San Francisco-based bank and mortgage lender Wells Fargo is reportedly looking to venture into warehouse lending, according to Bloomberg.
The paper, which cited two people familiar with the matter, said the business would be based out of Atlanta, and headed by Kenneth Lognan, who was acquired via the Wachovia merger.
Back in February, Wells chief John Stumpf said the bank had been out of the warehouse game for at least five years, as the company’s risk appetite was too conservative for the market.
But things have changed in recent months; Wells Fargo was the top mortgage originator in January with $24 billion in first-mortgage loans, beating out rival Bank of America by roughly $1 billion.
Mortgage applications in January and February totaled $107 billion, close to the total during the fourth quarter total of $116 billion, which was up 158 percent from a quarter earlier.
The proposed move comes at a time when warehouse lending has all but dried up, with only $20 to $25 billion in available capacity, down from approximately $200 billion in 2007.
Warehouse lending provides short-term funding to smaller, independent mortgage bankers so they can compete with the likes of larger depository banks and lenders.
Demand has grown recently as mortgage brokers convert to mortgage banks to stay relevant.
Yesterday, Colonial BancGroup Inc. received a $300 million investment from client Taylor, Bean, and Whitaker Mortgage Co., which along with other private investments, will make the large warehouse lender eligible for much needed TARP funds.
Last week, the MBA suggested that new risk-based capital weightings for warehouse lines of credit be slashed so they’re aligned with risks comparable to conventional loans and government-insured mortgage (FHA loan, VA loan) exposures to ease pressure on banks’ balance sheets, a major reason many have left the business.
The real estate market is starting to get really, really weird.
Recently, an open house was actually shut down by the police after more than 100 people showed up in just 45 minutes, according to a recent article by CNBC.
Channing Real Estate agent Catherine Luther told the publication that she got “shut down,” the first time that’s ever happened to her after 30 years in the business.
The open house took place on a Saturday in suburban Belmont, which is in the Boston, Massachusetts area.
After less than an hour, the sheer number of attendees was enough to block the street, prompting neighbors to call the police.
Of course, after witnessing that kind of buzz, they might be better off calling their real estate agent instead…
The next day, Luther was back at it (always be closing), but this time she hired an off-duty police officer to direct traffic flow and avoid another shut down.
The officer apparently counted more than 150 cars. And just three days later, the 3-bedroom colonial home was under contract.
I’m assuming there was a nice little bidding war, not to mention that it will probably go well above asking.
What the Heck Is Going On?
This might be the first time the police have had to intervene at an open house, at least for capacity concerns, but it’s not the first time an open house has looked more like a block party.
The CNBC article cites another recent open house in Seattle, which apparently attracted more than 100 prospective home buyers.
And a recent episode of Portlandia even poked fun at the now very joke-worthy real estate fad. In that episode, which counted Zillow as an advertiser and made many references to Zillow, which annoyed some people, an open house turned into a similar circus.
After viewing the home, the main characters, who happened to be first-time home buyers, were urged to write a cover letter explaining why they wanted the home so bad, and of course they were selected by the sellers, or rather, their agent.
But upon hearing the word “escrow,” which Portlandia jokingly claimed was based on “Eye-scroh,” the Egyptian god of waiting 30 days, they nervously backed out.
Minutes later, the home was sold to a pair of overzealous amateur house flippers instead.
Interestingly, this latest housing craze is a bit different than the one that preceded it. The prior boom and subsequent crisis was fueled by loose lending, namely 100% financing on purchases and cash-out refinances with little or no documentation.
We aren’t quite back to those days, though it’s still pretty easy to buy a home with next to nothing thanks to the FHA and 97 LTV loans.
But today it’s more about a lack of inventory, which is fueling insane demand, whether it’s rational or not. There’s also the fear of “missing out,” which I wrote about in a prior post.
Put simply, this lack of inventory, paired with mortgage rates that are still historically very, very cheap, is making people go bonkers.
It’s times like this when people should stop and ask themselves why they really want to buy a home, and determine if they’re ready for such a commitment.
Despite Portlandia’s supreme silliness, they do make a good point about the current state of affairs in the real estate world. It’s bizarre and nonsensical.
From the Victorian era to modern day homes, these parlor ideas will help you make the most of yours.
Parlor rooms, also known as reception rooms, have existed since the Victorian era. After the early 1800s, parlor rooms became a fixture in middle and upper-class American homes. They are natural gathering places for guests and families to enjoy an entertaining afternoon or evening. Since parlors reflect each family’s personality, much thought goes into furnishings and design. Decor, vintage artwork, grand pianos, and other decorative elements, such as sculptures and vases, are commonplace in today’s parlor rooms.
Although living rooms, sitting rooms, and dens have largely replaced parlors in newly built homes, older homes still have this feature. To help you decorate your own parlor space, interior design experts explain what a parlor is, the history of the space, and how to make the most of yours with modern and timeless elements.
Related: The Hipstoric Home Decor Trend Blends Vintage Pieces with Modern Style
What Is a Parlor?
The word parlor stems from the French word parler, meaning to speak. “A parlor is a classic term for formal living rooms, which are historically sitting rooms featuring fine furniture towards the front of the home,” says Audrey Scheck, principal designer and founder of Audrey Scheck Designs. “Parlors were originally designed as a space to receive and entertain guests. In modern times, we’re seeing these spaces function more as reading rooms and office spaces.”
Because the idea of a receiving room is a bit outdated, they’re often used for other purposes in homes today. “Often these parlor rooms make perfect home offices due to their size and location (close to the house’s entry and away from the clatter of the kitchen),” explains interior designer Molly McGinness. Depending on the needs of your family, parlor rooms can be refashioned to suit any need, making them a versatile ground-floor staple.
The History of Parlors
Parlors date back to medieval monasteries. Monks used the outer rooms—or parlors—to conduct business with laypeople and visitors, while inner rooms were for gathering with members.
Fast-forward to the 18th and 19th centuries, land ownership and trade were the main methods of accumulating wealth. Over time, parlors became public symbols of that wealth, complete with expensive furniture, rare artworks, and other status signifiers. Families would put their best, most impressive items in this room for guests to see.
McGinness says that family would not have been allowed to just “hang out” in the parlor. Instead, it was truly reserved for guests. Because parlors are typically located just off the foyer, having one helped keep the other parts of the home truly private.
