7 Affordable Metros Where Home Prices Are Below $300,000

The challenge facing many homebuyers trying to break into the real estate market is affordability. The national median list price in August stands at $429,990—which is unchanged from this time last year, but down 2.2% from July.

And while inventory remains high, trying to find a home that's affordable in a city that offers what a buyer is looking for is the dilemma. There are still several metros where the median list price is less than $300,000, according to the Realtor.com® August 2025 Hottest Housing Markets report—and people do not have to sacrifice convenience for cost.

"Savvy buyers are zeroing in on smaller cities that offer the best of both worlds: affordable homeownership plus access to jobs and lifestyle amenities," says Hannah Jones, senior economic research analyst at Realtor.com. "In metros within reach of major economic hubs, buyers don’t have to choose between affordability and opportunity."

Springfield, MA, took the top spot as the hottest housing market for the fourth month in a row, due to its high demand and low inventory.

"With rising demand and low inventory, competition is real. If you like a property, expect that others might be making offers, too," Fred Loguidice, founder of Sell My House Fast Massachusetts, tells Realtor.com.

"As the market heats up, so can prices. The affordability 'buffer' isn’t as large as it was in past years, so buyers need to watch their budgets."

The report identifies 16 of the 20 hottest markets priced below the national median, including seven where the median list price for a home is below $300,000.

The most affordable spots with median list prices below $300,000 were primarily in the Midwest.

1. Rochester, NY

• August median list price: $280,000
• Median days on the market: 33

A major city along Lake Ontario, Rochester is known for its ties to the photography industry. It was once home to Kodak, but now has the George Eastman Museum. For outdoor enthusiasts, the city showcases beautiful parks and access to the Finger Lakes region.

2. Canton-Massillon, OH

• August median list price: $270,000
• Median days on the market: 33

Located in Northeast Ohio, Canton is home to the Pro Football Hall of Fame. It has a population of a little over 401,000 and is easily located two hours from Columbus, OH, or Pittsburgh.

3. Rockford, IL

• August median list price: $250,000
• Median days on the market: 37

Rockford got its nickname "Screw City" because of its historical ties to hardware and fastener manufacturing back in the day. Now, it gained its most recent nickname, "Forest City," because of its heavily forested neighborhoods in the 20th century.

4. Akron, OH

• August median list price: $250,000
• Median days on the market: 37

Akron is known as the "Rubber Capital of the World" as it's home to the Goodyear Tire and Rubber Co. It has a population of just under 200,000.

5. Toledo, OH

• August median list price: $245,000
• Median days on the market: 37

Toledo is the fourth-largest city in Ohio, with a population of just over 265,000. Located along Lake Erie, it's known for its manufacturing hub of Jeeps at the Stellantis Toledo Assembly Complex.

6. Erie, PA

• August median list price: $239,000
• Median days on the market: 38

Erie is Pennsylvania's only city on the Great Lakes—the south shore of Lake Erie offering plenty of outdoor activities from fishing, boating, and beaches. It has a population of about 92,000.

7. Springfield, IL

• August median list price: $215,000
• Median days on the market: 35

Springfield is the capital of Illinois and has a population of over 114,000. It's best known as the birthplace of Abraham Lincoln.

Finding a home

Mortgage interest rates continue to decline, with the 30-year fixed mortgage rate dipping to 6.35% for the week ending Sept. 11, according to Freddie Mac. The rate fell 15 basis points from last week, the largest weekly drop in the past year.

Homebuyers can make their dollars stretch by opting to live in an affordable metro, one that offers the conveniences of a big city without the big price tag.

"In August, the nation’s hottest housing markets kept heating up even as prices leveled off nationwide," says Jones. "Rockford, IL (+16.3%), Janesville-Beloit, WI (+13.8%), and Toledo, OH (+11.4%), led the way, each posting double-digit annual price gains."

The U.S. housing market ended the summer with more homes for sale, which is good news for buyers. Realtor.com economists explain that the national market is perfectly balanced at five months of supply. Among the 50 largest metros, 7 are in clear buyer’s market territory (6-plus months), 20 remain strong seller’s markets (fewer than 4 months), and 23 are in balance.

"The summer's slump carried through August, but some bright spots are emerging that could set the tone for fall," says Jones. "The market is edging toward balance, giving buyers more choices and sellers more room to negotiate. With mortgage rates showing signs of easing, that balance could spark fresh buyer activity this fall."

Manchester-Nashua, NH, is ranked fifth among August's Hottest Markets and is the only market with a median list price above $500,000.