House Prices

jasdipOctober 23, 2012

I just heard on the business news that the average house price in the US is $153K.

In Canada it is $250K.

Here in our city the average price is $353,000, as of July.

What's it like in your area?

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Way too high! I want to buy my first house but I'm looking at $500k easily for a decent starter home in my area. :( Southern California. There are a lot of foreclosures and good deals but it's difficult for regular people to get those as investors are paying all cash and swooping them up.

    Bookmark   October 23, 2012 at 9:07AM
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Yes, California is way too high in the cost of living arena. It's one reason why we moved from there back to Nashville. Median home price here? $145,912 Sounds about right. However, median apartment rental costs are $1,700 for a 3 bedroom. Hm, buy a house for $1100 a month or rent? What does that tell you about us?! Something wrong with that picture. The flood did displace some people, but housing costs are still stagnant, or rent is outrageous. Or both.

    Bookmark   October 23, 2012 at 9:34AM
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Our median house price is $353,000, and we live in Northern CA. We bought our house last year and it has gone up in value, despite all of the short sales and foreclosures around the area. Our house was listed for 4 days before we saw it and it had another offer on it. We ended up getting it for a few thousand over asking. Given all of the problems we've encountered with it, sometimes I wish the other offer would have won. LOL Anyhow - we live in a fairly large city but there is very little inventory and that's driving prices up. Most houses are sold over asking with multiple offers according to our realator.

    Bookmark   October 23, 2012 at 11:20AM
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Yeah the rental market is ridiculous. I pay over $2k a month in rent for my 2 bedroom apartment which makes it hard to save up enough money for a down payment to buy a house! It's a bad cycle. I could move somewhere cheaper but my job is here so...

    Bookmark   October 23, 2012 at 11:22AM
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We live just a few blocks from Chi83. I just looked it up and the average home price in our city is $550. And we're talking small to average homes on very little property. In fact, our home is on what is called a zero-lot-line which means it sits to one side of the property leaving only a small side and back yard and almost non-existent front yard.

Our home of 1,500sf sells for nearly $700k. When we bought 33 years ago we paid $165K. Crazy, crazy.

Our neighbor's young daughter and her DH (ages 35) are shopping for their second home right now and are finding it nearly impossible to find anything for sale in our city. There is basically nothing in their price range ($600K) and size (3 bedrooms). Housing is so in demand, offers of many thousands more than asking price are being offered resulting in bidding wars on many homes. The daughter, her DH and their 14mo baby are now all living with mom and dad for the unforeseeable future.


    Bookmark   October 23, 2012 at 11:49AM
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In So Cal I think it depends where you want to move but I would say 250-300 average. My son and his wife got a wonderful bank repo in Menifee which is really not close to much, but the area is growing big time~~it is a 2000sq ft manufactured home 10 years old seems in almost perfect condition on an acre it is all fenced horse country where they are at. The starting price was 162,000 about 5 bids came in the bank asked every one for their highest bid son went 165 and got it! YEA for them it is a wondeful house~~it sold about 2-4 years ago for 400~~Crazy!

    Bookmark   October 23, 2012 at 11:55AM
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If you want to live on the cheap move here to Ocala. The average price of a home is $89,200. Overall for Florida, the average price is $127,600 (according to Zillow).

We closed on our villa on August 31, 2007. Three months later it was worth about 40% less than what we paid for it. We refinanced in 2009 and just a few days after we closed, our finance company, Taylor, Bean and Whittaker was closed by the feds. Seems the owner of TBW was making some very illegal deals. That immediately put 1300 employees out of work. They were told to gather their personal belongings and get out. Combine that with the recession and Ocala was in a really bad position, economy-wise. Even Hooters went out of business.

Things are getting better employment-wise, but the housing market is still low. Many people bought houses they couldn't afford and lost them. Many moved back to their home states or rented. It sure was a sad time around here.

We have many horse ranches surrounding the town and those still go for millions of $$$ and seem to sell, so somebody's got money, God bless 'em.

But it's still a buyer's market around here if you're looking for a deal. We have fairly decent weather if you like mild winters and hot summers.

Oh, and the head of TBW is now serving 30 or 40 years in a federal prison :-)

    Bookmark   October 23, 2012 at 12:23PM
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A story in this morning's Chicago Tribune quotes a RealtyTrac report. It says our county (north of Chicago) has one of the nation's worst housing markets.

Banks are continuing to roll out their foreclosed properties throughout the Chicagoland area. That perpetuates a down market. At the same time, banks are reluctant to lend without large downpayments.

The median home price in my town went from $975K in January of 2007 to today's $675K.

This is a hardship on municipalities as RE tax income falls.

    Bookmark   October 23, 2012 at 12:31PM
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$135,000-137,000 depending on where you look.

    Bookmark   October 23, 2012 at 12:32PM
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In our area you can buy a very nice home for 250K. It would be on a sizable lot, brick or rock, and inside you would have very good appliances and flooring and probably granite counters..2400 or so square feet, 3 or 4 bedrooms, 2 and 1/2 baths and double garage.

$150 K would buy a comfortable and nice home....15/1800 sq feet and builder quality but a nice home.

Our nearest neighbor sold their home in California, a small ranch more than 30 years old, a home they paid not a lot for and came here and bought a home for $270K....

Here is a link that might be useful: Examples 250K to 150K

    Bookmark   October 23, 2012 at 12:55PM
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Chemocurl zn5b/6a Indiana

A median house or condo in a small town near here was just $98,419 in 2009, according to the link below. The nearest town is too small to even be listed.

