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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.
Real Estate: 15 Cities Where Houses Are Best Bargains Right Now
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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.
Midland, Texas
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
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Englewood, Ohio
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
Cicero, Illinois
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
Hastings, Minnesota
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
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Swartz Creek, Michigan
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
Brookings, South Dakota
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
Santa Fe, Texas
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
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College Park, Georgia
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
Columbus, Nebraska
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
Jefferson, Wisconsin
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
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Forest Park, Ohio
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
LaPlace, Louisiana
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
Louisville, Ohio
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
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Portland, Tennessee
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
Plymouth, Wisconsin
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
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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.
This article originally appeared on GOBankingRates.com: 15 Cities Where Houses Are Best Bargains Right Now