Modern Parlor Rooms Are More Multi-Functional
Today, parlors can still be the center of social life in a home, but usually they are less ostentatious. The furniture is more comfortable, and is often situated to facilitate vibrant conversation. Unlike the living room, a modern parlor may still have sturdy upright seats rather than sinking couches for lounging. Also, parlors are typically more low tech than a living or family room, usually without a television as a focal point.
Since they typically connect to the primary entryway, parlors can also serve as a waiting room. It is useful to hold guests in a parlor to avoid ushering them into a dinner or house party that isn’t quite ready. Family portraits may still grace the walls but, these days, notable artwork is usually hung in the interior of the house, where it will be enjoyed more often by the family.
In the modern era, people need multi-functional spaces. A parlor can be a quiet place to take calls, read, or work. Because they are usually close to the front of the house, they are known for good natural light during the day and may double as a yoga or meditation room. And, while not their original purpose, a spacious parlor room may even be repurposed as a guest room, home office, or reading area. The room can be transformed into anything, really.
“I’ve worked on projects where the parlor is turned into a library, a minor living room and a playroom,” McGinness says. “In a recent project of mine, in a contemporary house updated from a colonial, the room that would have been the parlor became a mahjong game room.”
Design Ideas for a Parlor Room
When designing a parlor room, Scheck suggests creating a cozy atmosphere to both welcome guests and build a functional space your family will use. “Think ample seating in an array of textured fabrics with multiple lighting sources (lamps, sconces, etc.) to create a warm ambiance,” she says.
Parlors are also the perfect opportunity to go bold with paint or use patterned wallpaper. “Some of our favorite ways to achieve this is through color drenching the room, utilizing lacquer paint to create shine and depth in the room, or wallpapering the ceiling for an unexpected way to make your parlor pop,” Scheck explains.
Because parlors historically do not have electronics, incorporating built-in speakers into the ceiling can be a classy upgrade. Playing music in the background can help guests set the mood for the social gatherings to follow.
Related: The 10 Best Wallpapers of 2023 to Add Visual Flair to Any Room, According to Our Testing
Is a Parlor Worth It?
If you’re building a new home, chances are that a formal parlor isn’t on the top of your must-have list. Since many families repurpose the existing parlor spaces in older homes, there can be better uses for the square footage in a new build.
But McGinness says the positive features of a parlor shouldn’t be overlooked. “Architecturally, they still exist as we care for older homes, remodel and rework existing spaces for our contemporary lives,” she says. Because parlors rarely have technology, they a blank slate. Maintaining them in their original state can help a home retain its regal and classic charm. On the other hand, remodeling them can make for a DIY project that allows a family to leave their personalized mark on the place.
Whether for frequent or occasional use, parlors are certainly worth having. However, building one where it doesn’t already exist may be less worthwhile.
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Read the original article on Better Homes & Gardens.
Weymouth, formally known as The Town of Weymouth, is a small city home to 57,000 people in the South Shore region of Massachusetts. As the second-oldest settlement in the state, it’s known for its coastal views, community events, and rich history. While it has plenty of positives, it’s important to consider all aspects of relocating.
So, is Weymouth, MA, a good place to live? We’ve got you covered. If you’re looking at homes for sale in Weymouth or are just curious about what the area has to offer, this Redfin guide is for you. Here are 10pros and cons to consider before moving to Weymouth.
5 pros of living in Weymouth, MA
There’s a lot to love about Weymouth. Here are five of the top reasons to make the move.
1. Scenic beauty
Weymouth’s coastal location means it’s full of beautiful views of the Atlantic Ocean and surrounding beaches. One of the area’s prized locations is Webb Memorial State Park, a peninsula that extends into Hingham Bay and offers panoramic views of the ocean, beaches, and forests.
Another visual marvel is Great Esker Park, which is home to the highest esker in North America. It provides hiking trails that wind along the Back River, through wetlands, and up hills, rewarding hikers with magnificent views of the river and the surrounding forest.
2. Location
Weymouth is just 12 miles from Boston, meaning residents have quick and easy access to the city’s amenities and culture, including sports, entertainment, and food. This convenience makes it an attractive commuter town for those who enjoy both city life and suburban tranquility.
3. Diverse housing styles
Because of its nearly 400-year history, Weymouth offers a plethora of housing options and styles. These range from historic colonial homes, to new mid-century modern houses, to a variety of rental options. This wide variety means you’re likely to find a home style that suits you, no matter your budget or preference.
4. Outdoor recreation
The South Shore is a haven for outdoor enthusiasts, and Weymouth is no exception. Popular hotspots include Pond Meadow Park, The Back River Wildlife Sanctuary and Reservation, and Ames Nowell State Park. For slightly longer trips, you can head out to Wompatuck State Park for miles of trails, or World’s End, which offers untouched views of the bay and nearby ocean.
5. Rich history and culture
Weymouth was settled in 1622 and founded in 1635, and its history is still celebrated in its preserved colonial architecture and historic landmarks. One notable building is the Fogg LIbrary, which was built in 1897 and still acts as a public library for Weymouth and surrounding areas. You can also visit one of many graveyards that have been in use for centuries.
The culture in Weymouth is distinctly New England, offering a quintessential Northeastern experience full of history and community.
5 cons of living in Weymouth, MA
While Weymouth has plenty of positives, there are downsides as well. Here are five to keep in mind.
1. Higher cost of living
One downside of living in Weymouth is its relatively high cost of living due to its prime location and proximity to Boston. Housing, in particular, can be quite expensive. For example, the median sale price for a home in Weymouth is $551,000, over $100,000 more than the national average. Apartments are also expensive, with a one-bedroom apartment costing an average of $2,372.
Even though it is expensive, Weymouth is one of the most affordable cities on the South Shore. Homes in Braintree and Hingham, for example, cost an average of $607,000 and $1.32 million respectively.
2. Traffic
Due to its proximity to Boston and its role as a commuter town, traffic congestion can be a problem, particularly during rush hours and sports events. This can make it harder for people who work in Boston or otherwise have to commute, resulting in extended commute times.
3. Limited public transportation
While Weymouth does have public transportation, including MBTA commuter rail service to Boston, it’s not as extensive as in larger cities. The bus service in the area is limited, and some parts of the town may require a car for commuting, errands, and accessing certain services. This could be a downside for people who rely heavily on public transportation or prefer not to drive.
