It's not hard to find cheap stocks in this market, but it might be challenging to determine which ones are buying opportunities and which ones are value traps. You might be tempted to move your money into safer cheap stocks in this market, and it's certainly prudent to have some of your funds in secure value stocks. But if you have time to wait out the bear market and can stomach these low prices for as long as they last, you can also grab some great growth stocks that should reward you many times over. Home Depot (HD 0.17%), Revolve Group (RVLV 0.12%), and Williams-Sonoma (WSM 0.49%) are a great mix of cheap stocks to pick up while the market's down.

1. Home Depot

Home Depot stock is trading at a price-to-earnings ratio of 18, its cheapest in years outside of the March 2020 crash. With slowing growth and an inflationary atmosphere, it's no surprise that investors are worried about short-term pressure here. That's why the stock is down more than 30% this year. That presents a buying opportunity for a stock with loads of long-term potential and a great dividend to boot.

Home Depot is the largest home improvement chain in the world. It operates more than 2,300 stores across the U.S., Canada, and Mexico, and it took in more than $152 billion in trailing-12-month revenue.

It's been developing a cohesive omnichannel network to compete as digital becomes part and parcel of the shopping experience. Its investments in both the digital platform and physical stores have resulted in strong efficiencies and increased customer engagement. For example, it recorded sales of $600 per retail square foot in 2021, as compared with competitor Lowe's recording $463 per square foot.

Management raised its outlook after a better-than-expected first-quarter report, and investors should expect a robust long-term outlook from this perpetual winner. In the meantime, they can benefit from the dividend, which yields 2.7% at the current price.

2. Revolve Group

As the next generation of high fashion posting high sales growth, Revolve Group looks like a no-brainer stock to own. But it's down almost 50% this year, and shares are trading at only 19 times trailing-12-month earnings. That's too cheap to ignore for a profitable growth stock posting high double-digit sales growth.

Revolve sells fashion apparel and is entirely online. It uses artificial intelligence to determine what products to feature on its site, resulting in efficient turnover and high full-price sales. It also uses social media for marketing its products and has developed relationships with social media celebrities to be brand ambassadors. In other words, it's in tune with its millennial target market and provides goods that its customers want.

Sales increased 58% over last year in the 2022 first quarter, and net income slightly increased. In addition, the number of active customers rose, and the average order value grew. That's despite the pressured environment, and other apparel companies are struggling in the same environment. 

Investors sending the stock price down makes sense considering the macroenvironment, but it appears to be too much. This valuation makes this stock look like a super deal, and Revolve should have years of high growth in the future.

3. Williams-Sonoma

As a high-end housewares retailer with a robust online presence, Williams-Sonoma easily weathered the original pandemic lockdowns. Unlike many other companies that did well at that time, though, it's continuing to post strong sales growth.

Williams-Sonoma owns several brands, including Pottery Barn, its top-selling and largest brand. Comps for its entire brand suite increased 9.5% year over year in the 2022 first quarter, gross margin increased 0.08%, and diluted earnings per share rose from $2.90 last year to $3.50. It also reiterated its second-quarter and full-year guidance despite increased inflationary and cost pressures. 

As far as its long-term outlook, its goal is to reach $10 billion in annual sales by 2024, up from $8.2 billion at the end of fiscal 2021 (ended Jan. 31). It sees an $830 billion market, of which it has about 1%. More than half of industry sales come from small, physical stores, and its omnichannel network gives it a leg up on gaining market share. Despite a challenging macroeconomic environment, management sees tailwinds in the (so far) continued strong housing market and shift to remote work. Its upscale clientele is also more resistant to inflationary pressures.

Williams-Sonoma stock is down 30% this year despite its powerful performance. At this price, its shares trade for an almost laughable 7.5 times trailing-12-month earnings, and its dividend yields 2.5%.

This resilient stock can provide an excellent ballast for your portfolio as well as growth opportunities and income.