With House Prices Rising, These 10 Cities Won’t Offer Real Estate Bargains for Long
Written by
Nicole Spector
Edited by
Nicholas Morine
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Home prices are expected to increase in the new year, as are mortgage rates. Meanwhile, the big bad bear of inflation still lurks, as do growing fears of a recession amid widespread layoffs. All these factors point to the question, “Where can homebuyers move to in order to get the best bargains on housing?”
Fortunately with the rise of remote work, location is no longer as big of an issue as it was in pre-pandemic times, meaning many employees have more options in their search for more affordable housing.
They may want to consider the following cities, which are becoming more attractive as buyers are getting priced out of larger cities. But they’d better move fast as, according to research from Realtor.com, these locales are expected to see rising prices over the next year.
1. Columbia, South Carolina
The average home price in Columbia is $300,000 and will be up 3.6% year over year in 2023.
2. El Paso, Texas
The average home price in El Paso is $291,000, and will be up 5.4% year over year in 2023.
3. Augusta, Georgia
The average home price in Augusta is $319,000 and will be up 5.7% year over year in 2023.
4. Buffalo, New York
The average home price in Buffalo is $240,000, and will be up 6% year over year in 2023.
5. Toledo, Ohio
The average home price in Toledo is $161,000, and will be up 6.7% year over year in 2023.
6. Chattanooga, Tennessee
The average home price in Chattanooga is $397,000, and will be up 8.2% year over year in 2023.
7. Louisville, Kentucky
The average home price in Louisville is $290,000, and will be up 8.4% year over year in 2023.
8. Hartford, Connecticut
The average home price in Hartford is $372,000, and will be up 8.5% year over year in 2023.
9. Grand Rapids, Michigan
The average home price in Grand Rapids is $358,000, and will be up 10% year over year in 2023.
10. Worcester, Massachusetts
The average home price in Worcester is $447,000, and will be up 10.6% year over year in 2023.
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