4. Limited nightlife
Weymouth is a quieter town primarily full of single-family homes. While it has a number of pubs and restaurants, such as 4th and Cherry, Grille 151, and True North Kitchen + Bar, it lacks the vibrant nightlife of larger cities. For people who enjoy a bustling night scene, this could be a drawback.
Luckily, the city is just a short drive away from Boston, making evening getaways much easier.
5. Winter weather
Winters in Weymouth, like much of New England, can be harsh. Temperatures average around 37 degrees Farenheit in January and part of February, and heavy snowfall and cold snaps are fairly common. This, paired with early sunsets, can make living in Weymouth challenging for people who aren’t used to cold winters or don’t like them.
With its seaside towns and Colonial history, Rhode Island is one of the many picturesque New England states filled with beaches galore. White sands, sparkling blue waters, kayaking and boating, sightseeing and whale watching, these stunning beach towns in Rhode Island are some of the best you’ll find. Whether you’re looking to move to Rhode Island or want to relocate to a quaint coastal city, there are plenty of options to check out in the state.
But if you’re not sure where to start on your hunt for the best Rhode Island beach town, we’re here to help. From Bristol to Newport, Redfin has compiled a list of 10 of the top beach towns in Rhode Island. Let’s explore some of the state’s beaches, listed in alphabetical order, and you might just be tempted to move there.
#1: Bristol
Median home price: $450,250 Bristol, RI homes for sale Bristol, RI apartments for rent
Starting off is Bristol, home to roughly 22,100 people. There are plenty of beaches to explore while in Bristol such as Bristol Town Beach, Juniper Trail Beach, and Walley Street Beach. Living in Bristol, you can also explore Colt State Park, visit one of the many museums like Blithewold Mansion Gardens & Arboretum or Herreshoff Marine Museum, and stroll through Bristol’s downtown.
#2: Charlestown
Median home price: $412,500 Charlestown, RI homes for sale Charlestown, RI apartments for rent
Another one of Rhode Island’s great coastal towns to consider buying a home in is Charlestown. Even with just about 1,400 people residents, there are plenty of beaches to visit like Charlestown Beach, East Beach, Elbow Beach, and West Beach. Make sure to also check out the natural areas like Burlingame State Park and Ninigret National Wildlife Refuge.
#3: Jamestown
Median home price: $2,017,500 Jamestown, RI homes for sale Jamestown, RI apartments for rent
Jamestown has just about 5,400 residents and there are lots of beaches to explore on a warm Rhode Island day like Mackerel Cove Beach and Sunset Beach. If you find yourself moving to Jamestown, make sure to check out Beaver State Park, hike at Parker Farm, and explore downtown Jamestown.
#4: Little Compton
Median home price: $1,160,000 Little Compton, RI homes for sale Little Compton, RI apartments for rent
With beautiful beaches like Lloyd’s Beach, South Shore Beach, and Tappens Beach, there are countless places to spend a beach day in Little Compton. There are roughly 3,500 residents in Little Compton, making this a quaint area to live. Make sure to also visit the Sakonnet Garden during the summer months if you decide on moving to Little Compton.
#5: Middletown
Median home price: $612,500 Middletown, RI homes for sale Middletown, RI apartments for rent
The charming coastal town of Middletown has about 16,100 residents, making it a great place to consider moving to. You’ll find beautiful beaches such as Atlantic Beach, Peabody’s Beach, Pebble Beach, Second Beach, Surfer’s End, and Third Beach. Living in Middletown, you can explore the Sachuest Point National Wildlife Refuge, check out the shops and restaurants, and golf at one of the courses.
#6: Narragansett
Median home price: $839,500 Narragansett, RI homes for sale Narragansett, RI apartments for rent
The town of Narragansett has about 15,500 residents and is a great spot to consider buying a home in. Some beaches you can visit are Bonnet Shores Beach, Kelly Beach, Narragansett Town Beach, Roger Wheeler State Beach, Salty Brine State Beach, and Scarborough South State Beach. Make sure to visit the Point Judith Lighthouse, hike along the Blackpoint Trailhead, and check out the local shops and restaurants if you move to Narragansett.
#7: New Shoreham
Median home price: $1,550,000 New Shoreham, RI homes for sale New Shoreham, RI apartments for rent
With a population of about 1,000, New Shoreham, located on Block Island, is an awesome coastal area to live in. There are plenty of beaches to explore – Black Rock Beach, Crescent Beach, Frederick J. Benson Town Beach, Mansion Beach, Scott Beach, and Vaill Beach. If you’re going to call this area home, plan time to visit the Block Island National Wildlife Refuge and the Sacred Labyrinth, hike the Clay Head Nature Trail, and explore downtown New Shoreham.
#8: Newport
Median home price: $660,000 Average rent for a one-bedroom apartment: $1,800 Newport, RI homes for sale Newport, RI apartments for rent
In Newport, you’ll find stunning beaches such as Bailey Beach, Belmont Beach, Easton Beach, and Gooseberry Beach, perfect for a picnic. Make sure to check out the Ocean Drive Historic District, explore Fort Adams State Park, and visit the many museums and historical landmarks in the city once living in Newport.
#9: Warren
Median home price: $507,350 Warren, RI homes for sale Warren, RI apartments for rent
Close to 10,600 people live in Warren where you’ll find beaches like Warren Town Beach. Some other fun activities to do in Warren include strolling through downtown, grabbing a bite at one of the local spots, and exploring Audubon Touisset Marsh Wildlife Refuge.
#10: Westerly
Median home price: $451,000 Westerly, RI homes for sale Westerly, RI apartments for rent
This coastal town has a population of 17,800 and there are lots of beaches to spend time outside at. In Westerly, you can visit East Beach, Dunes Park Beach, Misquamicut State Beach, and Westerly Town Beach. There’s plenty to do on an afternoon or weekend in Westerly, like visiting Napatree Point Conservation Area and the nearby Watch Hill Lighthouse, exploring the shops and parks in downtown Westerly, and spending the day checking out Woody Hill Management Area.
Note, this list is not comprehensive of all the beach towns in Rhode Island. Median home sale price data from the Redfin Data Center during June 2023. Average rental data from Rent.com June 2023. Population data sourced from the United States Census Bureau.
