Top 10 Buyers’ Markets in the US: Where You Can Still Score a Good Deal Below Asking Price

Buyers are facing a tough real estate market these days: With listing prices hovering at $430,000 and mortgage interest rates near 7 percent, the cards seem to be stacked against them.

But not all markets are this intimidating. In fact, some are true buyers’ markets where cash-strapped home buyers can score a good deal.

So where are these hidden havens where buyers have an advantage? To help, Realtor.com crunched the numbers to find the most buyer-friendly markets across the country right now.

What defines a buyer’s market?

To identify buyer’s markets, Realtor.com economists looked for metro areas with low sales price-to-listing price ratios. This means that in these areas, homes were selling for the lowest price compared to their original listing price.

“Buyers’ markets are the product of high inventory levels and frequent slowdowns in time to market,” says Hannah Jones, an economist at Realtor.com. “When buyers have more options, homes stay on the market longer and sellers are more likely to compromise to move forward with a home sale.”

Jones notes that the top 10 buyers’ markets saw homes sell for an average of 9% less than the original listing price.

“In comparison, nationally, homes were selling for about 3% less than the original asking price,” she says.

Buyers’ markets can be found all over the United States, even in surprisingly desirable areas like the Sun Belt, where warm weather is the norm.

But just because it’s a buyer’s market doesn’t mean prices are lower.

This simply means that sellers will be more willing to meet buyers halfway, either by lowering their asking price or offering concessions such as a mortgage rate reduction to sweeten the deal.

Curious to know where real estate deals are plentiful? Learn about the top 10 buyers’ markets, plus what buyers will typically pay for a home in the area, number of listings, days on market, and interesting details about life there.

Median list price: $299,500
Median days on market: 58
Number of ads: 251

Located less than an hour from St. Augustine and Gainesville, Palatka offers a taste of Old Florida along the St. Johns River. Residents say they can enjoy a relaxed pace of life, and those who enjoy fishing and boating will be in paradise.

Although it tops the list of the country’s hottest buying markets, that could soon change.

“Prices and traffic have certainly seen a significant increase over the past few years,” says Cara Ameer, a real estate agent with Coldwell Banker, licensed in California and Florida.

“You can find more affordable waterfront properties in this area that cost well under $1 million, as well as homes in price ranges such as the low $200,000 to $300,000 range,” adds Ameer.

Median list price: $1,300,000
Median days on market: 80
Number of ads: 1,306

Key West is perhaps as close to island life as you get in the United States, and it has long been a vacation destination because of its tropical vibe.

Located several hours south of Miami, the city has stunning beaches, swaying palm trees and classic pastel-hued architecture. For snorkelers and scuba divers, it is paradise.

Yes, it’s a buyer’s market, but housing isn’t cheap.

“The cheapest homes currently start just under $800,000, and they are compact: around 1,000 square feet,” Ameer says. “But it’s all about location, location, location.”

Median list price: $1,125,000
Median days on market: 54
Number of ads: 427

Breckenridge is where snowshoers, ice skaters, snowmobilers and other outdoor enthusiasts thrive. It also stands out for its charming, walkable town center and stunning fairytale setting with mountain views.

However, having Breckenridge as your home base won’t come cheap: The average home price is around $1.8 million, but it’s possible to find a nice cabin for less than $500,000.

In this buyer’s market, homes typically sell for more than the benchmark of 3% below the asking price.

Median list price: $699,900
Median days on market: 58
Number of ads: 1,388

Buyers looking for great deals and an exceptional lifestyle in the scenic Great Smoky Mountains may want to call Sevierville home.

Sevierville sits on the banks of the French Broad River and offers a range of properties from compact condos for $150,000 to sprawling family properties worth millions of dollars.

Residents highly value natural beauty, downtown restaurants, and nearby attractions like Dollywood, a NASCAR track, and the RainForest Adventure Zoo.

Median list price: $299,900
Median days on market: 47
Number of ads: 404

“Jackson is as close a community to Mayberry as you can get,” says Ronnie Ragan, a real estate agent with Ragan Realty Group in Jackson. It offers the quintessential warmth and friendliness of the town depicted in the 1960s television show “Mayberry RFD.”

Jackson is approximately an hour and a half from Nashville and Memphis, Tennessee, and several hours from Atlanta and Paducah, Kentucky. This makes it quite easy to catch a flight to almost anywhere.

There are many school options: public, private and dynamic homeschooling.

Properties are available at different price points: here, a starter home costs between $200,000 and $225,000, while high-end homes can exceed $1 million.

Median list price: $292,575
Median days on market: 42
Number of ads: 236

Nestled an hour and a half northwest of Atlanta, Rome is a city of 36,000 inhabitants nicknamed the “capital of Nice”.

The rivers and hills make it a beautiful place to live, and the houses are currently in good condition. Starter homes, whether a classic four-bedroom brick home or a sleek contemporary home, can be found for $250,000 and up.

In addition, the city has become a medical hub, with a top-notch job market for this sector.

Median list price: $450,000
Median days on market: 41
Number of ads: 267

Southeast of Sacramento, Sonora is known as the “Queen of Mines of the South” in the foothills of the Sierra Nevada.

Nature lovers may find this to be a hot spot for well-priced homes near Yosemite National Park and several other notable outdoor recreation destinations.

“As Californians look for more affordable and less crowded places to live, this one checks a lot of boxes,” Ameer says. “You can find homes in the $200,000 to $400,000 range, and more affordable luxury homes in the $600,000 to $1 million range.”

Median list price: $349,900
Median days on market: 49
Number of announcements: 130

Tennessee once again makes Realtor.com’s list of top buyer’s markets, this time along with Greenville, located in the northeast hills.

Here, you can probably buy a house for less than the asking price and enjoy a relaxed lifestyle with the approximately 15,000 other residents.

The city is full of history (President Andrew Johnson called it home), the Niswonger Performing Arts Center for a dose of culture, and plenty of places for hiking and fishing.

Median list price: $402,000
Median days on market: 54
Number of announcements: 261

Welcome to the Pacific Northwest: Roseburg is a city of around 23,000 people where buyers can likely purchase a home at a good price compared to the asking price.

Home prices start in the $250,000 range, and the market offers everything from gentle Victorian homes to sprawling modern homes located in leafy neighborhoods.

Roseburg boasts a mild climate, unlimited opportunities to explore the lush landscape, and wineries to visit after hours. It’s only a little over an hour from Eugene and three hours south of Portland.

Median list price: $449,948
Median days on market: 74
Number of ads: 2,480

Panama City is adjacent to Panama City Beach, making it an ideal location for those who want to live where they can easily and often get their toes in the sand.

“This area was largely neglected while surrounding areas were booming, from sleepy Gulf of Mexico beach towns to luxury destinations,” Ameer says. “As people look for more affordable areas in Florida, Panama City has homes in the upper $200,000 to $400,000 range. That same acreage can be $300,000 to $400,000 more to the east, in the Jacksonville area, for example.

It’s possible to find good value here, and this diverse city with bustling tourism could suit buyers who work in hospitality or want to do so.