(NEXSTAR) – House prices in the US have been hot recently, but not everywhere. In fact, some areas are far cheaper than the national average.
The national average list price of housing was $ 425,000 in April, according to Realtor.com, even when the housing market remains in delay. Realtor.com found that the average list price for a home in the most affordable state – West Virginia – is not even close to the national average.
All of the cheapest states have an average home price of less than $ 300,000. All of them are mostly rural and without big cities (with a few exceptions), the real estate website found. They have not “seen the typical boom and bust cycles of real estate seen in coastal markets,” according to George Ratiu, economic research manager for Realtor.com.
Instead, these states are scattered in the Midwest and South.
West Virginia has the lowest average catalog price of $ 199,000, less than half the national average. This is the only state with an average price below $ 200,000, the analysis of Realtor.com found. The next most affordable state is Ohio, with an average home price of $ 215,000.
Arkansas and Kansas are the only two other states with average prices below $ 250,000, which are $ 245,000 and $ 248,500, respectively. At the bottom of the list is Missouri with $ 270,000, which is still $ 155,000 cheaper than the national average.
Here are the 10 states that Realtor.com has found to have the cheapest housing markets, as well as their average housing prices, based on April data:
|condition||Average list price|
|West Virginia||199 thousand dollars|
|Ohio||215 thousand dollars|
|Arkansas||245 thousand dollars|
|Kansas||248.5 thousand dollars|
|Mississippi||258 thousand dollars|
|Michigan||259 thousand dollars|
|Indiana||260 thousand dollars|
|Kentucky||260 thousand dollars|
|Missouri||270 thousand dollars|
Cities in some of these states even have offers financial incentives for people to move to the area. Among them are Bentonville, Arkansas; Lincoln and Topeka, Kansas; Morgantown, West Virginia; Tulsa, Oklahoma and West Lafayette, Indiana.
Although markets in these states are more accessible, they are still competitive with buyers.
Brokers in West Virginia, Kansas, Oklahoma and Mississippi say buying a home is not necessarily easier in their states. The market is hot as always, as demand grows and ads receive many offers.
It is unclear whether relief will soon come to homebuyers in these states and across the country.
US average long-term mortgage rates fell slightly this week, although interest rates on the key 30-year home loan have remained high for a decade. Higher lending rates appear to be slowing the housing market, an important sector of the economy.
In April, sales of both existing and new homes showed signs of stagnation, exacerbated by sharply higher house prices and reduced real estate supply.
The Associated Press contributed to this report.