Tallahassee, the vibrant capital city of Florida, is renowned for its rich history, diverse culture, and natural beauty. Nestled in the Florida Panhandle, Tallahassee is a unique blend of old and new, with historic landmarks alongside modern architecture. As the home of several top-rated universities, the city thrives with youthful energy and a vibrant arts scene. Tallahassee is also famed for its lush green spaces, including majestic oak-lined streets and serene parks offering residents and visitors a delightful escape into nature. But what else is Tallahassee known for?
Whether you’re eager to learn more about this city or are a newcomer searching for apartments in Tallahassee or homes for sale, this Redfin article will guide you. Join us as we delve into all things Tallahassee, uncovering its noteworthy attractions, iconic landmarks, and the many reasons why it has become a beloved gem within the Sunshine State.
1. Florida’s state capital
Tallahassee is widely known for being the capital of Florida; the state’s political and legislative center. The city boasts the iconic Florida State Capitol building, a majestic structure that serves as the seat of government for the state. This architectural gem stands tall with its neoclassical design, featuring a prominent dome that can be seen from various vantage points across the city. The Capitol complex encompasses beautifully landscaped grounds, including memorials and statues that pay homage to Florida’s rich history.
2. Higher education
Florida State University in Tallahassee is one of the nation’s top public universities at the forefront of research and innovation. With diverse programs spanning arts, sciences, engineering, business, and more, FSU attracts students from across the country and around the globe. Another renowned institution, Florida A&M University, is a historically black university that has established itself as a pillar of academic achievement and social impact. FAMU offers various disciplines, including pharmacy, law, journalism, and agriculture.
3. Low cost of living
Tallahassee is recognized for its low cost of living, making it an attractive destination for residents seeking affordability without compromising on quality of life. You’ll find that the cost of living in Tallahassee is 5% lower than the national average. The city offers a relatively lower cost of housing with a median sale price of $273,000 compared to many other urban centers in Florida, like Miami, where the median sale price is $590,000. Even rent is more affordable, with a two-bedroom apartment averaging around $1,271. Whether renting an apartment or purchasing a home, individuals and families can find affordable options that suit their budgets.
4. Beautiful green spaces
Tallahassee, known as the “City of Oaks,” boasts many beautiful green spaces, contributing to its reputation as a nature lover’s paradise. From majestic oak-lined streets to expansive parks and forests, Tallahassee offers a picturesque landscape that invites residents to immerse themselves in the tranquility of nature. The city has many well-maintained parks, such as Tom Brown Park and Myers Park, where you can enjoy picnics, leisurely walks, and recreational activities amidst lush greenery and serene surroundings.
5. St. Marks National Wildlife Refuge
St. Marks National Wildlife Refuge encompasses over 70,000 diverse ecosystems, including salt marshes, tidal creeks, and coastal forests. Known for its abundant wildlife, St. Marks National Wildlife Refuge is a haven for over 300 species of birds, including bald eagles, ospreys, herons, and migratory birds that make the refuge their seasonal home. The sanctuary also provides shelter to wildlife such as alligators, deer, bobcats, and playful river otters. Visitors to St. Marks can enjoy various activities, including wildlife viewing, birdwatching, hiking, cycling, fishing, and boating.
6. Mission San Luis de Apalachee
The renowned Mission San Luis de Apalachee epitomizes Tallahassee’s historical significance. This captivating archaeological site provides a glimpse into the region’s colonial past. The mission, established in the 17th century, was a Spanish Franciscan settlement and served as a hub for cultural exchange between the Spanish colonizers and the native Apalachee people. Today, you can explore the reconstructed mission, which features authentic replicas of the buildings, including a church, council house, residences, and a fort.
7. Tallahassee Museum
Situated on a sprawling 52-acre campus, the Tallahassee Museum invites visitors to explore its diverse exhibits and attractions. As you venture through the museum, you’ll encounter meticulously reconstructed historic buildings that bring the past to life, including a 19th-century farmhouse, a schoolhouse, and a pioneer homestead. The museum also features extensive natural history displays, showcasing the flora and fauna of the region, including indigenous wildlife and plant species. Beyond the exhibits, visitors can enjoy outdoor adventures on nature trails, boardwalks, and a zip line course, providing opportunities for exploration and recreation. The museum frequently hosts educational programs, live animal encounters, and interactive demonstrations.
8. Alfred B. Maclay State Gardens
Visiting Alfred B. Maclay State Gardens in Tallahassee is like stepping into a botanical paradise. Known for its stunning gardens and breathtaking floral displays, Maclay State Gardens offers a peaceful retreat from bustling city life. As you explore the gardens, you’ll encounter vibrant azaleas, camellias, and other blooming flowers that create a kaleidoscope of colors throughout the year. The picturesque brick walkways lead you through various garden sections, including the picturesque Reflection Pool and the Secret Garden, each offering a unique charm.
9. Cascades Park
As you enter Cascades Park, you are greeted by the mesmerizing sight of a magnificent waterfall cascading down a series of terraced steps, creating a visual spectacle that is both awe-inspiring and calming. This park in Tallahassee features well-maintained trails for walking, jogging, and cycling, allowing you to explore its expansive space and admire the lush vegetation. It also offers a variety of amenities, including a state-of-the-art amphitheater, a play area, interactive water features, and ample picnic spots popular among locals.
10. The Springtime Tallahassee Festival
Tallahassee is known for its vibrant and beloved annual event, the Springtime Tallahassee Festival, which has become a cherished tradition for residents and a significant attraction for visitors. This festival, held each spring, celebrates the city’s rich heritage, blooming season, and community spirit. The event features a grand parade that winds through the streets, showcasing colorful floats, marching bands, dance troupes, and local organizations. The parade is a festival highlight, drawing crowds of spectators who line the streets to cheer and revel in the festive atmosphere. Beyond the parade, the festival offers a variety of activities, including live music performances, arts and crafts vendors, food stalls, and interactive exhibits.
At some point, many city dwellers realize they’ve had enough of the tiny, exorbitantly priced apartments, the noise and gridlock, the angry drivers, and the packed sidewalks. They find themselves longing for a simpler life—perhaps even putting down roots in small-town America, where they’re not always in a rush and a walk through town is sure to include at least a few friendly faces.
As you’ve probably heard, small- and medium-sized communities, farther from the country’s historic coastal population centers, have had quite a housing renaissance in the past few years. While mortgage rates were near zero and workers had more flexibility to work remotely during the COVID-19 pandemic, many descended on pretty, tranquil, formerly affordable, smaller towns—and that caused some prices to skyrocket.
