First-time homebuyers have had a challenging couple of years as their dream of homeownership slipped further out of reach either due to increasing prices or rising mortgage rates. As 2023 unfolds, home prices are beginning to slowly decline and interest rates have settled down from highs set last year. While the outlook for this year remains uncertain, there are still areas in the country where first-time homebuyers will find a selection of properties at reasonable prices and within close proximity of major metropolises.

The Realtor.com® economics team identified these top real estate markets for first-time homebuyers in 2023. Many of the picks are smaller cities in the Northeast that aren’t far from larger urban centers. What all locations have in common, though, is the greater availability of affordable homes compared with other regions of the country.  

According to Realtor.com®, the team “looked at places with at least 5,000 residents in the 100 largest metropolitan areas. Then the team factored in the percentage of 25- to 34-year-olds living there (prime first-time buyer years), average commute times, and unemployment rates in the larger metropolitan area. (Metros include the main city and surrounding towns and smaller urban areas.).”

Here are the top real estate markets for first-time homebuyers in 2023:

• Portsmouth, VA
  
  Median home list price: $239,000*
  
  Metro: Virginia Beach, VA
  
  





• DeForest, WI
  
  Median home list price: $389,900
  
  Metro: Madison, WI
  
  





• Windsor Locks, CT
  
  Median home list price: $239,900
  
  Metro: Hartford, CT

• Gloucester City, NJ
  
  Median home list price: $160,000
  
  Metro: Philadelphia, PA

• Moore, OK
  
  Median home list price: $220,000
  
  Metro: Oklahoma City, OK

• Magna, UT
  
  Median home list price: $410,000
  
  Metro: Salt Lake City, UT

• Eggertsville, NY
  
  Median home list price: $230,800
  
  Metro: Buffalo, NY

• Watervliet, NY
  
  Median home list price: $228,300
  
  Metro: Albany, NY

• Mattydale, NY
  
  Median home list price: $128,900
  
  Metro: Syracuse, NY

• Somersworth, NH
  
  Median home list price: $329,900
  
  Metro: Boston, MA

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