Yahoo Finance 20 Best Places To Find Great Real Estate Deals in 2023
Real estate investing can be an incredibly lucrative way to make extra income, whether through renovating and flipping a property, rental income or buying when prices are low and selling when they're high. For investors looking to find some new places to invest in real estate, GOBankingRates looked at the 150 largest metros, according to Zillow, to narrow down a list of the top 20 best places to find great real estate deals.
GOBankingRates gathered the median list price, the median sale price and the difference in sale and list price, plus the year-over-year projected percent growth in home value from June 2023 to June 2024. Though the number one place on the list isn't necessarily the cheapest, it's the city with the steepest drop in sale price, making it a great time to buy in.
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Spokane, Washington
Right now is a great time to buy in the Pacific Northwest, particularly Spokane, Washington -- the second most populous city in the state -- where the median list price of $461,633 is actually selling for a median sale price of $395,834, a difference of $65,799.
Additionally, the year-over-year growth in home value is predicted to be 7.0%. This beautiful city has ranked on many best of lists, including being a bicycle friendly city, a "tree city" as designated by the National Arbor Day Foundation and the 19th best place to retire in the U.S.
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Tallahassee, Florida
The capital city of Florida is a great place to find real estate deals right now, in this city with a slightly milder climate than much of the rest of the state. The median list price of $340,817 is actually selling for a median sale price of $274,167, a difference of $66,650. It's also a place of growth; the year-over-year growth in home value is predicted to be 6.3%.
Outdoors lovers will enjoy being able to do everything from mountain biking to kayaking to birding, fishing or just walking in the beautiful parks, as well as enjoying rich arts and culture.
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Springfield, Missouri
Nestled in the heart of the Ozarks, Springfield is a thriving community, considered the birthplace of famous scenic Route 66.
The median list price of $316,633 is actually selling for a median sale price of $249,633, a difference of $67,000. It's also a place of growth; the year-over-year growth in home value is predicted to be a generous 8.4%.
Killeen, Texas
This central Texas town, home to Ft. Cavazos -- formerly Ft. Hood -- is a great place to buy real estate. The median list price of $323,633 is actually selling for a median sale price of $252,667, a difference of $70,966. It's also a place of growth; the year-over-year growth in home value is predicted to be 7.4%.
Enjoy access to lakes, forests, parks, museums and more.
Wilmington, North Carolina
Wilmington, North Carolina is a gorgeous riverfront community with access to three big beaches and a vacation-like feel. Consider real estate a steal here right now.
The median list price of $478,967 is actually selling for a median sale price of $406,583, a difference of $72,384. This great place is also growing fast; the year-over-year growth in home value is predicted to be 8.6%.
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Kennewick, Washington
Kennewick is the largest of Washington's tri-cities' communities, offering 25 square miles of activities, amenities and a great quality of life for reasonable prices.
The median list price of $468,300 is actually selling for a median sale price of $394,000, a difference of $74,300 And the home values are continuing to grow; the year-over-year growth in home value is predicted to be 6.4%.
Tulsa, Oklahoma
Moving to Tulsa, the second largest city in Oklahoma, comes with a cheaper price tag and a rich history and culture to sink into.
The median list price of $322,711 is actually selling for a median sale price of $247,667, a sizable difference of $75,044. And the home values are continuing to grow; the year-over-year growth in home value is predicted to be 7.0%.
Salisbury, Maryland
Another waterfront town, Salisbury, Maryland -- the largest city on the eastern shore of the state -- abuts the Wicomico River, which leads to the Chesapeake Bay, making it a coveted town for vacationers.
The median list price of $444,817 is actually selling for a median sale price of $368,667 a difference of $76,150. Home values are forecasted to be on the rise here, too; the year-over-year growth in home value is predicted to be 7.7%.
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Brownsville, Texas
Brownsville, the largest city in Texas' Rio Grande Valley and a center of rich history, is a great place to find real estate deals.
The median list price of $291,967 is actually selling for a median sale price of $212,417, a difference of $79,550. Home values keep on rising, as well; the year-over-year growth in home value is predicted to be 6.6%.
Ogden, Utah
Ogden, Utah is a beautiful town about a half hour from Salt Lake City International Airport. It's situated in the stunning Uinta-Wasatch-Cache National Forest and offers much for people to do, especially outdoors lovers, in all seasons.
Though you'll pay a bit more for a home here than some of the other cities on this list, the median list price of $531,667 is selling for a median sale price of $450,034, a significant difference of $81,633. Home values keep on rising as well; the year-over-year growth in home value is predicted to be 7.2%.
Knoxville, Tennessee
Home to the University of Tennessee and a city steeped in history, Knoxville is an excellent Southern place to buy real estate right now.
