Benton on nationwide list of 10 best cities for first-time homebuyers in 2024

Benton, Arkansas made the national list of best cities for first-time homebuyers in 2024, according to Realtor.com.

For first-time homebuyers, 2023 was a bleak year marked by mortgage rates hitting a 20-year high, a persistent shortage of homes for sale, and home prices that stubbornly continued rising. As a result, many potential homebuyers have chosen to wait for the housing market to improve before starting their searches.

Now that mortgage rates are falling and the number of homes for sale has begun to rise, many would-be buyers are ready to jump back into the market. That’s why the Realtor.com® economics team identified the 10 top markets for first-time buyers in 2024. These are the towns and cities that offer more homes for sale at price ranges that many cash-constrained, first-time buyers can still afford. They also boast plenty of job opportunities, short commutes to the office, and an abundance of things to do.

“We picked these markets for their affordability and availability of listings. This makes them ideal areas for first-time homebuyers trying to break into the housing market,” says Realtor.com Chief Economist Danielle Hale. “Furthermore, we look for areas that already have not just a lot of young people, but a lot of younger homeowners—suggesting that these are areas where younger shoppers can have success in the housing market.”

Nearly half of these places are in the Northeast, with three in upstate New York (where home prices are a mere fraction of what they are in New York City). The others are in the South and Midwest. All are in smaller, bedroom communities outside of larger cities where affordability can make homeownership possible, whether you’re searching for a starter or forever home.

“The year ahead is expected to offer some reprieve for first-time homebuyers,” Hale says. “A projected decline in mortgage rates, which have already exceeded expectations, will help reduce the cost of taking on a mortgage while rough stability in home prices will give buyer incomes a chance to catch up.”

To come up with this list, Realtor.com ranked nearly 3,000 towns and cities. We looked at places that would be more attractive to first-time buyers based on the availability of homes for sale, median home list price from December 2022 through November 2023, a larger percentage of younger homeowners, reasonable commute times, low unemployment rates, the amenities that the communities offer, and forecasted home sales and home prices in the year ahead.

The team included only one city per metro area to maintain geographic diversity. (Metros include the main city and the surrounding suburbs, towns, and smaller urban areas.)

If you’re a first-time homebuyer, read on to see where you might want to focus your search.

1. Irondequoit, NY

Metro: Rochester, NY
Median list price: $187,000*

The name Irondequoit comes from the Iroquois language and means “where the land meets the water.”

Living up to its name, Irondequoit sits between the Genessee River to the west and Irondequoit Bay to the east. The northern border is marked by the shoreline of Lake Ontario, one of the five Great Lakes.

It’s also a short drive from Rochester, home to the University of Rochester as well as the headquarters for Wegmans, Xerox, Eastman Kodak Co., and Bausch + Lomb.

“It’s so easy to commute anywhere in Rochester in 15 minutes,” says Tiffany Hilbert, a real estate agent at Keller Williams Realty Greater Rochester.

Irondequoit is a quaint, small town with easy access to the lake, with several public beaches, a zoo, and an amusement park.

The secret is definitely out on Irondequoit, Hilbert notes: Lower-priced homes can sometimes sell for double their list prices as buyers compete for those properties.

The houses are older but have character, like this charming three-bedroom, one-bathroom built in 1928 that features hardwood and gumwood trim throughout. The home is listed for $184,900.

2. Benton, AR

Metro: Little Rock, AR
Median list price: $197,500

Situated halfway between the state capital of Little Rock and Hot Springs, Benton is the ideal small-town community for those looking for a quick commute to the state capital (under 30 miles) or a weekend spa getaway (about 30 miles).

The sweet downtown is home to landmarks like the Royal Theatre and the Saline County Courthouse built in 1901, along with a plethora of shops and restaurants.

But perhaps the biggest selling point for Benton is, of course, the price range of homes for sale.

