The real estate market has seen some major ups and downs over the last few years. The COVID-19 pandemic kicked up a homebuying frenzy, but 2023 marked a massive slowdown in the trend. Many factors contribute to what experts are deeming an "affordability crisis" for aspiring homeowners, from high interest rates to less availability of houses, according to Forbes.
If you're looking to save money on your home purchase, 24/7 Wall St. revealed the cheapest city to buy a house in every state. Analysts said they "reviewed data on median list price of homes on the market in April 2023 with data from realtor.com, a real estate market website. With median list price data for over 900 U.S. metro areas, we identified the city in each state with the lowest median list price."
Moses Lake is the cheapest place to purchase a house in Washington State, according to the data. Here are some statistics to back up its place on the list:
- Median list price, April 2023: $383,700 (Washington: $649,000)
- Year-over-year change in median list price: -0.9% (Washington: +1.6%)
- Median size of home on market: 1,617 sq. ft. (Washington: 2,048 sq. ft.)
- Num. of homes on the market in city: 171
- Cities considered in state: 20