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Houses in These Cities Are Suddenly Major Bargains

·7 min read
krblokhin / Getty Images/iStockphoto
krblokhin / Getty Images/iStockphoto

After a real estate market that grew stagnant during 2020 due to The COVID-19 pandemic, a real estate surge has been happening in 2021 in many parts of the U.S., creating a strong seller’s market. Record low mortgage rates, combined with a sharp decline in inventory, sent listing prices up 17% from January to September 2020, according to Realtor.com.

Read: The Economy and Your Money: All You Need To Know

While this is great news for sellers, it can be discouraging for buyers looking to put down roots. However, there are still plenty of cities where homes can be purchased at affordable prices.

See: $1400 Stimulus May Be on the Way — This Time from Your State

GOBankingRates conducted a study to find out which cities have the biggest bargains on houses. Single-family residences in those that made the list were valued above the national average of $247,282 in March 2020, but fell below the national average of $276,081 in March 2021 — as well as below the average for their state.

If you’re interested in buying a house, but don’t want to pay a premium, this could be a strategic way to find your dream home. Here’s a look at the 15 largest cities to make the list.

Last updated: May 26, 2021

Mansion in Richmond Virginia.
Mansion in Richmond Virginia.

Richmond, Virginia

  • March 31, 2020, Single Family Residence Home Value: $248,830

  • March 31, 2021 Single Family Residence Home Value: $274,540

  • March to March Growth in Home Value: $25,710

  • March to March Growth in Home Value (%): 10.33%

  • State Average SFR Home Value March 2021: $319,033

  • State Average Growth in Home Value March to March: $26,663

  • State Average Growth in Home Value March to March (%): 9.12%

  • Difference in March, 2021 Home Value vs. State Average: $44,493

Find Out: These Are the 50 Best Cities for Gen Z To Live Well on a Budget

Melbourne, Florida

  • March 31, 2020, Single Family Residence Home Value: $250,377

  • March 31, 2021 Single Family Residence Home Value: $275,594

  • March to March Growth in Home Value: $25,217

  • March to March Growth in Home Value (%): 10.07%

  • State Average SFR Home Value March 2021: $219,029

  • State Average Growth in Home Value March to March: $27,354

  • State Average Growth in Home Value March to March (%): 10.37%

  • Difference in March, 2021 Home Value vs. State Average: $15,435

Learn More: The Upper Class Has Taken Over These 15 Cities

Tamarac,_FL,_USA_-_panoramio_(66)
Tamarac,_FL,_USA_-_panoramio_(66)

Tamarac, Florida

  • March 31, 2020, Single Family Residence Home Value: $251,634

  • March 31, 2021 Single Family Residence Home Value: $273,609

  • March to March Growth in Home Value: $21,975

  • March to March Growth in Home Value (%): 8.73%

  • State Average SFR Home Value March 2021: $291,029

  • State Average Growth in Home Value March to March: $27,354

  • State Average Growth in Home Value March to March (%): 10.37%

  • Difference in March, 2021 Home Value vs. State Average: $17,420

Read: Best Places To Live On a $50,000 Salary in Every State

Daytona Beach in Florida with pier and coastline
Daytona Beach in Florida with pier and coastline

Port Orange, Florida

  • March 31, 2020, Single Family Residence Home Value: $247,604

  • March 31, 2021 Single Family Residence Home Value: $269,869

  • March to March Growth in Home Value: $22,265

  • March to March Growth in Home Value (%): 8.99%

  • State Average SFR Home Value March 2021: $291,029

  • State Average Growth in Home Value March to March: $27,354

  • State Average Growth in Home Value March to March (%): 10.37%

  • Difference in March, 2021 Home Value vs. State Average: $21,160

Check Out: 50 Cities With the Most Overpriced Homes

Orlando, Florida
Orlando, Florida

Casselberry, Florida

  • March 31, 2020, Single Family Residence Home Value: $250,389

  • March 31, 2021 Single Family Residence Home Value: $271,931

  • March to March Growth in Home Value: $21,542

  • March to March Growth in Home Value (%): 8.60%

  • State Average SFR Home Value March 2021: $291,029

  • State Average Growth in Home Value March to March: $27,354

  • State Average Growth in Home Value March to March (%): 10.37%

  • Difference in March, 2021 Home Value vs. State Average: $19,098

Buffalo New York
Buffalo New York

Town of Orchard Park, New York

  • March 31, 2020, Single Family Residence Home Value: $247,451

  • March 31, 2021 Single Family Residence Home Value: $272,892

  • March to March Growth in Home Value: $25,441

  • March to March Growth in Home Value (%): 10.28%

  • State Average SFR Home Value March 2021: $304,617

  • State Average Growth in Home Value March to March: $28,097

  • State Average Growth in Home Value March to March (%): 10.16%

  • Difference in March, 2021 Home Value vs. State Average: $31,725

Beautiful waterfront view at Tavares, a family oriented city close to Mount Dora and Eustis located in the central portion of the state of Florida.
Beautiful waterfront view at Tavares, a family oriented city close to Mount Dora and Eustis located in the central portion of the state of Florida.

Mount Dora, Florida

  • March 31, 2020, Single Family Residence Home Value: $252,298

  • March 31, 2021 Single Family Residence Home Value: $273,173

  • March to March Growth in Home Value: $20,875

  • March to March Growth in Home Value (%): 8.27%

  • State Average SFR Home Value March 2021: $291,029

  • State Average Growth in Home Value March to March: $27,354

  • State Average Growth in Home Value March to March (%): 10.37%

  • Difference in March, 2021 Home Value vs. State Average: $17,856

Downtown Baltimore at dusk, Maryland.
Downtown Baltimore at dusk, Maryland.

