T
he US housing market of 2019, characterized by affordable median sale prices under $300,000, still exists in certain areas. However, the typical home price has skyrocketed to over $400,000 nationwide.
Frugal buyers can find affordable options in cities like Detroit, where the median listing price is a mere $109,000. The Motor City's economy has improved significantly, yet its housing market remains undervalued. Homeowners in Detroit spend less than 20% of their income on housing expenses, compared to the national average of over 30%.
According to Realtor.com data, more than 140 locations across the US have median listing prices $300,000 or less. Economists note that affordable buyers' markets are concentrated in the South and Midwest.
Cities like Birmingham, Alabama ($181,500), St. Louis, Missouri ($199,999), and Philadelphia, Pennsylvania ($289,999) also offer affordable options. The South dominates the list of affordable cities, with over a dozen Southern metros clocking in under $300,000, including Memphis, Tennessee ($218,200) and Oklahoma City ($285,855).
Even popular Florida and Texas metros have seen affordability, with median sales prices in Clearwater, Jacksonville, and Ocala coming in just under $300,000. Housing inventory in these states has rebounded beyond pre-pandemic levels, helping to lower listing prices.
While the housing market is still far from bridging the country's affordability gap, slowing sales trends suggest a potential shift away from the rapid growth of the 2020s.
