Top 10 Cities (Actually Bottom 10 Cities) With the Lowest Median Listing Prices
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The National Association of Realtors® has released the 10 metropolitan markets with the lowest median listing prices in December 2011. Note that these are listing prices and not selling prices. There can be a difference in the list versus median price due to several causes. In many circumstances, the selling price can be less than the list price–and in very high-demand markets, it is not uncommon for the selling price to be greater than the listing price. It might be that the lower-priced homes are selling at a greater pace, skewing the median price lower (and vice versa).
In Minneapolis and St. Paul, Minnesota, for example, you can see how the ratio of sales to list price has varied since 2005 and is currently 90.8 percent (rising since June 2011 but down from a peak of 98.6 percent in January 2005).
I added the Q4 2011 median selling price for each market. The Q4 2011 median home price for Lakeland-Winter Haven Florida is the average of the monthly median prices reported by the Florida Realtors since NAR does not include that market in their list of prices.