Rare Pockets of Affordability in Top Emerging Housing Markets This Fall

The top emerging housing markets this fall share a common feature: they offer affordably priced homes. Topeka, Kan., tops the list with a median home list price of $250,000, making it an attractive market for budget-conscious buyers. Nearly all of the top 20 emerging markets this fall offer lower home prices or serve as cheaper alternatives to pricier nearby cities, with more than half of them in the Midwest, particularly in Indiana, home to three of the most favorable markets pinpointed by Realtor.com.

While these markets provide affordability, prices have risen quickly, increasing by an average of 19% year-over-year in September. The housing market remains competitive, but rather than upping their budgets or competing to get the upper hand, most buyers are simply looking for more affordable places to live.

In Topeka, buyers can still find a three-bedroom, two-bathroom home in the city limits for less than $200,000 if they don’t mind putting in some work, says local real estate agent Patrick Moore, of Keller Williams One Legacy Partners.

Larger, move-in ready homes in desirable suburbs are priced a bit higher, in the mid-$200,000s.

“We see a higher number of people relocating here from the West Coast and other more expensive areas,” he says. “People have figured out that living in our area is way, way cheaper. But there’s still job opportunities here, and there’s less traffic.”

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