But here’s the news: It’s not too late to trade in big-city bustle for small-town serenity without busting your budget. The Realtor.com® data team found America’s most affordably priced, small towns that also have lots to offer residents. These aren’t just nice places with low-priced real estate. These are places where you might actually love to live.
“I drive down the street and see 10 people I know,” says Kelsey Janssen, a Realtor® and associate broker at Coldwell Banker Town & Country Realty of Kearney, NE, one of the top spots on our list. “Even people who don’t know you wave here.”
Janssen says she has clients who have come from California, or neighboring Colorado, and they’re blown away by how friendly everyone is—on top of how much more affordable the homes are.
Some of these smaller communities have carved a niche for themselves, whether it’s live music, like in Branson, MO, or the old-world German charm of New Ulm, MN. Each has a different flavor.
To find these desirable small towns, the Realtor.com data team looked at real estate in every U.S. “micropolitan area,” the collection of counties with a population between 10,000 and 50,000. (With the surrounding areas included, a micropolitan area can technically have a population as large as 200,000, but we’re focusing on the core town within.) Then we pulled together U.S. Census Bureau data detailing the dining, entertainment, recreation, and quality-of-life business establishments in the area, and calculated their rate per 100,000 residents. We ranked the towns using an equal combination of those categories, as well as home list prices.
We limited our list to places where the median list price per square foot is less than 150% of the national average, and we selected only the highest-ranking micropolitan area in any given state, to ensure geographic diversity.
Here’s our list of the most affordable small towns with big quality of life.
Median list price: $159,250
Our No. 1 affordable small town with lots of big-city appeal is Cortland. The residents of the town in central New York have quick access to some larger cities, sitting about 35 minutes north of Ithaca and 45 minutes south of Syracuse. And the median list price is just about one-third of the national median in May. You get a lot for your money here.
Cortland, which has a history dating to the late 18th century, is surrounded by tree-covered hills, which transform into a patchwork of orange, gold, and crimson in the fall, which sets the mood for the annual Great Cortland Pumpkin Festival.
“The community events are just wonderful here,” says Jason Hage, a local real estate broker at Hage Real Estate.
“You’ve got the Pumpkin Festival and also the Homer Fireman Field Days. We have two or three parades a year,” he adds. “Every Wednesday night from June through August, we have Music on the Green at the Homer elementary school. It’s such a cool thing to be able to hang out there with your neighbors and check out live music.”
Cortland, like any good small town, has a Main Street dotted with restaurants, bars, coffee shops, vintage boutiques, and tattoo parlors. Other local attractions that boost Cortland’s small-town bona fides include the Cortland Repertory Theatre, offering up a range of performances, and The 1890 House Museum, where residents can learn about the town’s history and architecture.
For the more adventurous Cortlanders, Greek Peak Mountain Resort is where to go for downhill skiing and snowboarding, as well as snowshoeing and cross-country skiing—and it’s only 15 minutes outside of town.
Median list price: $384,450
Located in the heart of the Midwest, Kearney is about 2.5 hours west of Omaha and 2.5 hours east of the Colorado state line.
Kearney (rhymes with “Barney”) began as a historic Army outpost, founded in 1848, along the Oregon Trail. It became an important stop for those wagons driving west during the expansion of the U.S.
Now, “it’s just one of the best places to live,” says Realtor Janssen,
She tries to tell people moving to Kearney not to be alarmed when people they don’t recognize wave at them, she says. “That’s just how friendly people here are.”
There are hiking and biking trails, parks, golf courses, and white water rafting on the Platte River bordering Kearney to the south. There are also affordable homes for sale.
A three-bedroom home on the edge of Harmon Park, just a few minutes from downtown Kearney, is listed for $189,000.
Median list price: $320,000
Branson is a lake lover’s dream. It snagged one of the top spots of the Realtor.com annual list of the nation’s most affordable lake towns for four of the past five years. The town is located in the southern Ozarks, just a little north of the Arkansas border.
The area is known for its mountainous terrain and the large bodies of water nearby, Table Rock Lake and Lake Taneycomo. The lakes were created by the sort of dams that came to typify this section of the country in the 20th century. Lake Taneycomo came first with Powersite Dam in 1913, and the much larger Table Rock Lake Dam was constructed in the 1950s.
Branson ranks the highest among all our towns in the Census Bureau’s “amusement, gambling, and recreation” industries, as the town has become a hub for tourism and live music.
The Dutton Family Theater, Clay Cooper Theatre, and Presley’s Country Jubilee all offer something for music lovers in the area. But crime is higher in the area than in the other small towns, according to AreaVibes.
Buyers here can enjoy lower home prices, as properties in the Branson area are priced about 25% below the national median. This two-bedroom, one-bathroom house is for sale at $145,000.
Median list price: $257,450
Sandusky is another popular lake town that made it on our list. Perched on the edge of Lake Erie, about midway between Toledo to the west and Cleveland to the east, the town has plenty of restaurants and bars downtown and along the thriving waterfront.
One of the most popular attractions is the iconic Cedar Point Amusement Park, which sits on a peninsula that juts into Lake Erie, offering unparalleled views from the top of the park’s 16 world-class roller coasters. In fact, Cedar Point is known around these parts as “The Roller Coaster Capital of the World.”
History buffs can soak up exhibits on shipbuilding, shipwrecks, and pirates at the Maritime Museum of Sandusky.
Homes in Sandusky are about 35% less expensive than the national median. Buyers can check out this three-bedroom, two-bathroom for $210,000.
Median list price: $127,425
Of all of the places on our list, Galesburg is the cheapest, with prices 70% below the national average. That’s after about a 25% appreciation compared with before the pandemic, without any real slump in prices over the past year of mortgage interest rate hikes.
This small town is located in the western part of the state, about an hour south of Davenport, IA.
The town has a rich history, having been established in 1837 by abolitionists from New York. It’s named after George Washington Gale, a Presbyterian minister who helped lead the local anti-slavery movement and aided in the escape of fugitive slaves, and it became a stop on the Underground Railroad.
While crime here is higher than the national average, the local economy is relatively diverse, with BNSF Railway, Knox College (also established by Gale), and the local OSF HealthCare hospital topping the list of the area’s main employers.