This three-bedroom, two-bathroom house with vaulted ceilings on a 1.5-acre lot is listed for just under $200,000. Or buyers can check out this four-bedroom, two-bathroom home with a walk-in closet in the primary bedroom for $220,000.

3. Winterset, IA

Metro: Des Moines, IA
Median list price: $269,400

The inspiration and setting of the Clint Eastwood movie “Bridges of Madison County” and the birthplace of John Wayne, Winterset is a friendly and family-oriented community.

“Winterset benefits from being a rural community while still being just a half-hour drive to the western suburbs of Des Moines,” says Paul Walter, a real estate agent with Re/Max Concepts in Des Moines. “Small-town living with nearby amenities is a great opportunity for someone who enjoys the slower pace of rural living.”

The city has nearby local recreation, some restaurants, and, of course, those six covered bridges made famous in the eponymous novel and movie from the mid-1990s.

Winterset’s proximity to Des Moines, coupled with still affordable home prices, makes the city a draw, leading to houses selling near list price and at a fast pace, Walter says.

For $269,900, first-time homebuyers can pick up this three-bedroom, two-bathroom ranch house with a full front porch, wood-burning fireplace, and fenced backyard.

4. Newington, CT

Metro: Hartford, CT
Median list price: $290,294

Newington might have the highest price tag on our list—but homes in the town are a bargain compared with some of the tonier suburbs surrounding Hartford, the nearby capital of Connecticut.

“If you compare it to other communities, [Newington] was always more affordable than West Hartford and Avon,” says Lisa Barall-Matt, a real estate agent in nearby West Hartford. “As those markets went up, Newington went up accordingly. But [it] still appears to be a great value because it was undervalued than those towns.”

Barall-Matt notes that Newington has a lot to offer first-time homebuyers, including its proximity to neighboring communities, but also its pleasant downtown with restaurants, coffee shops, and quaint Mill Pond Park. The park is home to the smallest waterfall in the country.

“I can be at the shore in less than an hour. I can get to Vermont to ski in two hours. I can get to Boston in two hours. And I can get to New York in two hours,” says Amy Chorew, a real estate agent with Century 21 All Points in Hartford.

“We are seeing people come out of New York who have been working and now they want a family, and they’re coming into towns like Newington,” Chorew adds.

For $299,999, you can find homes like this three-bedroom Dutch Colonial with 1.5 bathrooms.

5. Council Bluffs, IA

Metro: Omaha, NE
Median list price: $200,000

Located on the western border of Iowa—just a stone’s throw from Omaha—Council Bluffs offers the best of both worlds to first-time buyers: small-town living and big-city amenities nearby.

Home to the Iowa School for the Deaf (founded in 1855), Council Bluffs was the second city in the U.S. to have electric trolleys and was officially designated as the starting point of the transcontinental railroad by President Abraham Lincoln. Mile Zero is located at the corner of 21st Street and Ninth Avenue.

Residents joke that Council Bluffs is the biggest small town, making it impossible to go anywhere without bumping into someone who knows your family.

For $175,000, you can grab this three-bedroom, 1.5-bathroom home located in the city’s historic Fairmount Park neighborhood.

6. Cheektowaga, NY

Metro: Buffalo, NY
Median list price: $199,000

The town of Cheektowaga is a short commute to downtown Buffalo (roughly 20 minutes), a 20-minute drive to Niagara Falls, and a quick trip to the Highmark Stadium, where the Buffalo Bills and Buffalo Sabres play.

In other words: Cheektowaga, with its charming downtown, is the quintessential small-town suburb that first-time homebuyers looking for a deal might want to explore.

Don’t let the snowy winters dissuade you from upstate New York living, as there are plenty of winter activities to keep you busy, including ice skating. The summer months are the perfect time to enjoy the town’s vast park system, including the 308-acre Stiglmeier Park.

And housing is still affordable here, compared with the rest of the country.

