By Otto Acosta, Offerpad Research Team | Updated July 2026 | Data current through May 2026
Walk into a real estate office in San Antonio with a $400,000 budget and you could be touring a home of roughly 2,500 square feet, enough for a four-bedroom layout in many floor plans, with room to spare. Fly to Las Vegas with the same check in hand and you are looking at closer to 1,540 square feet, a compact three-bedroom.
Same money. Same country. Nearly a thousand square feet of difference.
That gap, enough space to fit an entire one-bedroom apartment, is one of the clearest examples of how differently housing markets price the same commodity across American cities. And it is not standing still. Over the past three years, some markets have gotten cheaper per square foot while others have moved the other way, reshuffling the map of where a middle-class budget stretches furthest.
This analysis draws on public metro-level housing data from Redfin Data Center, covering single-family home sales from 2023 through May 2026 across 15 major metropolitan areas where Offerpad operates. The question: if you had $400,000, how much living space would it buy in each city, and has that answer changed?
How Much House Does $400,000 Buy? The Full Ranking
This table ranks all 15 metros by how many square feet of home a $400,000 budget purchases, based on each market’s median price per square foot in May 2026.
| Rank | City | Price/Sq Ft | Sq Ft for $400K | Median Home Price | Implied Home Size |
|---|---|---|---|---|---|
| 1 | San Antonio, TX | $159 | 2,516 | $315,000 | 1,981 sq ft |
| 2 | Houston, TX | $162 | 2,469 | $349,900 | 2,160 sq ft |
| 3 | Indianapolis, IN | $162 | 2,469 | $333,820 | 2,061 sq ft |
| 4 | St. Louis, MO | $171 | 2,339 | $318,750 | 1,864 sq ft |
| 5 | Atlanta, GA | $187 | 2,139 | $420,000 | 2,246 sq ft |
| 6 | Dallas, TX | $196 | 2,041 | $430,000 | 2,194 sq ft |
| 7 | Columbus, OH | $203 | 1,970 | $385,000 | 1,897 sq ft |
| 8 | Austin, TX | $214 | 1,869 | $459,000 | 2,145 sq ft |
| 9 | Charlotte, NC | $216 | 1,852 | $445,000 | 2,060 sq ft |
| 10 | Jacksonville, FL | $216 | 1,852 | $419,900 | 1,944 sq ft |
| 11 | Raleigh, NC | $221 | 1,810 | $485,000 | 2,195 sq ft |
| 12 | Orlando, FL | $229 | 1,747 | $445,000 | 1,943 sq ft |
| 13 | Tampa, FL | $233 | 1,717 | $405,000 | 1,738 sq ft |
| 14 | Phoenix, AZ | $255 | 1,569 | $485,000 | 1,902 sq ft |
| 15 | Las Vegas, NV | $259 | 1,544 | $495,990 | 1,915 sq ft |
Source: Redfin Data Center, single-family homes, May 2026. Implied home size = median sale price / median price per square foot, an approximation of typical home size in each market.
The three most affordable markets sit at $162 per square foot or less and deliver about 2,470 square feet or more for $400,000, enough for a four-bedroom home in most floor plans. The two most expensive, Phoenix and Las Vegas, both top $255 per square foot and deliver roughly 1,540 to 1,570 square feet, closer to a compact three-bedroom.
Where $400,000 Goes the Furthest
San Antonio, Texas ($159/sq ft, 2,516 sq ft) tops the list. At a median sale price of $315,000, the typical home there already costs well under $400,000, so a buyer with this budget can shop above the market’s midpoint, with access to newer construction, larger lots, and more desirable neighborhoods. San Antonio also has the softest market of the 15 (more on that below), which gives buyers time and negotiating room. A post-pandemic building boom in the northern and northwestern suburbs has kept inventory high.
Houston, Texas ($162/sq ft, 2,469 sq ft) is next, tied with Indianapolis on price per square foot. Houston has no municipal zoning code, which keeps development flexible and inventory relatively abundant. The typical home implied by the data runs about 2,160 square feet, among the larger implied sizes in the dataset.
Indianapolis, Indiana ($162/sq ft, 2,469 sq ft) matches Houston. Its $333,820 median is among the lowest in the dataset, and Midwest labor and material costs keep construction affordable. In practical terms: a family moving from Phoenix to Indianapolis with the same $400,000 budget picks up about 900 more square feet, enough for two extra bedrooms and a bonus room.
Where $400,000 Buys the Least
At the other end, a $400,000 budget shops below the median and makes compromises on space.
Las Vegas, Nevada ($259/sq ft, 1,544 sq ft) and Phoenix, Arizona ($255/sq ft, 1,569 sq ft) are the two most expensive markets for space. Both are desert metros with natural land limits: Phoenix is ringed by mountains, reservations, and national forest, while Las Vegas sits in a valley with limited buildable area. When demand rises, there is less room to sprawl, and that keeps per-square-foot prices high. Las Vegas also carries the highest median price on the list, at $495,990.
