Homeownership certainly isn’t a cheap decision. In a shocking 71% of the country, the average family cannot afford a home, according to CBS News. Many first-time and prospective homebuyers are rethinking their big-city dreams — and for good reason, as millennials find themselves unable to cover the ever-rising housing costs that come with living in a metropolitan area.
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The median list price for homes currently on the market in New York City is $769,000, which still falls short of the astronomical median list price of San Francisco homes, at $1,348,000. Meanwhile, the U.S. median list price was $286,381 in 2019, though it saw a 4.12% increase from 2018. 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 2018 and 2019 median list prices for the 200 largest housing markets in the country. The study found 29 cities where the year-over-year change in home prices has declined and also included the average number of days on the market, total monthly listings and percentage of listings with price cuts as supplemental data. 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.
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The South is well represented in this study, in addition to parts of the Pacific Northwest and some California cities, surprisingly. These places offer the best deal if you’re looking to buy a house.
Last updated: Sept. 9, 2021
