Home prices vary across the country for a plethora of reasons. Demand and supply rule when it comes to prices, but a multitude of variables impact those two factors. Once again I invoke the TINSTAANREM clause — There Is No Such Thing As A National Real Estate Market. Each real estate market is different.
What are the most and least expensive markets across the U.S. when it comes to median listing price? To answer that, plus a number of other factors, each month, Realtor.com compiles a summary at National, Metro, County and ZIP Code levels. The first of the following two tables details median list price as of October 1, 2016 for the 10 markets having the greatest median list price. The second table lists the 10 markets with the lowest median listing prices. In addition to the data from Realtor.com, employment growth rates for the 12-months ending October 2016 are included for the Metropolitan Statistical Areas (MSAs). Not all of these markets are MSAs, however, and employment data were not available.
All but two of the markets with the most expensive listing are located in California. California also represents 13 of the 20 most expensive listing markets. The lower-priced markets are all located in the Rust Belt.
To read the short article from the NAR brief article click http://realtormag.realtor.org/daily-news/2016/11/23/where-you-can-sell-home-fastest?om_rid=AAJ7PS&om_mid=_BYNfVDB9VYsoc9&om_ntype=RMODaily
For the complete series of monthly data on the 500 markets included by Realtor.com click http://research.realtor.com/data/inventory-trends/. In addition, data drill down to the county and ZIP Code levels.
Why not just talk about the sales prices rather than just listing (or asking) prices? Not all states require mandatory sales price disclosure according to the International Association of Assessing Officers (IAAO). Hence the reason to use listing prices as a proxy for home values. The 12 states that do not require mandatory disclosure of sales prices include:
- Missouri (depends on the respective county)
- New Mexico
- North Dakota
Listing price alone does not always equate to actual sales prices. In some markets, bidding wars result in final sales price being greater than the original asking price. In others, the realized sales price is less than the asking price. The outcome is a function of supply and demand.