Housing market: 15 cities where home prices are below market in May 2023
Housing values across the US soared over the past two years. As homebuyers look for a new residence they can look to these cities for a better deal.
It’s springtime and that generally means the rush to go house hunting. This year, however, would-be homebuyers are entering a market where fewer homes are available than had been the norm prior to the covid-19 pandemic but slightly better than the past two years. Homebuyers also have to contend with higher mortgage rates on top of elevated home prices.
While that has pushed some out of the market it hasn’t cooled demand enough to make prices come down significantly. However, there are some markets which have lower prices than the state average. GoBankingRates dug into data from Zillow to find the 15 largest cities where you won’t be paying the premium price relative to the state average. Here’s a look…
Midland, Texas
Located a little less than 120 miles south of Lubbock, Texas the average single-family home in Midland is $14,900 below the state average. While home values in the Lone Star State on average have risen by nearly 7% over the twelve months to February 2023, in this metro area of just under 300,000, home prices have grown at less than 1% leaving the average single-family home at $276,294.
Englewood, Ohio
In the suburb of Englewood, which is a 20-minute drive northwest of Dayton, Ohio, the average single-family home was going for $193,457 as of February 2023. The increase in cost has risen at roughly half that in the state over the past year and is $7,486 below the average.
Cicero, Illinois
Chicago is in the top five undervalued cities in the US, but twenty minutes from downtown single-family homes are $7,214 cheaper than the state average. Cicero, Illinois has seen home prices climb about a fifth as much as the rest of the state with the average at $225,208.
Hastings, Minnesota
Hastings, Minnesota is located on the Mississippi River where it meets with the St Croix and is just a over twenty minutes southeast of St Paul. The value of a single-family home was $305,341 in February 2023 which is $7,179 below the state average.
Swartz Creek, Michigan
Swartz Creek lies just west of Flint, Michigan and is an easy drive from Lansing or Detroit. Home values have been rising at less than half the state average so that the difference is now $6,576. A single-family home on average goes for $199,742.
Brookings, South Dakota
An hour drive north of Sioux Falls, South Dakota you can find homes $6,049 below the state average. Single-family home values are running around $270,614 in Brookings.
Santa Fe, Texas
Would-be homebuyers should see houses listed around $285,385 in Santa Fe, Texas. That is $5,808 below the average value in the state. The city is located on the Gulf of Mexico, just under three-quarters of an hour from downtown Houston.
College Park, Georgia
Single-family homes are valued at around $295,733 in College Park, Georgia. The city is a quarter-hour drive southwest of Atlanta, but homes are $5,675 below the average in the state.
Columbus, Nebraska
Nearly a two-hour drive west from Omaha, Nebraska homebuyers will see prices in Columbus $5,164 lower than the state average. As of February 2023 the value of a single-family home was roughly $231,881.
Jefferson, Wisconsin
Roughly halfway between Madison and Milwaukee, Wisconsin single-family home values in Jefferson at $246,463 are $5,127 less than the state average.
Forest Park, Ohio
Single-family homes in Forest Park, Ohio on average are valued at $195,889. Houses in this suburb a half hour north of Cincinnati are $5,054 cheaper than the state average.
LaPlace, Louisiana
Located along the Mississippi River at the western end of Lake Pontchartrain single-family home values in LaPlace, Louisiana are $171,899. That is $4,630 below the state average.
Louisville, Ohio
About forty minutes southeast of Akron, Ohio single-family home values in Louisville are $4,343 less than the state average at $196,601.
Portland, Tennessee
Portland, Tennessee is located about an hour’s drive northeast from Nashville. Single-home values there are $276,831 as of February 2023, which is $4,326 below the state average.
Plymouth, Wisconsin
Twenty minutes west of Sheboygan, Wisconsin and roughly halfway between Green Bay and Milwaukee you’ll find Plymouth. There, single-family home values are $247,364 which is $4,227 less than the state average.