“If you’re looking for affordability, you’ll find (bargain houses priced at $100,000 or below) in the South, Midwest and parts of the Northeast,” said realtor.com’s chief economist Danielle Hale. No surprise really but the caveat in some larger metros with more bargain houses, according to realtor.com’s recent analysis of metros with affordable homes, crime may be an issue.

Take a look at realtor.com’s Top 10 Metros with the Most Bargain Houses:

  1. Pittsburgh – median sale price of $168,000
    1. Pittsburgh is no longer the Steel City. Rather, Pittsburgh is becoming a tech hub with such giants as Google, Microsoft and Uber now living there.
    2. Some 2152 homes listed at or below $$100,000.
    3. Look in neighborhoods such as Bellevue, Dormant and Castle Shannon.
    4. Homes are typically 800-1,200 square feet.
    5. Homes are typically in need of, at a minimum, new paint and carpet and typically without new upgrades.
  2. Detroit – median sale price of $180,00
    1. Some 2,402 homes listed at or under $100,000.
    2. Look in neighborhoods such as Rosedale Park (homes need major renovations), Redford Township (2 bedrooms- move-in ready) and the University District.
    3. The neighborhood of Warren is known as the hot spot for entry-level housing, according to the Detroit Free Press.
    4. Safety can be an issue in Detroit so evaluates the situation on a block-by-block basis.
  3. Chicago – median sale price of $252,000
    1. Some 2,070 homes listed at or below $100,000
    2. Look in neighborhoods such as West Rogers Park, Edgewater or Lake View East for one bedroom/bathroom condos or duplexes.
    3. Look at the South Side in West Pullman for an “as is” three bedroom single-family- house.
  4. Louis – median sale price of $185,000
    1. Some 1,900 homes listed at or below $100,000
    2. Look in St. Louis County outside of the city proper where one quarter of all sales in the county are distresses/foreclosed.
    3. Look for good deals in the county neighborhoods of Florissant, Normandy and Ferguson.
    4. Look for in-city neighborhoods of South City and Tower Grove for 1900’s shotgun homes or 1950’s bungalows.
    5. Pay attention to crime issues on a block-by-block basis.
  5. Cleveland – median sale price of $146,000
    1. Some 1,587 homes listed at or below $100,000.
    2. Population and economy declined some 56% between 1950-2010.
    3. Large inventories of homes listed for less than $100,000 in Brooklyn, Jefferson and North Collingwood neighborhoods.
    4. Some bargain homes here are colonial, have front porches, newer windows and some kitchen/bath updates but not full renovations.
  6. Memphis – median sale price of $185,872
    1. Some 1,083 homes listed at or below $100,000
    2. With a number 4 ranking on Kiplinger’s 2019“Cheapest US Cities to Live In” and Graceland and good employment opportunities, it’s hard to find a home due to many all-cash investors.
    3. Look in neighborhoods of Cordova or Crosstown for both fixer-uppers and move-in ready homes.
  7. Philadelphia – median sale price of $250,000
    1. Some 1,004 homes listed at or below $100,000
    2. This is a hot housing market BUT a reported 26% poverty rate, according to a 2017 report by the Pew Charitable Trust.
    3. Neighborhoods with high poverty and crime and low owner-occupied homes are in much less demand.
    4. Look in neighborhoods such as North Philadelphia and Kensington where homes may need full renovations.
  8. Lynchburg VA – median sale price of $194,600
    1. Some 936 homes listed at or below $100,000
    2. Lynchburg is best known for being Thomas Jefferson’s second home but is now part of a sprawling metro with low unemployment and low cost of living.
    3. Two/three bedroom homes and condos are available for at or below $100,000 in a growing community with much natural beauty.
  9. Birmingham AL – median sale price of $191,000
    1. Some 925 homes listed at or below $100,000.
    2. Known as “The Magic City” that is in driving distance to Nashville, New Orleans and Atlanta.
    3. Look in downtown neighborhood or the suburb of Leeds for bargain house.
    4. First-time buyers, blue-collar workers and investors purchase most “bargains”.
  10. Atlanta – median sale price of $248,000
    1. . Some 864 homes listed at or below $100,000.
    2. This is a sizzling hot housing market with many flippers and investors.
    3. Must to outside of Atlanta to neighborhoods such as Marietta for move-in ready one/two bedroom townhouses or condos.

Also read: https://timandjulieharris.com/2019/09/30/podcast-how-to-overcome-your-fear-of-rejection-3.html, https://timandjulieharris.com/2019/08/29/nine-month-inventory-climb-ended-in-july.html, https://timandjulieharris.com/2019/09/23/75-of-housing-markets-recovered-from-recession.html

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