Tampa, Florida ($233/sq ft, 1,717 sq ft) is the third most expensive market for space. In Florida markets like Tampa, insurance and other carrying costs can add to what buyers actually pay each year, in ways that price per square foot alone does not capture. Tampa’s cost story extends beyond the sticker price.
How $400,000 Compares to the Local Median
Understanding where $400,000 falls relative to each city’s median frames what kind of buyer experience to expect. In markets where the median is below $400,000, that budget puts buyers above the midpoint with a wider selection. Where the median is higher, buyers are shopping in the lower half of the market and may need to compromise on location, size, or condition.
$400K is above the median in: San Antonio ($315K), St. Louis ($319K), Indianapolis ($334K), Houston ($350K), Columbus ($385K)
$400K is about at the median in: Tampa ($405K)
$400K is below the median in: Jacksonville ($420K), Atlanta ($420K), Dallas ($430K), Charlotte ($445K), Orlando ($445K), Austin ($459K), Raleigh ($485K), Phoenix ($485K), Las Vegas ($496K)
How Purchasing Power Has Shifted Since 2023
The more telling story is the trajectory. Where is $400,000 buying more house than it did three years ago, and where has it lost ground? The table below compares each market’s average price per square foot in 2023 to its 2025 average, sorted by the direction of change.
| Market | 2023 Avg $/Sq Ft | 2025 Avg $/Sq Ft | Change | $400K Bought (2023) | $400K Buys (2025) | Sq Ft Change |
|---|---|---|---|---|---|---|
| Austin, TX | $225 | $214 | -4.9% | 1,778 | 1,869 | +91 |
| San Antonio, TX | $169 | $163 | -3.6% | 2,367 | 2,454 | +87 |
| Dallas, TX | $199 | $192 | -3.5% | 2,010 | 2,083 | +73 |
| Jacksonville, FL | $207 | $208 | +0.5% | 1,932 | 1,923 | -9 |
| Houston, TX | $162 | $163 | +0.6% | 2,469 | 2,454 | -15 |
| Tampa, FL | $226 | $228 | +0.9% | 1,770 | 1,754 | -16 |
| Orlando, FL | $225 | $229 | +1.8% | 1,778 | 1,747 | -31 |
| Atlanta, GA | $178 | $182 | +2.2% | 2,247 | 2,198 | -49 |
| Phoenix, AZ | $250 | $256 | +2.4% | 1,600 | 1,562 | -38 |
| Raleigh, NC | $209 | $217 | +3.8% | 1,914 | 1,843 | -71 |
| Charlotte, NC | $201 | $212 | +5.5% | 1,990 | 1,887 | -103 |
| Indianapolis, IN | $144 | $154 | +6.9% | 2,778 | 2,597 | -181 |
| Columbus, OH | $181 | $194 | +7.2% | 2,210 | 2,062 | -148 |
| St. Louis, MO | $148 | $159 | +7.4% | 2,703 | 2,516 | -187 |
| Las Vegas, NV | $240 | $260 | +8.3% | 1,667 | 1,538 | -129 |
Source: Redfin Data Center, single-family homes. 2023 and 2025 values are 12-month averages.
The data splits into two groups. Three markets got cheaper per square foot between 2023 and 2025, so $400,000 buys more space there today. The other twelve got more expensive, though two of them (Jacksonville and Houston) moved by less than a percent. The pattern is not random. It maps to a specific story about which markets overshot during the pandemic and which are catching up.
The Texas Correction: Buyers Gaining Ground
Every market that got cheaper per square foot since 2023 is in Texas, which makes the state the clearest affordability story in the data.
Austin leads. The metro that became a national symbol of pandemic-era price spikes has now seen three straight years of falling per-square-foot costs: $225 to $220 to $214 on average, holding at $214 in May 2026. That 4.9% drop means a $400,000 buyer today gets about 91 more square feet than in 2023, roughly a bedroom or a large home office.
The correction has been steady rather than abrupt. New construction in the suburbs, a tech hiring slowdown that cooled in-migration, and a pricing overshoot that left room to compress have all played a part.
San Antonio was close behind, adding 87 square feet for the same $400,000 as its per-square-foot cost fell from $169 to $163 (-3.6%). It is the only market in the group to decline in every year measured: $169, then $167, then $163, and $159 by May 2026. Homes there now sit a median of 72 days on the market, the longest of any city in this dataset.
Dallas gained 73 square feet (-3.5%). Houston, the fourth Texas market, held essentially flat, edging from $162 to $163 on average. It was already one of the most affordable markets and had little room to move.