Buyers can snag a three-bedroom, one-bathroom ranch for just under $80,000. Or they can “splurge” on a three-bedroom, 2.5-bathroom home on the market for $185,000.
Median list price: $287,900
In the northeast corner of South Dakota, Aberdeen is known for its prairie landscape, dotted with parks, lakes, and creeks. The Mina Lake Recreation Area is where locals can find boating, fishing, and camping opportunities.
There are plenty more perks. Aberdeen is home to Northern State University, a small public university, and Presentation College, a private Catholic college. On the northern edge of Aberdeen is Wylie Park, which has “Storybook Land,” a theme park based on storybooks and fairy tales. There’s also Wylie Lake, a minigolf course, bumper boats, and go-karts.
Plus, real estate here costs about half the national average. This three-bedroom, two-bathroom ranch is listed at about $240,000.
Median list price: $280,000
In 2022, Rutland ranked high on our list of great ski towns with homes regular people can afford. It’s just 25 minutes from one of the largest ski resorts on the East Coast: Killington, known as the “Beast of the East.” But homes are about half of what they cost in Killington, VT, at the base of the resort.
Rutland has lots more to offer as well. In the warmer months of the year, the Green Mountains to the east and the Taconic Mountains to the west offer an abundance of hiking and biking trails. The town has a quaint Main Street, dotted with shops and restaurants.
And as this town, like many in the upper Northeast, turns from deep green to burnt umber and red in the fall, Rutlanders can attend the nation’s longest-running Halloween parade (that’s what the locals maintain).
Rutland homes are priced about 35% below the national average, so buyers can still find deals. This three-bedroom, one-bathroom house is for sale for $215,000.
Median list price: $202,450
Iron Mountain is no stranger to our most affordable small towns list. Located on Michigan’s Upper Peninsula and straddling the Wisconsin border, this is our northernmost affordable small town. Homes here cost about 40% less than the national average per square foot.
The area ranks the highest for museums and historical sites, a reflection of the area’s history of mining. Iron Mountain was established during the mining boom of the late 19th century.
Residents can soak up the history at the local Mining Museum, located at the Chapin Mine Steam Pump Engine, a national historic site dubbed “The Cornish Pump.” At 60 feet tall, it’s the largest reciprocating steam-driven engine built in the U.S., created to keep water out of the mines below.
The town is also a regional center for outdoor tourism, including hunting, fishing, and skiing. The Pine Mountain Ski & Golf Resort is located on the northern edge of Iron Mountain, with a small downhill ski mountain and the relatively well-known Pine Mountain Ski Jump, which hosts International Ski Federation competitions.
Median list price: $267,400
Sitting in the Minnesota River Valley, about 90 miles southwest of the Twin Cities, New Ulm is the smallest of any place on our list and one of the most distinct.
New Ulm was founded by German immigrants in 1854, and the German heritage is unavoidable. Classically German half-timbered “Fachwerk” architecture can still be found across the town. New Ulm’s downtown gets a full transformation for Christmas, and the town’s Oktoberfest is a destination for anyone looking for an authentic experience. There’s even a 45-foot glockenspiel, whose chimes can be heard throughout the town during the day, and which is adorned with a rotating stage with figurines depicting characters from the town’s history.
Flandrau State Park, on the southern edge of New Ulm, is where the town’s residents can go for swimming, camping, hiking, or just lounging on the beach.
This century-old, two-bedroom, 1.5-bathroom house has been updated and is on the market for about $215,000.
Median list price: $559,000
Last on our list—and with the most expensive real estate—is Taos. Housing prices here are about 40% more than the national average per square foot, but the area’s museums, historic sites, as well as a devotion to arts and culture earn it a spot on our list.
This small town is rich with Native American culture and Spanish colonial history. The Pueblo de Taos, about a mile north of the modern town, is an ancient dwelling of the Puebloan people who inhabited it for hundreds of years before colonists arrived. It’s estimated to have been built between A.D. 1000 and A.D. 1400, and it’s designated as a UNESCO World Heritage Site.
More recently, Taos has become synonymous with high-desert tourism, recreation, and leisure.
Taos sits at almost 7,000 feet elevation, at the base of the Sangre de Cristo Mountains, where residents and tourists can quickly access hiking and biking trails in the summer and snow sports in the winter. It has become one of the Southwest’s outdoor activity hot spots, year-round.
“People have known us for the skiing and the snowshoeing,” says Ryan Trujillo, an associate broker at Berkshire Hathaway HomeServices in Taos. “But now it’s also whitewater rafting, kayaking, and other water sports.”
inflation cooled in June for the twelfth straight month despite persistent rent hikes and rising gas prices.
Even with interest rates on mortgage loans hovering around 7%, the market is still moving quickly, according to Market Watch.
“There appears to be more demand than available supply for homes, especially in the real-estate market, which is keeping home prices high,” Mike Simonsen, founder and president of real-estate analytics firm Altos Research, told MarketWatch.
The Baby Boomer generation is also largely ‘aging in place,’ according to a recent report by investment company US Money Reserve. The report said that 38% of American homeowners age 65+ have lived in their homes for more than 30 years, and another 39% have lived in their current homes for more than a decade.
Own a piece of Indianapolis history with this Victorian townhouse on Delaware St. in the Old Northside. Built in 1872, this home has been renovated from top to bottom and seamlessly combines historic charm with updated style.
The coffered ceilings, hardwood floors and turret with curved windows remind you of the home’s history and attention to detail. Features like the marble countertops, double ovens and built-in wine fridge mean you definitely aren’t living in the 1800s.
These easily avoidable mistakes turn off buyers. Don’t do them.
Fort Wayne
This Fort Wayne condo has some incredible views. Floor-to-ceiling windows throughout the condo show off the Allen County Courthouse and the heart of downtown.
Listed for $549,900, it includes more than 1,400 sq ft of living space with a gourmet kitchen, quartz countertops, with an ultra-modern backsplash and lighting.
See $500K homes for sale around the state, including historic 1830 house
West Lafayette
For anyone thinking about making a move closer to Purdue, check out this Dutch colonial in West Lafayette that the listing says, “feels like the perfect setting for a Hallmark holiday movie.”
Moving bonus:Why some Indiana towns are willing to pay workers to relocate
Muncie
For those looking for more land for their money, this $580,000 home in Muncie sits on more than ten acres.
This modern farmhouse was built in 2002 and is perfect for country living in a spacious home with tons of amenities.