The median list price of $396,600 is selling for a median sale price of $314,667, a significant difference of $81,933. Home values may be rising higher here than other cities; the year-over-year growth in home value is predicted to be 9.8%.
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Fayetteville, Arkansas
Another sleeper town to consider, where the real estate is affordable and the living is good, is Fayetteville, Arkansas, which is surrounded by both the Ozarks and the Boston Mountains. With a temperate climate and tons of outdoor activities, amenities and nightlife, it's a great time to buy in the south.
The median list price of $414,333 is selling for a median sale price of $330,750, a sizable difference of $83,583. You can't go wrong with home values here, either; the year-over-year growth in home value is predicted to be a juicy 8.7%.
North Port, Florida
North Port is one of the largest cities in Florida with the lowest population -- about 10% of it is actually populated. Located between Sarasota and Fort Myers, near the Gulf of Mexico, the city contains a protected state forest and boasts 95 miles of pristine nature and wildlife.
It's a great time to buy in, as the median list price of $583,167 is selling for a median sale price of $497,000, which is a huge difference of $86,167. Home values are likely to stay on the rise, too; the year-over-year growth in home value is predicted to be 6.8%.
Chattanooga, Tennessee
Chattanooga, the fourth largest city in Tennessee, sits near the border of Georgia. This historic town has been nationally recognized for its redevelopment of the downtown and riverfront areas, making it a coveted place to buy.
The median list price of $374,867 is selling for a median sale price of $284,259, a very significant difference of $90,608. The value of a home here will continue to be worth it; the year-over-year growth in home value is predicted to be a juicy 8.1%.
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Nashville, Tennessee
Nashville, arguably one of the most famous Tennessee cities, also known as "music city" for its country music, BBQ and the famous musicians whose careers it has launched, is still surprisingly affordable.
The median list price of $508,333 is selling for a median sale price of $414,417, a sizable difference of $93,916. Little surprise that the year-over-year growth in home value is predicted to increase by 7.0%.
Portland, Maine
Portland, Maine is the largest city in the state and boasts coastal charm, as it sits along the Atlantic Ocean's Casco Bay. It's a great spot for a vacation home with a walkable waterfront, great arts and culture, dining out, entertainment and more.
The median list price of $588,833 is selling for a median sale price of $486,400, the first city on this list where the difference is over $100,000. It's also a growth community; its home value is predicted to increase by a not insignificant 7.8%.
Miami, Florida
Miami, Florida may not be the first city that comes to mind as affordable, with its tourist-attracting locales like South Beach, Little Havana and Miami Beach, but it's surprisingly affordable relative to other destination towns.
The median list price of $691,333 is selling for a median sale price of $538,700, a jaw dropping difference of -$152,633. And at the rate it's going, those values won't drop; the year-over-year growth in home value is predicted to increase by 8.2%.
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Naples, Florida
If you want to snag an incredible deal in a city known for high-end shopping, fine dining, great entertainment and incredible entertainment, Naples, Florida is the place for you.
While you're paying over $580,000 above the national median for a home here, keep in mind that the median list price of $970,667 is selling for a median sale price of $783,483, a sizable difference of $187,184. The year-over-year growth in home value is not too shabby either; it's predicted to increase by 7.7%.
Crestview, Florida
Crewtview is considered the "hub city" of northwest Florida, because it's located right where three major highways intersect. It puts you centrally located from such cities as Pensacola and Tallahassee. Only 30 miles inland of the Gulf of Mexico, this city is a going concern for real estate.
The median list price of $630,857 is cheaper than both Naples and Miami, but it's selling for even less, at a median sale price of $396,500, a gigantic difference of $234,357. Its home value is also predicted to increase by 8.0%.
Santa Maria, California
You wouldn't expect a California town to make it to this list, but Santa Maria takes the No. 1 spot because of the huge drop in median sale price here. This town is part of California's Central Coast, north of Los Angeles and south of San Francisco. This area attracts tourists as well as residents for its natural beauty, wineries and proximity to the coast.
With a median list price of $1,406,667, Santa Maria lands over $1 million above the national median. However, its median sale price is $785,333, a tremendous difference of $621,334. The year-over-year growth in home value is not too shabby either; it's predicted to increase by 7.8%.
Methodology: For this piece, GOBankingRates looked at the 150 largest metros according to Zillow and found the following for each: (1) median list price; (2) median sale price; (3) the difference in sale and list price; and (4) the year-over-year (June 2023 to June 2024) projected percent growth in home value. To be included, a metro had to have a negative difference between sale and list price (meaning the buyer got the home below list) AND have a projected YoY projected home value growth above the national average (6.3%). All data was collected and is up to date as of July 28, 2023.
Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.
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This article originally appeared on GOBankingRates.com: 20 Best Places To Find Great Real Estate Deals in 2023
