While the headlines may warn you that homes are becoming unaffordable on a large scale, there are still pockets of the U.S. where home prices are relatively low. High inventories in these areas could allow for better negotiating, and buyers who are willing to relocate could consider the top 3 U.S. cities with some of the lowest prices today.
Home Prices in Virginia Beach, Virginia
The thriving coastal city of Virginia Beach is fast becoming a buyer’s heaven, with high inventory and low prices coming together to create an exciting market. Buyers in the area are more likely to close deals that are below list price, which is partially because homes are on the market for an average of 111 days. This is 51 days longer than the national median.
Single-family homes sell for a median of $245,000, but there are plenty of opportunities below this price.
Jacksonville is the largest city in Florida, and one of the best if you are looking for economic opportunity either through employment or a self-owned business. The Jacksonville home market is arguably even better than Virginia Beach, with homes selling, on average, for almost $10,000 below their list price. The median price for a single-family home in Jacksonville was $220,000 at the beginning of 2019.
Jacksonville’s available inventory is almost half that of Virginia Beach. Even so, negotiating opportunities are strong, with sellers eager to close in what is quickly becoming a buyer’s market.
Pittsburgh is considered the most walkable city in the United States, offering excellent opportunities for leisure and outdoor activity. It’s also a city with a rich industrial background, with strong economic opportunities in production and professional services.
In the Pittsburgh real estate market, you’ll find some of the lowest home prices in the U.S. The average price of $157,000 makes the city ideal for first time buyers. Being a large city with strong employment opportunities, it’s also one of the best for relocation. Homes sell as much as $7,000 below list price in Pittsburgh.
Still Opportunities in a Costly Market
These three cities prove that it’s still possible to buy a home for a reasonable price in areas that are highly developed. The home market could continue to cool this year with inventories steadily rising.
You may be interested
Job Hiring is Picking Up as Employers and Consumers Gain ConfidenceLamont J - March 29, 2021
The recent government stimulus for small and medium-sized businesses, personal stimulus checks, and declining Coronavirus cases, are all great news…
Fed Could Maintain 0% Interest Rate Until 2024Adam R - March 26, 2021
The Federal Reserve is holding its target interest rate in a range of 0.00% - 0.25%, even while the economy…