Realtor.com identifies seven U.S. metros with median home prices under $300,000

Realtor.com’s August 2025 Hottest Housing Markets report finds seven metropolitan areas where the median list price for a home is below $300,000, offering budget-conscious buyers access to city amenities without the cost of larger coastal markets.

The national median list price in August stood at $429,990, unchanged year-over-year and down 2.2% from July, according to Realtor.com. With inventory higher than a year ago and mortgage rates beginning to edge lower, some midsize and smaller metros are emerging as more affordable alternatives for buyers priced out of bigger markets.

Realtor.com highlighted 16 of its 20 hottest markets that have median list prices below the national median, and seven markets with median list prices below $300,000. Realtor.com senior economic research analyst Hannah Jones said buyers are focusing on smaller cities that combine affordability with access to jobs and lifestyle amenities in larger economic regions.

Rochester, New York, led the list of sub-$300,000 metros with an August median list price of $280,000 and median days on market of 33. The Lake Ontario city, historically tied to the photography industry and home to the George Eastman Museum, also provides regional outdoor access to the Finger Lakes.

Canton-Massillon, Ohio, posted an August median list price of $270,000 with homes staying on the market about 33 days. The Northeast Ohio metro is home to the Pro Football Hall of Fame and sits within two hours of Columbus and Pittsburgh, making it reachable to larger job markets.

Rockford, Illinois, had an August median list price of $250,000 and median days on market of 37. The city, once known for hardware manufacturing and nicknamed “Forest City,” recorded one of the stronger annual price gains among the hottest markets.

Akron, Ohio, also reported a $250,000 median list price in August and a 37-day median time on market. Known historically as a rubber manufacturing center, Akron maintains regional employment concentrated in industry and services.

Toledo, Ohio, came in with a $245,000 median list price and a median of 37 days on market. The Lake Erie city is a significant manufacturing center, including vehicle assembly operations, and is the fourth-largest city in Ohio by population.

Erie, Pennsylvania, posted a $239,000 median list price with homes averaging 38 days on the market. As Pennsylvania’s only Great Lakes city, Erie offers shoreline recreation and a smaller-market cost profile.

Springfield, Illinois, was the most affordable of the seven, with an August median list price of $215,000 and median days on market of 35. The state capital and birthplace of Abraham Lincoln has a population of roughly 114,000 and offers state government employment and regional services.

Realtor.com economists noted that the national market has moved toward balance, with approximately five months of supply. Among the 50 largest metros, seven are in clear buyer’s market territory (six-plus months of supply), 20 remain strong seller’s markets (fewer than four months), and 23 are balanced. Jones said several smaller Midwestern metros are posting double-digit annual price gains even as the broader market levels off; Rockford, Janesville-Beloit, Wisconsin, and Toledo led those gains.

Mortgage rates have trended lower in recent days, offering potential relief for buyers. Freddie Mac reported the 30-year fixed mortgage rate fell to 6.35% for the week ending Sept. 11, the largest weekly drop in the past year, declining 15 basis points from the previous week. Lower rates, combined with improved inventory in some markets, could spur more buyer activity heading into the fall, Realtor.com economists said.

Competition remains a factor in hotter local markets despite the national slowdown. Fred Loguidice, founder of Sell My House Fast Massachusetts, cautioned that rising demand and low inventory in certain locales are fueling competition that can push prices higher and narrow affordability cushions for buyers.

The list of affordable metros underscores a broader shift in buyer behavior: many are seeking smaller, less expensive metros that still provide access to employment centers, cultural amenities and outdoor recreation. For buyers whose budgets are constrained by coastal or large-market pricing, the seven metros identified by Realtor.com offer lower entry points while reflecting varied regional economies and housing dynamics.

Manchester-Nashua, New Hampshire, was notable among Realtor.com’s August rankings as the only market among the top five with a median list price above $500,000, underscoring the wide range of pricing conditions across the hottest markets. Realtors and market watchers said prospective buyers should monitor local inventory, median days on market and developing mortgage-rate trends when weighing relocation or purchase decisions.