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Best Cities for Real Estate Deals

Best Cities for Real Estate Deals

When it’s not a seller’s market, it could be a bright side for buyers. So where are the markets with the most bargains for home buyers on a budget? To find out, the data team at the real estate website Zillow looked at several factors, including the percentage of listings with price cuts, the median amount of those price cuts, the sale-to-list price ratio (or how much lower the sale price was from the last list price), and at foreclosure resales in places where foreclosure data was available (al
Zoomphotographics | Getty Images

When it’s not a seller’s market, it could be a bright side for buyers. So where are the markets with the most bargains for home buyers on a budget? To find out, the data team at the real estate website Zillow looked at several factors, including the percentage of listings with price cuts, the median amount of those price cuts, the sale-to-list price ratio (or how much lower the sale price was from the last list price), and at foreclosure resales in places where foreclosure data was available (all data was the most recent available, from March 2012).  

All told, the team considered 137 metropolitan areas. What follows are the 10 areas in five states that had the best numbers across those criteria. Of course, factors contributing to the buyers’ markets can include higher-than-average unemployment rates for the area and other economic woes. As with all real estate purchases, buyers in these metro areas will have many factors to consider.

By Colleen KanePosted 17 May 2012

10. Dayton, Ohio

Median price cut: 6.3%Listings with price cut: 36.4%Ohio’s sixth-largest city is midway between Columbus and Indianapolis, and an hour north of Cincinnati. The Dayton metropolitan area has a 30 percent rate of foreclosure resales, making it the highest amount out of the cities in our top 10 where that data was available.
Angelo Mantia | Flickr | Creative Commons

Median price cut: 6.3%

Listings with price cut: 36.4%

Ohio’s sixth-largest city is midway between Columbus and Indianapolis, and an hour north of Cincinnati. The Dayton metropolitan area has a 30 percent rate of foreclosure resales, making it the highest amount out of the cities in our top 10 where that data was available.

9. New London, Conn.

Median price cut:  6.5%Listings with price cut:  36.6%New London is a seaport community of just under six square miles on Connecticut’s Thames River and the Long Island Sound. The metropolitan area has a 6.7 percent rate of foreclosure resales.
Creative Commons

Median price cut:  6.5%

Listings with price cut:  36.6%

New London is a seaport community of just under six square miles on Connecticut’s Thames River and the Long Island Sound. The metropolitan area has a 6.7 percent rate of foreclosure resales.

8. Akron, Ohio

Median price cut:  6.5%Listings with price cut:  33.9%The Rust Belt city of Akron, Ohio’s fifth-largest city, is 40 miles south of Cleveland and Lake Erie. The Akron metropolitan area has a 27.8 percent rate of foreclosure resales.
Ohio Office of Redevelopment | Flickr | Creative Commons

Median price cut:  6.5%

Listings with price cut:  33.9%

The Rust Belt city of Akron, Ohio’s fifth-largest city, is 40 miles south of Cleveland and Lake Erie. The Akron metropolitan area has a 27.8 percent rate of foreclosure resales.

7. Providence, R.I.

Median price cut:  6.7%Listings with price cut:  36.7%The metropolitan area of Providence extends from Rhode Island into neighboring Massachusetts. It includes Rhode Island’s capital city as well as Warwick and the Massachusetts cities of New Bedford and Fall River. The rate of foreclosure resales is comparatively low for this list, at 9.2 percent.
Kenneth C. Zirkel | Getty Images

Median price cut:  6.7%

Listings with price cut:  36.7%

The metropolitan area of Providence extends from Rhode Island into neighboring Massachusetts. It includes Rhode Island’s capital city as well as Warwick and the Massachusetts cities of New Bedford and Fall River. The rate of foreclosure resales is comparatively low for this list, at 9.2 percent.

6. Naples, Fla.

Median price cut:  6.7%Listings with price cut:  33.7%The Naples metropolitan area is on Florida’s southeastern Gulf Coast and borders the Everglades National Park. The percentage of real estate listings with a price cut has increased by nearly 5 percent over last year.
Walter Bibikow | Getty Images

Median price cut:  6.7%

Listings with price cut:  33.7%

The Naples metropolitan area is on Florida’s southeastern Gulf Coast and borders the Everglades National Park. The percentage of real estate listings with a price cut has increased by nearly 5 percent over last year.

5. Sarasota, Fla.

Median price cut:  6.8%Listings with price cut: 34.2%The metropolitan area of North Port Bradenton-Sarasota, midway down Florida’s Gulf Coast, is made up of the cities of North Port, Bradenton, and Sarasota as well as Venice. The percentage of real estate listings with a price cut has increased by just over 5 percent from last year.
Walter Bibikow | Getty Images

Median price cut:  6.8%

Listings with price cut: 34.2%

The metropolitan area of North Port Bradenton-Sarasota, midway down Florida’s Gulf Coast, is made up of the cities of North Port, Bradenton, Sarasota and Venice. The percentage of real estate listings with a price cut has increased by just over 5 percent from last year.

4. Chicago

Median price cut:  7.2%Listings with price cut:  38.1%The metropolitan area of Chicago, the nation’s third-most populous city, had a median sale to list price ratio of 0.947 percent.
Google Maps

Median price cut:  7.2%

Listings with price cut:  38.1%

The metropolitan area of Chicago, the nation’s third-most populous city, had a median sale-to-list-price ratio of 0.947 percent.

3. Cleveland

Median price cut:  7.3%Listings with price cut:  35.5%Cleveland is situated northeastern Ohio on Lake Erie. The Greater Cleveland area, including the cities of Parma, Lorain, Elyria, Lakewood, Euclid, Mentor and Cleveland Heights, showed a 26 percent rate of foreclosure resales.
Chris Gent | Flickr | Creative Commons

Median price cut:  7.3%

Listings with price cut:  35.5%

Cleveland is situated in northeastern Ohio on Lake Erie. The Greater Cleveland area, including the cities of Parma, Lorain, Elyria, Lakewood, Euclid, Mentor and Cleveland Heights, showed a 26 percent rate of foreclosure resales.

2. Punta Gorda, Fla.

Median price cut:  7.6%Listings with price cut:  36.4%The Punta Gorda metropolitan area marks Florida’s third Gulf Coast appearance on this list.  The percentage of real estate listings with a price cut has increased by nearly 8 percent over last year.
Creative Commons

Median price cut:  7.6%

Listings with price cut:  36.4%

The Punta Gorda metropolitan area marks Florida’s third Gulf Coast appearance on this list. The percentage of real estate listings with a price cut has increased by nearly 8 percent over last year.

1. Rockford, Ill.

Jason Ippolito | Flickr | Creative Commons

Median price cut:  8%

Listings with price cut:  39.5%

The percentage of real estate listings with a price cut in northern Illinois’ Rockford metropolitan area has increased by 5.6 percent over last year. However, as with all of the cities on this list, there are drawbacks to living in areas where these real estate deals can be had: Rockford residents were coping with a higher-than-average 11.7 percent unemployment rate in March.