In this inaugural edition of The Price Point—a weekly series where Redfin data journalists explore current housing inventory across a rotating combination of budgets and metro areas—we’re starting with a rather fickle figure: $500,000.
The half-million mark yields vastly different results depending on where you look; it can mean a starter home or a forever home; downtown living or a long commute; a grassy backyard or a community pool. This week, we’re looking at how $500,000 shakes out in Tampa, FL, Chicago, IL and Denver, CO.
What $500,000 Gets You In Tampa, FL: Amenity-Rich Condos and Waterfront Single-Family Homes
The Tampa market, like others in the Sun Belt, has cooled off some since the pandemic, when it was one of the hottest migration destinations in the country (and local home prices shot up accordingly). This means $500,000 stretches much further today than it did a few years ago.
At this price point, buyers have access to the heights of both urban convenience and suburban breathing room.
Left: 1,112 sq ft condo in Tampa listed for $479,999 by Redfin agent LeiYana Stevenson
Right: 2,507 sq ft home in New Port Richey listed for $489,000 by Redfin agent Monica Karcz
Case in point: The above 1-bedroom, 1.5 bathroom condo (left) in the heart of Tampa’s Channel District is currently listed for just under $480,000 and boasts—among many other amenities—20-foot floor-to-ceiling windows, a private balcony, two reserved parking spaces and access to a rooftop pool.
Just 30 minutes outside of the city, meanwhile, buyers can find four-plus-bedroom single-family homes situated on local waterways (right) for nearly the exact same price.
“With 61 zip codes carrying a Tampa address, buyers have so much to choose from in the $500,000 range,” said senior Redfin agent Dawn Liedtke. “It is very neighborhood-specific in terms of what type of home or features you can get, but generally speaking, that price point will get you a decently upgraded property, no matter what.”
What $500,000 Gets You In Chicago: City-Center Condos and Historic Suburban Houses
Chicago has long been one of the country’s great value housing markets, and that reputation holds at $500,000. Plus, like in Tampa, this price point supports a variety of lifestyles.
In Chicago’s city center, you can get a somewhat spacious (2-bedroom, 1.5 bathroom), semi-updated unit in a high-rise condo building along the riverfront for $475,000.
Left: 1,316 sq ft condo in Chicago listed for $475,000 by Redfin agent Layching Quek
Right: 1,900 sq ft home in Chicago listed by Redfin agent Nichole Dinino
Buyers should expect to get more living space for $500,000 in Chicago’s many suburbs—particularly in these extra affordable ones—but homes can skew older and often feature tight layouts. The above listing (right) in the Northwest Chicago neighborhood of Irving Woods is a great example.
According to a recent Redfin analysis, the Chicago market is currently balanced, meaning buyers and sellers have relatively equal negotiating power. But Redfin agents in the area say the $500,000 price point is generally more competitive.
“Right now, this segment is very active,” senior agent Cindy Agate told Redfin News. “Homes that are well-priced and updated typically see strong interest, and in many cases, multiple offers—especially in desirable neighborhoods and suburbs.”
What $500,000 Gets You In Denver: Downtown Duplexes and Renovated Ranches
In Denver, $500,000 sits at a more transitional edge of the market. It’s enough to get in, but not without compromise—and the nature of that compromise depends heavily on where and how buyers want to live.
“At the $500,000 price point in the Denver metro area, buyers are typically shopping in the entry-level tier,” said Redfin senior agent Tammi Scott. In more central neighborhoods, Scott added, this budget “most often translates to a condo or townhome”—or a duplex like the one below (left).
Left: 1,000 sq ft duplex in Denver listed by Redfin agent Elizabeth Zimmermann
Right: 1,100 sq ft home in Denver listed by Redfin agent Stephanie Collins
Further out from the city’s urban core, however, offerings shift toward a more traditional single-family experience. For slightly over $500,000, the above listing (right)—a 3-bedroom ranch with ample outdoor amenities, including a large backyard, turf area and storage shed—is standard fare.
Denver’s appeal, of course, extends beyond the homes themselves. The city’s access to world-class skiing, hiking, fishing and other year-round outdoor activities remains a major draw. At $500,000, buyers are purchasing that lifestyle as much as they are any property.
Editor’s note: This is a weekly column. The listing status and prices of featured homes are subject to change.
