The Collaborative International Dictionary of English v.0.48:

Cheapness \Cheap"ness\, n.
   Lowness in price, considering the usual price, or real value.
   [1913 Webster]

WordNet (r) 3.0 (2006):

cheapness
    n 1: a price below the standard price [syn: bargain rate,
         cheapness, cut rate, cut price]
    2: tastelessness by virtue of being cheap and vulgar [syn:
       cheapness, tackiness, tat, sleaze]