Affordable Markets Getting Less Affordable: The Midwest Pattern
If Texas is the correction story, the Midwest and Southeast tell the opposite one. Several markets that were the best deals in 2023 have appreciated the fastest, narrowing the gap with pricier cities.
St. Louis saw the biggest loss of buying power on the list: a 7.4% rise ($148 to $159 on average) that cut 187 square feet from a $400,000 budget. Yet the market remains the fourth most affordable overall, and in May 2026, 47.7% of homes sold above their asking price, the highest share in the dataset. Buyers are finding St. Louis, and they are competing hard.
Columbus, Ohio rose 7.2% ($181 to $194), costing buyers 148 square feet. Indianapolis followed the same path: a 6.9% increase ($144 to $154) erased 181 square feet.
Even after these increases, all three still delivered more than 2,000 square feet for $400,000 on a 2025 average basis. They remain good deals by national standards. They are just less exceptional than they were three years ago.
How Home Prices Moved Year by Year
The annual breakdown shows whether changes happened gradually or in specific years.
| Market | 2023 | 2024 | 2025 | May 2026 | Pattern |
|---|---|---|---|---|---|
| Indianapolis, IN | $144 | $151 | $154 | $162 | Climbed every year |
| St. Louis, MO | $148 | $154 | $159 | $171 | Climbed every year |
| Houston, TX | $162 | $164 | $163 | $162 | Flat, near $162 throughout |
| San Antonio, TX | $169 | $167 | $163 | $159 | Down every year |
| Atlanta, GA | $178 | $184 | $182 | $187 | Rose, dipped, rose again |
| Columbus, OH | $181 | $190 | $194 | $203 | Steady climb |
| Dallas, TX | $199 | $200 | $192 | $196 | Eased in 2025, firmed in 2026 |
| Charlotte, NC | $201 | $210 | $212 | $216 | Steady climb |
| Jacksonville, FL | $207 | $211 | $208 | $216 | Roughly flat, up in 2026 |
| Raleigh, NC | $209 | $218 | $217 | $221 | Rose, then leveled |
| Austin, TX | $225 | $220 | $214 | $214 | Three years down, then flat |
| Orlando, FL | $225 | $231 | $229 | $229 | Peaked 2024, eased |
| Tampa, FL | $226 | $229 | $228 | $233 | Steady, up in 2026 |
| Las Vegas, NV | $240 | $257 | $260 | $259 | Jumped 2024, plateaued |
| Phoenix, AZ | $250 | $258 | $256 | $255 | Rose 2024, plateaued |
Source: Redfin Data Center, single-family homes. Annual figures are 12-month averages; May 2026 is a single-month figure.
A few patterns stand out:
Austin’s decline has been the steepest. Three straight years down, $225 to $220 to $214, before flattening at $214 in May 2026.
San Antonio has fallen in every period measured. From $169 to $167 to $163 to $159, it has moved in one direction for three years.
Indianapolis and St. Louis climbed every year. Both rose in each annual period and again in May 2026, the clearest steady-appreciation stories in the group.
Las Vegas and Phoenix jumped in 2024 and held. Las Vegas added $17 per square foot between 2023 and 2024, and Phoenix added $8. Both have hovered near those levels since. Limited buildable land in both desert metros keeps supply tight even as demand cools.
Best Time of Year to Buy: The Seasonal Pattern
Across the year, sale prices follow a consistent seasonal cycle. The table below shows how the typical sale price in each season compares to the annual average nationally, according to Redfin Data Center. For a buyer, lower is better.
| Season | Avg Sale Price vs. Annual Average | Buyer Takeaway |
|---|---|---|
| Winter (Jan-Feb) | -6.1% | Lowest prices of the year |
| Spring (Mar-May) | +0.1% | Prices climbing back to baseline |
| Summer (Jun-Aug) | +3.1% | Peak prices |
| Fall (Sep-Nov) | +0.6% | Prices easing back down |
Source: Redfin Data Center. National figures; each season is the average of its months’ typical sale price relative to the annual baseline.
Nationally, prices in January and February run about 6% below the annual average, and by summer they run about 3% above it, a swing of roughly nine percentage points. The winter discount is deepest in the Midwest: in Columbus and St. Louis, January sale prices average about 11% below their annual baseline. It is milder in the desert, where Phoenix runs about 4% below in January.
The seasonal effect is smaller than the gap between cities, where the spread in space tops 900 square feet. But for a buyer committed to one market, closing in winter is one of the few timing levers that reliably lowers the price for a comparable home.