Carney, Maryland

  • March 31, 2020, Single Family Residence Home Value: $247,390

  • March 31, 2021 Single Family Residence Home Value: $274,717

  • March to March Growth in Home Value: $27,327

  • March to March Growth in Home Value (%): 11.05%

  • State Average SFR Home Value March 2021: $361,159

  • State Average Growth in Home Value March to March: $35,408

  • State Average Growth in Home Value March to March (%): 10.87%

  • Difference in March, 2021 Home Value vs. State Average: $86,442

One story house with stone wall trim.
One story house with stone wall trim.

Crystal, Minnesota

  • March 31, 2020, Single Family Residence Home Value: $247,451

  • March 31, 2021 Single Family Residence Home Value: $275,173

  • March to March Growth in Home Value: $27,772

  • March to March Growth in Home Value (%): 11.20%

  • State Average SFR Home Value March 2021: $293,707

  • State Average Growth in Home Value March to March: $24,732

  • State Average Growth in Home Value March to March (%): 9.19%

  • Difference in March, 2021 Home Value vs. State Average: $18,534

More: Avoid These Home Renovation Horror Stories

Gloucester, Va.
Gloucester, Va.

Gloucester, Virginia

  • March 31, 2020, Single Family Residence Home Value: $249,213

  • March 31, 2021 Single Family Residence Home Value: $263,447

  • March to March Growth in Home Value: $14,234

  • March to March Growth in Home Value (%): 5.71%

  • State Average SFR Home Value March 2021: $319,033

  • State Average Growth in Home Value March to March: $26,663

  • State Average Growth in Home Value March to March (%): 9.12%

  • Difference in March, 2021 Home Value vs. State Average: $55,586

Read On: Renovations To Make — and Skip — Before Selling Your Home

Fallon, Nevada

  • March 31, 2020, Single Family Residence Home Value: $249,754

  • March 31, 2021 Single Family Residence Home Value: $265,920

  • March to March Growth in Home Value: $16,166

  • March to March Growth in Home Value (%): 6.47%

  • State Average SFR Home Value March 2021: $356,073

  • State Average Growth in Home Value March to March: $32,059

  • State Average Growth in Home Value March to March (%): 9.89%

  • Difference in March, 2021 Home Value vs. State Average: $90,153

Related: 50 Cities Where It’s Cheaper To Buy a Home Than Rent

The Dalles, Oregon

  • March 31, 2020, Single Family Residence Home Value: $248,736

  • March 31, 2021 Single Family Residence Home Value: $269,373

  • March to March Growth in Home Value: $20,637

  • March to March Growth in Home Value (%): 8.30%

  • State Average SFR Home Value March 2021: $420,279

  • State Average Growth in Home Value March to March: $44,507

  • State Average Growth in Home Value March to March (%): 11.84%

  • Difference in March, 2021 Home Value vs. State Average: $150,906

See: 8 Insider Tips to Get Rich in Real Estate

Crescent City, California

  • March 31, 2020, Single Family Residence Home Value: $249,757

  • March 31, 2021 Single Family Residence Home Value: $266,879

  • March to March Growth in Home Value: $17,122

  • March to March Growth in Home Value (%): 6.86%

  • State Average SFR Home Value March 2021: $656,360

  • State Average Growth in Home Value March to March: $69,585

  • State Average Growth in Home Value March to March (%): 11.86%

  • Difference in March, 2021 Home Value vs. State Average: $389,481

More: 17 Dumb Home-Buying Mistakes That Hurt Your Wallet

Prineville, Oregon

  • March 31, 2020, Single Family Residence Home Value: $249,789

  • March 31, 2021 Single Family Residence Home Value: $271,458

  • March to March Growth in Home Value: $21,669

  • March to March Growth in Home Value (%): 8.67%

  • State Average SFR Home Value March 2021: $420,279

  • State Average Growth in Home Value March to March: $44,507

  • State Average Growth in Home Value March to March (%): 11.84%

  • Difference in March, 2021 Home Value vs. State Average: $148,821

Related: 28 House-Flipping Rules You Should Never Break

Callahan, Florida
Callahan, Florida

Callahan, Florida

  • March 31, 2020, Single Family Residence Home Value: $250,524

  • March 31, 2021 Single Family Residence Home Value: $269,464

  • March to March Growth in Home Value: $18,940

  • March to March Growth in Home Value (%): 7.56%

  • State Average SFR Home Value March 2021: $291,029

  • State Average Growth in Home Value March to March: $27,354

  • State Average Growth in Home Value March to March (%): 10.37%

  • Difference in March, 2021 Home Value vs. State Average: $21,565

More From GOBankingRates

Jordan Rosenfeld contributed to the reporting for this article.

Methodology: In order to discover the cities where houses are suddenly a bargain, GOBankingRates first found the (1) March 2020 single family residence (SFR) home value for every US city and the national average as sourced from Zillow. Those cities with SFR home values above the national average in March 2020 were moved on to the next factor (2) March 2021 SFR home values. Those remaining cities with a March 2021 SFR home value lower than the national average were deemed to be “suddenly bargains” and were moved on to the next set of factors. To be included in the top 15, the above criteria had to be met and the March 2021 SFR home value in each city had to be below (3) the state’s March 2021 average home value. The 15 largest cities that met all the criteria laid out above were included in the final ranking. GOBankingRates also found the (4) March 2020 to March 2021 growth in SFR home value: (5) percent change in March 2020 to March 2021 SFR home value for each city and state as supplemental data. All figures were sourced from Zillow and up to date as of April 27, 2021.

Photo note: Some of these images are representational and may not depict the exact area mentioned.

This article originally appeared on GOBankingRates.com: Houses in These Cities Are Suddenly Major Bargains