average Growth in Home Value February to February (%): 6.89%
• Difference in February 2023 Home Value vs. State Average: $5,808

• Feb. 28, 2022, Single Family Residence Home Value: $279,291
• Feb. 28, 2023, Single Family Residence Home Value: $295,733
• February to February Growth in Home Value: $16,442
• February to February Growth in Home Value (%): 5.89%
• State Average SFR Home Value February 2023: $301,407
• State Average Growth in Home Value February to February: $23,122
• State Average Growth in Home Value February to February (%): 8.31%
• Difference in February 2023 Home Value vs. State Average: $5,675

• Feb. 28, 2022, Single Family Residence Home Value: $222,858
• Feb. 28, 2023, Single Family Residence Home Value: $231,881
• February to February Growth in Home Value: $9,023
• February to February Growth in Home Value (%): 4.05%
• State Average SFR Home Value February 2023: $237,045
• State Average Growth in Home Value February to February: $18,147
• State Average Growth in Home Value February to February (%): 8.29%
• Difference in February 2023 Home Value vs. State Average: $5,164

• Feb. 28, 2022, Single Family Residence Home Value: $239,858
• Feb. 28, 2023, Single Family Residence Home Value: $246,463
• February to February Growth in Home Value: $6,606
• February to February Growth in Home Value (%): 2.75%
• State Average SFR Home Value February 2023: $251,590
• State Average Growth in Home Value February to February: $15,603
• State Average Growth in Home Value February to February (%): 6.61%
• Difference in February 2023 Home Value vs. State Average: $5,127

• Feb. 28, 2022, Single Family Residence Home Value: $187,103
• Feb. 28, 2023, Single Family Residence Home Value: $195,889
• February to February Growth in Home Value: $8,787
• February to February Growth in Home Value (%): 4.70%
• State Average SFR Home Value February 2023: $200,943
• State Average Growth in Home Value February to February: $15,585
• State Average Growth in Home Value February to February (%): 8.41%
• Difference in February 2023 Home Value vs. State Average: $5,054

• Feb. 28, 2022, Single Family Residence Home Value: $181,298
• Feb. 28, 2023, Single Family Residence Home Value: $171,899
• February to February Growth in Home Value: -$9,398
• February to February Growth in Home Value (%): -5.18%
• State Average SFR Home Value February 2023: $176,530
• State Average Growth in Home Value February to February: $3,007
• State Average Growth in Home Value February to February (%): 1.73%
• Difference in February 2023 Home Value vs. State Average: $4,630

• Feb. 28, 2022, Single Family Residence Home Value: $187,433
• Feb. 28, 2023, Single Family Residence Home Value: $196,601
• February to February Growth in Home Value: $9,168
• February to February Growth in Home Value (%): 4.89%
• State Average SFR Home Value February 2023: $200,943
• State Average Growth in Home Value February to February: $15,585
• State Average Growth in Home Value February to February (%): 8.41%
• Difference in February 2023 Home Value vs. State Average: $4,343

• Feb. 28, 2022, Single Family Residence Home Value: $263,102
• Feb. 28, 2023, Single Family Residence Home Value: $276,831
• February to February Growth in Home Value: $13,729
• February to February Growth in Home Value (%): 5.22%
• State Average SFR Home Value February 2023: $281,157
• State Average Growth in Home Value February to February: $21,465
• State Average Growth in Home Value February to February (%): 8.27%
• Difference in February 2023 Home Value vs. State Average: $4,326

• Feb. 28, 2022, Single Family Residence Home Value: $236,034
• Feb. 28, 2023, Single Family Residence Home Value: $247,364
• February to February Growth in Home Value: $11,330
• February to February Growth in Home Value (%): 4.80%
• State Average SFR Home Value February 2023: $251,590
• State Average Growth in Home Value February to February: $15,603
• State Average Growth in Home Value February to February (%): 6.61%
• Difference in February 2023 Home Value vs. State Average: $4,227

Jennifer Taylor and Jordan Rosenfeld contributed to the reporting for this article. 

Disclaimer: photos are for representational purposes only.

Methodology: In order to discover the cities where houses are suddenly a bargain, GOBankingRates first found the (1) February 2023 single family residence (SFR) home value for every US city and the national average as sourced from Zillow. Those cities with SFR home values below the national average for February 2022 were moved on to the next factor (2) February 2023 SFR home values. Those remaining cities with a February 2023 SFR home value lower than the state average were deemed to be “suddenly bargains” and were moved on to the next set of factors. To be included in the top 15, the above criteria had to be met and the February 2023 SFR home value in each city had to be below (3) the state’s February 2023 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) February 2022 to February 2023 growth in SFR home value: (5) percent change in February 2022 to February 2023 SFR home value for each city and state as supplemental data. All figures were sourced from Zillow and up to date as of March 20, 2023.

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