10 Housing Markets With the Best Bargains

December 12, 2016

Home prices are rising in most areas, but a few large metro areas are seeing some big price reductions that may be opening the door to some home buyers this winter.

“Despite the fact that home prices are now setting new records in most of the country, price reductions on listed homes are quite common,” says Jonathan Smoke, realtor.com®’s chief economist. “A price reduction can happen for lots of reasons, including adjusting an unrealistic initial price, a new sense of urgency, or motivation by a seller, or declining market trends.”

Realtor.com®’s research team analyzed 300 of the largest metro areas and determined the share of homes for sale that saw price reductions in the past year.

The following top 10 markets have had the most price cuts:

  1. Midland, Texas: 34.9% (the share of homes with price cuts)
  2. Phoenix, Ariz.: 34.3%
  3. Anchorage, Alaska: 33.3%
  4. Austin, Texas: 31.5%
  5. Springfield, Ill.: 30.6%
  6. Denver, Colo.: 29.5%
  7. Vallejo, Calif.: 29.3%
  8. Baltimore, Md.: 29.2%
  9. Palm Bay, Fla.: 27.9%
  10. San Diego, Calif.: 27.6%

Source: “Bargain Hunter’s Special: Top 10 U.S. Markets for Real Estate Discounts,” realtor.com® (Dec. 12, 2016)