Take in the farm views while working in the updated kitchen with custom countertops and a farm sink.
The 4 bedroom 3.5 bath with more than 3,200 sq ft inside also has an above-ground pool outside and a large deck that is perfect for entertaining.
Evansville
This $575,000 home on Volkman Road in Evansville comes with more than enough room to spread out.
A 700 sq ft guest house and a large, insulated pole barn with a full bar and theater area come along with the five-bed, 2.5 bathroom home.
With more than 3,700 sq ft of total space, the 1954 brick home features a newly laid stone fireplace, updated kitchen and large living room.
April report:Buying or selling a home in Indiana? Here’s what a $500K house looks like around the state
So far in 2009, 81 banks have failed, a large number by any stretch, but nowhere near the total one private equity CEO believes will eventually succumb to the crisis.
John Kanas, who now heads BankUnited after acquiring it post-failure, told CNBC he expects 1,000 banks to fail over the next two years.
Of course, most will be small, private banks that no one has even heard of, but the carnage could be enough to sink the ever-powerful FDIC.
However, FDIC Chairman Sheila Bair noted yesterday that the agency already factored in bank failures expected to occur over the next year.
Problem Institutions Are on the Rise
Meanwhile, so-called “problem institutions” rose to a 15-year high, with 416 sharing that distinction as of June, more than triple the number from a year ago.
Though the FDIC’s Deposit Insurance Fund (DIF) slipped to just $10.4 billion in June, combined with the contingent loss reserve for expected failures, over $42 billion is at their disposal.
“The DIF balance reflects the net worth of the insurance fund,” said Bair in prepared remarks. It’s also a guide for setting deposit insurance premiums for our industry-funded system.”
“So when a bank fails, to the extent that we have already reserved for a failure, the loss comes out of the contingent loss reserve. For example, when Colonial Bank failed two weeks ago … there was no reduction in the fund because the estimated loss had already been reserved for.”
Still, the FDIC will likely need more private equity firms to step in to buy up failing banks, though guys like John Kanas aren’t happy with the high standards the FDIC is holding potential buyers to.
Private equity firms, in particular, would need double the capital of their competitors in order to buy these banks, something Kanas believes could deter interest.
With the news this month that the housing market hit a milestone by showing the first year-over-year price decline in recent memory, homeowners who’d considered finally selling their home this year are finding themselves discouraged yet again.
What happened, they might wonder, to the not-so-distant glory days of frantic bidding wars and over-ask offers? Plenty of frustrated owners seem worried that the window for a fast and lucrative home sale might be shutting fast.
But here’s the reality: The U.S. housing market is no monolith. Although it’s true that many of the hottest markets of the past few years have seen prices fall in the wake of higher mortgage interest rates that broadly dampened home shoppers’ buying power, there are still cities where buyers continue to snatch up homes quickly and where sellers are getting their full asking price—or more.
This is why the Realtor.com® data team dug in to find the U.S. real estate markets that most favor sellers. (Sorry, buyers!)
The best places for sellers generally have persistently low housing inventory, strong demand from buyers, and often—but not always—lower prices that have room to swell. These are generally affordable metropolitan areas in the Northeast with a few in the Midwest.
Three of the metros on our list—Hartford, CT, Worcester, MA, and Providence, RI—are so close, you could tour homes in all of them in a single day. Our ranking also has one spot in the South and a somewhat bizarre outlier in California—more on that later.
To figure out if an area is a buyer’s or seller’s market, Pamela Ermen likes to track the change in the number of closed sales per month, compared with the change in the number of new listings per month.
“When sales are going up and inventory is going down, that’s a real seller’s market,” says Ermen, a Virginia Beach–based Realtor® at Re/Max and a speaker and coach at Real Estate Guidance.
Still, sellers who focus solely on low inventory can wrongly conclude that they can list their home at a higher price than an agent might advise. That can lead to their property languishing on the market not receiving strong offers. Meanwhile, buyers who focus only on the number of sales going down might wrongly think there’s less competition. That might result in heartache when they find out the hard way that many homes are still getting multiple offers.
To find true seller-friendly places, the Realtor.com data team looked at the May 2023 listing data for the 100 largest metropolitan areas. Then we ranked each based on the number of days that the median listing is on the market, combined with the portion of listings that have had the price reduced. These metrics tell us where homes are selling faster than average and with fewer sellers having to reduce their price to make the sale.
We selected just one metro area per state to ensure geographical diversity. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)
Here’s where sellers can expect the market to be most tilted in their favor this summer.
Median list price: $265,000 Median days on the market: 13 Listings with a price reduction: 1 in 17
Rochester, on the western edge of New York along the southern shore of Lake Ontario, not only is at the top of our seller’s saviors list—it’s also in a class of its own. Rochester had both the lowest number of days on the market and the lowest portion of listings with a price reduction. But this is nothing new for the so-called Flower City.
The metro area has become a mainstay of the Realtor.com hottest real estate markets list. It’s also where sellers are usually still getting their asking price, and where buyers can find one of the largest selections of homes for less than $200,000. Plus, home prices are well below the national median list price of $441,500 in May.
These affordable homes have made the area appealing to locals, out-of-towners, and investors.
“If you’re priced right in our market, you can expect to still sell in about one week,” says Jenna May, a local real estate agent at Keller Williams Realty.
When the market was at its pandemic peak in 2022, and even before anyone had heard of COVID-19, Rochester was still leading the nation in the low number of days on the market. Demand here for homes is high and seems destined to stay that way.
“There are people who are offering $80,000 over listing price and not getting the home,” says May. “It’s that competitive.”
Median list price: $424,925 Median days on the market: 19 Listings with a price reduction: 1 in 14
The capital city of Connecticut is also no stranger to the Realtor.com list of the nation’s hottest real estate markets. Hartford is the largest population hub in the state, with 1.2 million residents.
It also boasts home prices that are about 5% below the national median.
“The Northeast has been well undervalued compared with other markets—and not just for years, but for decades,” says Lisa Barrall-Matt, a senior broker at Berkshire Hathaway in West Hartford.
Homes in the Hartford area have been priced $100,000 less than comparable homes in other markets, Barrall-Matt says, for so long that she began to take it for granted.
Now, she’s feeling vindicated: “I used to say, ‘Why aren’t prices higher?’ Now I’m saying, ‘Where’s the ceiling?’”
