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These Are the 20 Most Underpriced Housing Markets in the U.S.
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Homeowners eager to sell their current house are often incredibly optimistic when valuing their own property. And anyone keeping track of housing prices over the past three years might be expecting a big windfall. But the current housing market is finally starting to cool off a little after record breaking rises over the past three years. It may be harder for sellers to get the juicy deals they were expecting even a year before.
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If your goal as a seller is to get as much value out of your home as possible, listing your house in a buyer's market is not ideal. However, with high interest rates, it may not be as much of a buyer's market as it was before, either. Sellers and buyers are both seeking the best deals on homes right now.
To figure out which Metro areas had the most underpriced homes, GoBankingRate analyzed data from Zillow using the Zillow Median List Prices and the Zillow Home Value Index for Single Family Homes. Using housing data from Zillow, the 2023 average home value was subtracted from each city's median list price. GOBankingRates then ranked the top 20 cities in terms of the largest difference between the value and list price. Homeowners looking to sell in these buyer's markets may want to reconsider.
Cape Coral, Florida
2023 median list price: $122,767
2023 average home value: $381,028
Difference between list price and home value: $258,261
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Clewiston, Florida
2023 median list price: $51,889
2023 average home value: $232,773
Difference between list price and home value: $180,884
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Eau Claire, Wisconsin
2023 median list price: $128,828
2023 average home value: $239,679
Difference between list price and home value: $110,851
Wooster, Ohio
2023 median list price: $231,445
2023 average home value: $308,901
Difference between list price and home value: $77,456
Punta Gorda, Florida
2019 home value: $343,189
2023 median list price: $299,993
2023 average home value: $361,057
Difference between list price and home value: $61,064
Boone, North Carolina
2023 median list price: $375,444
2023 average home value: $436,263
Difference between list price and home value: $60,819
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Brevard, North Carolina
2023 median list price: $356,528
2023 average home value: $406,356
Difference between list price and home value: $49,829
Asheville, North Carolina
2023 median list price: $357,156
2023 average home value: $403,823
Difference between list price and home value: $46,668
San Francisco, California
2023 median list price: $1,073,556
2023 average home value: $1,115,355
Difference between list price and home value: $41,799
Macon, Georgia
2023 median list price: $118,111
2023 average home value: $158,863
Difference between list price and home value: $40,752
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Effingham, Illinois
2023 median list price: $145,272
2023 average home value: $184,922
Difference between list price and home value: $39,650
Rochester, New York
2023 median list price: $183,289
2023 average home value: $219,664
Difference between list price and home value: $36,375
Baltimore, Maryland
2023 median list price: $315,778
2023 average home value: $351,797
Difference between list price and home value: $36,020
Yankton, South Dakota
2023 median list price: $201,805
2023 average home value: $237,298
Difference between list price and home value: $35,493
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Muskegon, Michigan
2023 median list price: $170,800
2023 average home value: $204,572
Difference between list price and home value: $33,772
Hays, Kansas
2023 median list price: $173,878
2023 average home value: $207,376
Difference between list price and home value: $33,498
Buffalo, New York
2023 median list price: $203,155
2023 average home value: $236,436
Difference between list price and home value: $33,281
Decatur, Indiana
2023 median list price: $159,011
2023 average home value: $191,994
Difference between list price and home value: $32,983
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Philadelphia, Pennsylvania
2023 median list price: $293,300
2023 average home value: $325,776
Difference between list price and home value: $32,476
Milwaukee, Wisconsin
2023 median list price: $270,522
2023 average home value: $302,076
Difference between list price and home value: $31,554
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Jordan Rosenfeld contributed to the reporting for this article.
Methodology: To find the Metro areas with the most underpriced homes, GoBankingRate analyzed data from Zillow using the Zillow Median List Prices and the Zillow Home Value Index for Single Family Homes. GoBankingRates found (1) the 2023 average median listing price and (2) the 2023 average home values. Then GoBankingRates calculated the difference, sorted by the largest differences, and kept the top results. All data is up-to-date as of April 25th, 2023.
This article originally appeared on GOBankingRates.com: These Are the 20 Most Underpriced Housing Markets in the U.S.