“You can get into a reasonably priced but also decently sized property in the Cheektowaga area,” says Ryan Connolly, a real estate agent with Mosaic Real Estate Team at Keller Williams Realty WNY. “Cheektowaga is very large, but [it] really connects to a lot of suburbs, so it can be relatively convenient.”

For $179,900, you can get this four-bedroom, two-bathroom home sitting on a corner lot and offering 1,285 square feet of living space.

7. Grand Rapids, MI

Metro: Grand Rapids, MI
Median list price: $260,000

Grand Rapids is a Midwestern city with a bustling downtown, several nationally recognized breweries and distilleries, and world-class universities. The city is also known as an office furniture-producing powerhouse.

“Grand Rapids has amazing small neighborhoods that make up such a busy city,” says Steve Volkers, a real estate agent with Berkshire Hathway HomeServices Michigan Real Estate. “There are bike trails, walking trails, entertainment, and a great culinary culture. On top of that, travel around the city is not difficult, and there is a little something for every walk of life.”

The small-town charm and many amenities make it a family-friendly destination, especially given its affordability.

“I always explain Grand Rapids as a place that is big enough to have everything you want to do in a bigger city, but small enough to still know people and build relationships that make you want to stay,” Volkers says.

And for $280,000, first-time homebuyers can snag this renovated two-story, three-bedroom, 1.5-bathroom charmer with tons of modern updates and an extra-large backyard.

8. Moore, OK

Metro: Oklahoma City, OK
Median list price: $231,475

Just 10 miles south of Oklahoma City is the growing city of Moore.

Large swaths of the suburb were destroyed by a tornado in 2013. Locals have worked to rebuild their city within “Tornado Alley” with brand-new amenities and attractions for residents. This includes The Station at Central Park, a 51-acre site with a fitness center, aquatic center, walking trails, and an amphitheater.

Residents can also take advantage of the 128-acre Buck Thomas Park, which includes a dog park, a walking trail, and plenty of space for outdoor activities.

First-time homebuyers might even consider buying brand-new construction in the Abbott Lake Community of Moore, where $286,588 gets them a three-bedroom, two-bathroom, 1,464-square-foot house. Future amenities in this fully planned community include two ponds, a fishing dock, a splash pad, and nearby Tinker Air Force Base.

9. Mattydale, NY

Metro: Syracuse, NY
Median list price: $138,450

No, that median list price (above) isn’t a typo. Buyers in Mattydale can find a home in the hamlet for about a third of the national median home price of $410,000, according to Realtor.com data for December 2023.

Buyers just need to realize they’re moving to a really small town. The quaint community of 6,446 people, located 5 miles north of Syracuse, encompasses 1.9 square miles of land.

But what it lacks in land, it makes up for with charm.

The hamlet offers tons of family-friendly activities, including plenty of parks, nearby Oneida Lake, and the beautiful Finger Lakes region of upstate New York (a one-hour drive away).

This cute four-bedroom, one-bathroom classic Cape is on the market for $129,900 and offers an enclosed porch, hardwood floors, and a full basement.

10. Riviera Beach, MD

Metro: Baltimore, MD
Median list price: $269,079

Riviera Beach is a small, seaside suburb about 15 miles southeast of Baltimore. If you don’t like the weather in Riviera Beach, locals like to say, wait a few minutes and it will change. But the community does enjoy a pleasant and mild climate year-round.

“It’s a water-oriented community on the lower Patapsco River right where it meets the Chesapeake Bay,” says Wayne Curtis, a real estate agent with Monument Sotheby’s International Realty in Baltimore. “The housing stock tends to be older, smaller, and often in need of some modernization. And in this region where home prices continue to surge, that’s probably where some of the best values can be found.

For $299,900, first-time homebuyers can grab this four-bedroom, 1.5-bathroom, two-level home that features a screened front porch and a level fenced yard.

* Median list prices are for the 12 months ending in November 2023 using Realtor.com data.

This article was originally published on Jan 11, 2024, by Meera Pal, on Realtor.com.

Click to see more real estate tips from “Get Real with Doug Robinson”