Median list price: $622,500 Median days on the market: 24 Listings with a price reduction: 1 in 13
Portland became a popular pandemic destination for Northeasterners looking for a scenic, coastal city with some great restaurants, entertainment, and a brewery scene. The area has a rich history, having a Native American presence dating more than 10,000 years before becoming an early Colonial settlement.
The above-average prices in this artsy city on Casco Bay aren’t keeping sellers from enjoying quick sales. In fact, few listings are getting marked down. The demand for housing here is just so strong. Portland has been featured on our list of the best places to retire in 2022, and it has one of the last year’s hottest neighborhoods: Windham, just on the northwestern edge of Portland proper.
Prices in Portland have grown significantly faster during the pandemic—from May 2019 to now—than they did in most of the country. Where prices rose about 40% nationally, prices in Portland have grown by about 62%. Just since this time last year, prices rose 17%.
A newer four-bedroom home in South Portland that’s within walking distance of Fore River is listed for $650,000, close to the area average.
Median list price: $517,450 Median days on the market: 19 Listings with a price reduction: 1 in 10
Worcester, about 40 miles west of Boston, was nicknamed the “Heart of the Commonwealth” because of its central location in Massachusetts.
This medium-sized metro has a name that’s fun to say, like “rooster” but with a W. But it simply doesn’t have enough homes to match the high interest from potential buyers, according to Nick McNeil, a local Realtor with the Lux Group.
“The amount of demand and the absolute lack of inventory is nuts,” he says. “And there’s not much room for new construction in this area, with tight regulations on what can be built.”
Until there’s some kind of change in the supply and demand dynamic in the area, McNeil says, it’s going to be hard for buyers, and relatively easy for sellers—as long as they’re not also trying to buy.
“The best situation you can be in is if you can sell now,” he says.
Median list price: $384,250 Median days on the market: 25 Listings with a price reduction: 1 in 10
Amid the rolling hills of Eastern Pennsylvania’s Lehigh Valley, about 60 miles northwest of Philadelphia, Allentown has a few things going for sellers right now. The portion of homes with a price reduction is about half the national average, and homes are selling about 40% faster.
Like some other places on this list, the homes in this historic steel town are priced below the national average. But local incomes are a bit higher than average, offering buyers more affordability. That’s helping the real estate market to remain competitive as buyers seek out deals.
Allentown offers a mix of urban, suburban, and rural lifestyles, making it broadly attractive for buyers.
What’s especially notable about the area is the price growth over the past several years. Allentown metro prices have risen by 78% since before the pandemic, ahead of all the other places on this list.
For about the local median price in Allentown, buyers can find a five-bedroom bungalow in the Hamilton Park neighborhood west of downtown Allentown.
Median list price: $374,950 Median days on the market: 29 Listings with a price reduction: 1 in 11
Perched on the western shore of Lake Michigan in southeastern Wisconsin, Milwaukee is known for its breweries, including Miller and Pabst. It’s also where Harley-Davidson was founded. And it’s been a staple of housing affordability for some time.
However, prices have been rising in Milwaukee’s metro area: They rose by around 11% compared with this time last year.
The median number of days on the market is below the average now, just like it was before the pandemic. The same goes for the portion of listings with a price reduction. This is all very good news for home sellers hoping for a quick, profitable sale.
For $375,000, a buyer can get a large, four-bedroom home just 5 minutes from hiking trails, a golf course, and a dog park, all along the shoreline.
Median list price: $386,973 Median days on the market: 29 Listings with a price reduction: 1 in 9
The Virginia Beach metro area, a popular vacation spot for beach, maritime history, and seafood lovers, is another place where incomes are higher than average and home prices are lower.
Last year, sellers could count on getting multiple offers, usually leading to potential buyers bidding up the price, says Virginia Beach–based Realtor Ermen. Now, it’s not as easy to figure out that pricing sweet spot. If the home is listed too high, that’s when there’s eventually pressure to reduce the price.
In the month of May, even with a low number of price reductions, Erman says, “90% of price reductions were made before the listing hit the average time on market.”
That indicates sellers are getting antsy, and probably would have been better off pricing the home lower to begin with. But homes that are priced to sell are still moving briskly.
Median list price: $1,530,000 Median days on the market: 25 Listings with a price reduction: 1 in 9
San Jose is the oddball on this list.
Nestled in the heart of Silicon Valley, it is one of the most expensive real estate markets in the nation. Homes in this San Francisco Bay Area hot spot cost more than triple the national average, which means real estate attracts a very specific buyer.
Because San Jose is a global technology hub, its population is very diverse, and not just racially or ethnically. Roughly 40% of residents were born outside of the U.S., according to the U.S. Census Bureau. Most significantly, many residents have tons of money to spend, whether they’re high-salaried tech employees or they have had an entrepreneurial startup windfall.
Local real estate agents will tell you that San Jose is simply insulated from many of the market dynamics because the clientele is so wealthy. If they’re making an all-cash purchase, they don’t have to worry about higher mortgage rates. And that’s a big boon for sellers.
Median list price: $539,950 Median days on the market: 31 Listings with a price reduction: 1 in 10
Providence, home to Brown University and the Rhode Island School of Design, is a bustling town filled with older homes. About 50 miles southwest of Boston, it’s one of the medium-sized, Northeastern metros on our list that are enjoying especially strong housing markets right now.
Providence prices are significantly above the national average, but compared with nearby Boston, where the median list price is north of $850,000, Providence is a downright bargain.
Plus, it’s got a lot going for it. It boasts beautiful scenery along the Seekonk River, a thriving arts scene, and good jobs. The headquarters for CVS is located in nearby Woonsocket.
In Providence, for $550,000, a little above the local average, buyers can find a midcentury two-bedroom home with classic brick construction about 15 minutes from downtown.
Median list price: $229,950 Median days on the market: 31 Listings with a price reduction: 1 in 9
Home prices in this Rust Belt city, which has struggled in more recent years, are still dramatically lower than the national average—about 45% less expensive. And with the focus of buyers on affordability, it’s no wonder that Toledo has taken off.
In the past year, median list prices in Toledo have risen by 25% (10% per square foot), which is quite a bit higher than before the pandemic.
For less than the median list price in Toledo, buyers can get a massive, six-bedroom home in Toledo’s Old West End neighborhood, just northwest of downtown.