6 Cities Where the Pandemic Has Made Homes Cheaper

Couple in front of home
Photo by Monkey Business Images / Shutterstock.com

The coronavirus pandemic has made life miserable in countless ways. But if you are a home shopper looking to buy in any of a handful of markets, the pandemic might help you find a bargain.

Homes.com notes that in some places, prices have been falling since the pandemic arrived on U.S. shores. The following cities all have seen asking prices ease to some degree.

Los Angeles

The City of Angels recently had been one of the hottest real estate markets in the country, Homes.com notes. But from March to April, prices fell 1.1% in Los Angeles County, and sales dropped 21.2%.

However, rent prices are also down in Los Angeles, as we recently reported in “13 Cities Where Renting Is Cheaper Than Owning a Home.” In fact, a June analysis by LendingTree found the city ranks No. 4 in the nation based on much more affordable renting is compared with owning a mortgaged home.

Chicago

Between the beginning of the pandemic and mid-May, a good share of new listings in Chicago — 33% — saw asking prices fall. The average discount was 26%.

Like Los Angeles — as well as the next city on this list — Chicago ranks among the top 10 cities in the country for how much cheaper it is to be a renter there.

Sacramento, California

Home prices in California’s capital city did not fall as far as some others in the Golden State, Homes.com notes. Still, prices slipped 3.6% year-over-year in April, and sales were down 31% from that month in 2019.

Austin, Texas

The city where weirdness is a virtue has seen a strange turn of events since the pandemic arrived. Although just 8% of new April listings and 1% of new May listings in the capital city of Texas were discounted, the price breaks on those properties were high — an average of 35%.

Pittsburgh

Asking prices in Pennsylvania’s Steel City fell on 27% of new listings during April. But if you want a bargain, you might have to act fast: The share of discounted listings was lower in May, at 24%. The average break on prices was 24%.

Miami

Life in paradise has gotten somewhat cheaper for savvy shoppers. Despite a general trend of rising prices overall in Miami, 27% of new listings were showing a discount by mid-May compared with pre-pandemic prices.

Are you planning to buy a home in the near future? If so, check out “9 Tips for Getting the Best Deal on a Mortgage.”

Also, check out our Solutions Center, where you can find a great rate on a mortgage.

How to earn $30 in less than 30 seconds

Earn extra money by using Rakuten (formerly known as Ebates) — a site that gets you cash back at more than 2,500 stores. As a bonus for joining Rakuten between now and Aug. 6, 2020, you'll earn $30 when you spend at least $30 shopping online through Rakuten within the first 90 days. Start earning cash back and claim a free $30 bonus today.

Read Next
These 12 Reusable Products Save You Money Over and Over
These 12 Reusable Products Save You Money Over and Over

Buy reusable versions of these household items, and you won’t have to spend another dime on them for years.

7 Surprising Ways Retirees Waste Their Savings
7 Surprising Ways Retirees Waste Their Savings

You can make your retirement money last a lot longer by avoiding these costly mistakes

Beware These 3 Tax Penalties on Retirement Accounts
Beware These 3 Tax Penalties on Retirement Accounts

Protecting a nest egg is tough — but you can make the situation far worse with some boneheaded mistakes.

Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?
Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?

These monthly costs eat at your disposable income. Here’s what you’d save if you cut them entirely or even trim them just 10%.

Retiree Households Lose $111,000 to This Social Security Misstep
Retiree Households Lose $111,000 to This Social Security Misstep

A study finds 96% of retirees make this mistake when claiming Social Security benefits.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
Will I Get My Ex-Husband’s Social Security When He Dies?
Will I Get My Ex-Husband’s Social Security When He Dies?

Two factors determine how much money is coming to you.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

16 Amazon Purchases That We Are Loving Right Now
16 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

22 Things You Should Always Buy at a Dollar Store
22 Things You Should Always Buy at a Dollar Store

The dollar store has great bargains on these purchases.

5 Household Disinfectants That Can Destroy the Coronavirus
5 Household Disinfectants That Can Destroy the Coronavirus

You likely already have some of these products at home.

20 Things That Are Actually Worth Stockpiling
20 Things That Are Actually Worth Stockpiling

You probably don’t need a year’s supply of toilet paper to survive an outbreak, but consider stocking up on these items.

6 Reasons I Will Never Trust Suze Orman
6 Reasons I Will Never Trust Suze Orman

Beware: The self-proclaimed personal finance expert has a track record that suggests more sizzle than steak.

America’s Most Reliable Appliance Brand Is a Surprise
America’s Most Reliable Appliance Brand Is a Surprise

Have you heard of this appliance manufacturer?

The Top 11 Jobs That Employers Want Retirees to Do
The Top 11 Jobs That Employers Want Retirees to Do

Tired of age discrimination? Businesses are clamoring for older workers to fill certain roles.

This Type of Social Security Benefit Is Often Overlooked
This Type of Social Security Benefit Is Often Overlooked

The Social Security Administration is not helping certain people get money to which they are entitled, a report says.

9 Everyday Problems You Can Solve With Vaseline
9 Everyday Problems You Can Solve With Vaseline

Forget expensive specialty products. Good ol’ petroleum jelly can address many common annoyances.

Getting These 2 Shots Could Reduce Your Risk of Dementia
Getting These 2 Shots Could Reduce Your Risk of Dementia

These vaccines may lower the risk of Alzheimer’s disease by up to 40%.

19 Purchases That Buyers Almost Always Regret
19 Purchases That Buyers Almost Always Regret

Think twice before buying these things.

7 Tips for Building an Emergency Stockpile
7 Tips for Building an Emergency Stockpile

A pandemic or natural disaster could leave you reliant on your existing food supply. Is your pantry prepared?

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

8 of the Worst Things to Buy at a Dollar Store
8 of the Worst Things to Buy at a Dollar Store

Not everything sold at dollar stores is a great bargain or a safe purchase. Here’s our list of products to avoid.

41 Things You Should Never Buy
41 Things You Should Never Buy

Some purchases are just plain dumb. Give yourself — and your budget — a break. Don’t spend money on this stuff.

9 Things That Are Free in August
9 Things That Are Free in August

As summer enters the home stretch, we’ve rounded up these sizzling freebies.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.