What the Broader Market Looks Like
Price per square foot tells part of the story. How long homes sit, how often prices get cut before closing, and whether homes sell above asking all shape the buying experience at any budget level. For a full look at selling timelines in these same markets, see Offerpad’s city-by-city days-on-market breakdown.
| Market | Median Days on Market | Homes With a Price Cut | Sold Over Asking |
|---|---|---|---|
| Indianapolis, IN | 18 | 44.3% | 22.7% |
| St. Louis, MO | 20 | 28.2% | 47.7% |
| Raleigh, NC | 31 | 35.7% | 21.9% |
| Columbus, OH | 39 | 25.4% | 40.1% |
| Atlanta, GA | 40 | 34.0% | 24.0% |
| Orlando, FL | 42 | 33.6% | 15.4% |
| Tampa, FL | 43 | 41.7% | 17.0% |
| Dallas, TX | 46 | 37.0% | 17.3% |
| Houston, TX | 48 | 38.3% | 14.9% |
| Charlotte, NC | 50 | 31.1% | 22.2% |
| Las Vegas, NV | 54 | 29.0% | 21.3% |
| Austin, TX | 57 | 37.1% | 15.2% |
| Phoenix, AZ | 59 | 32.9% | 15.9% |
| Jacksonville, FL | 60 | 32.3% | 14.3% |
| San Antonio, TX | 72 | 39.2% | 14.9% |
Source: Redfin Data Center, single-family homes, May 2026. “Homes with a price cut” is the share of active listings with at least one price reduction. “Sold over asking” is the share of sales that closed above the list price.
Two markets stand out for the contrast between their per-square-foot affordability and their competitiveness:
St. Louis is the fourth most affordable market by price per square foot, yet 47.7% of homes sold above asking in May 2026, the highest share in the dataset. The same low prices that place St. Louis near the top of this ranking have drawn buyers who compete aggressively for the best properties.
Austin and San Antonio sit at the other end. They offer some of the largest square footage gains since 2023, but they also carry long times on market (57 and 72 days) and high shares of listings with price cuts (37% and 39%). Buyers have leverage there, though they should expect a slower process.
Indianapolis is the outlier on speed. Its homes sold fastest of the 15, a median of 18 days, even though 44% of listings took a price cut somewhere along the way.
What This Means for Homebuyers
This data does not tell anyone where to live. People choose cities for jobs, family, climate, schools, and reasons that have nothing to do with price per square foot.
But for buyers who have flexibility, or who are weighing offers in multiple markets, these numbers frame the tradeoff in concrete terms.
A family deciding between Atlanta and Indianapolis gets about 330 more square feet (15%) in Indianapolis for the same $400,000. That could be the difference between a three-bedroom with a cramped office and a four-bedroom with a dedicated workspace.
A remote worker choosing between Austin and San Antonio gains about 647 extra square feet (35%) by picking San Antonio. That is roughly enough for a master suite with a walk-in closet.
A buyer comparing Tampa and Houston gets about 752 more square feet (44%) in Houston, close to the footprint of a small apartment added onto the home.
These comparisons are calculated from market-level medians rather than individual listings, and actual homes at $400,000 will vary by neighborhood, condition, and age. But they put a number on a gap that affects what families can afford, how much room children have, and whether a home feels like enough. For buyers who already own, the math starts at home: check your current home’s value before weighing a move to another market. And for those shopping in one of these metros, buying a home from Offerpad is one more option to compare.
Methodology
This analysis is based on public, market-wide housing data from Redfin Data Center for single-family home transactions from 2023 through May 2026, across 15 metropolitan markets where Offerpad operates. All statistics represent market-wide transaction data, not Offerpad-specific transactions. Information is deemed reliable but not guaranteed.
Markets included: Atlanta, Austin, Charlotte, Columbus (OH), Dallas, Houston, Indianapolis, Jacksonville (FL), Las Vegas, Orlando, Phoenix, Raleigh, St. Louis, San Antonio, Tampa. Columbia, South Carolina is not covered by the Redfin metro tracker and is excluded from this analysis.
About the metrics: Median sale price is the midpoint of all single-family home sale prices in a given market and month. Median price per square foot is the midpoint of per-square-foot transaction prices. “Implied home size” is calculated by dividing median sale price by median price per square foot. This approximates typical home size but is not a direct measurement of median square footage, as it reflects the mix of properties that sold rather than a measured median of individual home sizes.
About the $400,000 benchmark: This figure is used as a single, standardized point of comparison across markets. Actual homes available at $400,000 will vary by neighborhood, age, condition, lot size, and time of year.
Time periods: Annual figures (“2023,” “2024,” “2025”) are 12-month averages. “May 2026” figures are for that single month. The purchasing-power comparison uses the 2023 and 2025 annual averages. Seasonal figures are national, month-level sale prices relative to the annual baseline.
What this analysis does not include: Individual property listings, Offerpad-specific transaction data, foreclosures, new construction as a separate category, or condominiums and townhomes. Only closed single-family home resale transactions are included.
