3 U.S. Cities with the Lowest Home Prices

January 24, 2019
1372 Views

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, Florida

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, Pennsylvania

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.

With mortgage interest rates falling slightly in recent weeks, now is an ideal time to start exploring the market.

You may be interested

Job Hiring is Picking Up as Employers and Consumers Gain Confidence
Economy
549 views
Economy
549 views

Job Hiring is Picking Up as Employers and Consumers Gain Confidence

Lamont 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 2024
Economy
490 views
Economy
490 views

Fed Could Maintain 0% Interest Rate Until 2024

Adam 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…

Supply Constraints Could Slow the Home Market
Economy
555 views
Economy
555 views

Supply Constraints Could Slow the Home Market

Becky H - March 25, 2021

Low inventory has been a constant in the home market for more than a year. The supply of existing and…