Six Rust Belt cities are seeing a surge of new listings, and all of them have median listing prices under $300,000.
In April, just six cities out of the top 100 markets had typical home prices below $300,000, and all had a swell of new listings.
Most were in the Midwest, where home sales have outperformed the national level this year, likely due to the relative affordability of homes in the region.
Pittsburgh held the lowest median listing price for the month, at $248,625, followed by Detroit, at $248,900. Cleveland; Buffalo, NY; St. Louis; and Birmingham, AL, also made the list.
All of those cities also saw a year-over-year growth in active listing count. Buffalo’s count surged by 20.5% in that time, and Detroit’s grew by 20%.
Realtor.com® senior economist Hannah Jones says that the Midwest continues to be a magnet for mobile people who are priced out of the more expensive metros.
This recent rise in listings, which isn’t uniform across the country, could give those home shoppers more options than they’ve had in years.
“Rust Belt cities have a real opportunity to market themselves as the antidote to coastal sticker shock,” Jones said.
“Buyers can still afford something closer to their dream home in these markets, rather than settling for something less than ideal in a higher-cost metro.”
The data comes as the housing market at large weathers economic uncertainty.
Builders report more confidence in the housing market this spring, according to data from the National Association of Home Builders.
But home construction has mostly slowed down this year as builders contend with rising construction and labor costs.
Cities with median prices under $300K in April
1. Pittsburgh
- Median listing price: $248,625
- Annual change in active listing count: +9.7%
- Annual change in median listing price: +2%
2. Detroit
- Median listing price: $248,900
- Annual change in active listing count: +20%
- Annual change in median listing price: -1.8%
3. Cleveland
- Median listing price: $262,225
- Annual change in active listing count: +9.2%
- Annual change in median listing price: -2%
4. Buffalo
- Median listing price: $264,750
- Annual change in active listing count: +20.5%
- Annual change in median listing price: -5.4%
5. St. Louis
- Median listing price: $285,738
- Annual change in active listing count: +14.8%
- Annual change in median listing price: -3.1%
6. Birmingham
- Median listing price: $299,650
- Annual change in active listing count: +7.5%
- Annual change in median listing price: -0.10%
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