New Delhi, Nov. 17 -- Pittsburgh is making headlines for its standout housing affordability, drawing a wave of new homebuyers looking for value in a costly real estate market.

"In October, Pittsburgh remained the lowest-priced large U.S. housing market, with a median listing price of $250,000, more than $150,000 below the national median," said Hannah Jones, senior economic research analyst at Realtor.com.

Five years ago, the median list price was $234,900-roughly 6% lower than today.

Over the summer, Realtor.com named Pittsburgh the only major metro where first-time homeownership was more economical than paying monthly rent. The city was also among just three large metros where a median-income household could afford a median-priced ho...