Top Housing Markets for 2023: Affordable Cities to Buy a Home

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It’s a challenging time for the housing market and affordability remains a big concern for homebuyers.

To help ease buyer fatigue, we’ve constructed a list of midsized cities that are often overlooked. The top markets expected to perform well next year offer a solid mix of affordable housing inventory, sales and price growth, and favorable locations.

Top Housing Markets for 2023

With data collected from Realtor.com, National Mortgage News, and Forbes Advisor, we identified the most affordable cities for homebuyers in 2023. Our top 10 housing markets include: Toledo, Ohio; Memphis, Tennessee; Myrtle Beach, South Carolina; Louisville, Kentucky; El Paso, Texas; Columbia, South Carolina; Jacksonville, Florida; Augusta, Georgia; Grand Rapids, Michigan; and Charlotte, North Carolina.

These midsize markets weren’t pandemic-era hotspots, meaning they saw lower price increases and experienced a relatively smaller affordability crunch compared to other markets. With their median home prices currently below the national median of $398,500, they are poised to see strong sales and price growth in the coming year.

  • Toledo, Ohio: Median home price of $191,000
  • Memphis, Tennessee: Median home price of $205,500
  • Myrtle Beach, South Carolina: Median home price of $289,000
  • Louisville, Kentucky: Median home price of $290,000
  • El Paso, Texas: Median home price of $291,000
  • Columbia, South Carolina: Median home price of $300,000
  • Jacksonville, Florida: Median home price of $300,000
  • Augusta, Georgia: Median home price of $319,000
  • Grand Rapids, Michigan: Median home price of $358,000
  • Charlotte, North Carolina: Median home price of $385,000
SOURCES: Realtor.com, National Mortgage News, Forbes Advisor

 

Homebuyers will still face challenges chasing homeownership in 2023, but these markets provide hopeful opportunities.

If you’re looking to purchase a home in Ohio, Tennessee, South Carolina, Kentucky, Texas, Florida, Georgia, Michigan, or North Carolina, give us a call. Loan Pronto is licensed in twenty states across the U.S., including the nine listed above.

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