Cheapest Places To Buy a Home in South Dakota, Iowa, Minnesota

It's been a volatile past few years for the housing market across America.

During the height of COVID, home sellers were reaping the benefits of historically low mortgage rates spurring increased demand and super-tight inventory in the housing market.

Three years later, interest rates have more than tripled and that's had a chilling effect on the housing market.

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But there are still bargains to be found out there.

Recently, 24/7 Wall St. set out to find the city in each state with the lowest median list price. To do that, they looked at Realtor.com data from 900 metro areas around the country on the median list price of homes on the market in April 2023.

The numbers show quite the range from Clarksdale, Mississippi ($55,000) to Hilo, Hawaii ($655,000) and everything in between. The national median list price is now $430,000.

In the Tri-State (South Dakota, Iowa, Minnesota), you can find a place at well less than half of that amount.

South Dakota's cheapest housing market is Vermillion.

The median list price in April was $199,900, which is $170,000 below the state average ($369,900).

Prices in Vermillion have dropped nearly 40 percent in the past year (38.8%), which is tied for the second biggest decrease in America.

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Iowa's cheapest housing market is Fort Madison-Keokuk.

The median list price in April was $125,000, which is $190,000 below the state average ($315,000).

Prices in Fort Madison-Keokuk have increased by more than eight percent in the past year.

Minnesota's cheapest housing market is Marshall.

The median list price in April was $186,185, which is $213,815 below the state average ($400,000).

Prices in Marshall have increased by more than 20 in the past year.