Here is a link that might be useful: City Data across the country...lots of interesting info.

    Bookmark   October 23, 2012 at 1:19PM
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Chemocurl, that's a neat site!!

    Bookmark   October 23, 2012 at 1:54PM
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Median home price in my area of Northern CA is $550,000. For the past year or so, my DS and DIL have been trying to buy their first home, but there is no inventory and if there is something available there are multiple offers. They have been outbid 6 different times with the other offers being all cash. Unfortunately he and DIL don't have that luxury.

    Bookmark   October 23, 2012 at 2:06PM
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median list for Winter Park FL (north burbs Orlando) is $555K glad I bought 11 yrs ago LOL. BUT we are now looking at moving south along the coast from Jupiter to Palm Beach (jobs for DH) and I will barely get something I want for my median budget, let alone something cheaper so I can just work part time LOL. I have looked for 2 years at housing all over middle to south FL east & west coast and it looks like the cheapest time to buy is quickly fading. My own area often sees houses going for asking and sometimes over asking. Nothing is on the market for months now either. now if we could move to Savannah or Atlanta I could spend a lot less and get a full blown mansion on acreage. I hate to move from warm FL too! ~ liz

    Bookmark   October 23, 2012 at 2:10PM
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Chemocurl zn5b/6a Indiana

Chemocurl, that's a neat site!!
I thought so too.

Estimated median household income in 2009 in that town was $36,573, so a median house would cost less that 3 years of median household income.

I have a house and 40 acres, that would be worth a small fortune if it was located in a different part of the US.

    Bookmark   October 23, 2012 at 2:11PM
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According to Chemocurl's link, the median price of a home in my town is around $145,000.

    Bookmark   October 23, 2012 at 2:56PM
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Try living in parts of ND with this oil boom --houses just a few years ago less that 100,000 now getting 200-400 thousand and rents completly out of control Jobs all over the place with places like MdDonalds, Pizza Places etc starting pay 13.00 per hour and up, with benefits.

    Bookmark   October 23, 2012 at 3:26PM
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~ $142,000 here

An updated 2400 sq ft house - 4 BR 2.5 bath on 1/3 landscaped acres would go for ~$225,000 - 250,000.

Our housing prices NEVER dropped.

    Bookmark   October 23, 2012 at 3:41PM
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Median price of houses for sale in our township is over 800K but the houses over 1,000,000 just aren't selling. Average of houses that went to settlement last month was $385K.

    Bookmark   October 23, 2012 at 5:16PM
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Hey, Liz! Always happy to see you post. Are you happy about your up-coming move? If you are going to look at houses in your new area, I think you may want to check with a realtor or the site Chemocurl posted above first. Prices have gone down quite a bit from the price you posted.

    Bookmark   October 23, 2012 at 5:41PM
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I live in a suburb of Vancouver and the average sale price of a SF dwelling is over $900,000. Our real estate market continued to be strong over the past few years. There has been a slight decline over the last couple of months because of some mortgage changes (no more 30 year mortgages) that have been brought into effect. This was done to cool off the housing market and to lower the debt/income ratio of households.

We bought our house in 1989 for $250,000 and it is probably up to about $1.4M and it is nothing fancy. We could not afford to buy it today.

    Bookmark   October 23, 2012 at 5:49PM
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That was a very nice site Chemocurl. According to it the median priced home in near by town is $77,525. The cost of living is 18.40% lower than the U.S. average.

Sue in Central Indiana

    Bookmark   October 23, 2012 at 6:26PM
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That site is terrible for my area. There are good areas here outside of town and there are really crummy areas within the city, same zip code. Yeah, you can average the prices, but there is nothing that exists for that price.

    Bookmark   October 23, 2012 at 8:01PM
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$93,800 median for the state but even though this is the median much of it is driven by Morgantown (WVU and NIOSH)and the Eastern Panhandle (part of it is a suburb of Washington DC.

An area popular with faculty has a median price of $222,200.

$73,000 median where I live (I commute almost 50 miles a day each way to Morgantown). Even with gas prices, I think it is cheaper to live here and commute- plus Morgantown has college sports so sanity is better where I live!

Some of the more rural areas have median house prices closer to $35,800.

    Bookmark   October 23, 2012 at 8:48PM
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oakland county, se mi, uswed to be right up there with places like beverly hills ca, ect...we have such an odd county...we go from small dinky homes to areas with 2-3 stories, and the newest toy for some of these home, are elevators that dh has sold...oh...and driveways with hot water pipes running under them so they don't have shovel snow...

    Bookmark   October 23, 2012 at 9:41PM
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15 miles outside the center of Milwaukee, WI. Prices vary widely. It depends on the subdivision and town. In a working class subdivision, 3 bedroom house averages
$150,000. In the same town in another subdivision where empty lots run $90,000, the average home is $300,000.

In the depressed area of Milwaukee, houses run less than $100,000.

In the greater Milwaukee area, the price of a lot with utiltites is about 1/3 the cost of the total property. Lot prices are crazy here.

    Bookmark   October 23, 2012 at 10:47PM
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I can still buy a fixer up dump in a bad neighborhood for $50K or my next door neighbors house sold for $487 with a leaky roof, outdated everything and a gravel driveway. Then a block over from me as the crow flies, on top of a hill, $1.8 million on 11 acres.

    Bookmark   October 23, 2012 at 11:10PM
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I sold my 38 year old split level in southern Mass. for $297,000 last July. It was on a big lot in a wonderful neighborhood. It had 3 bedrooms, 1 1/2 baths, no garage, screened porch, updated kitchen, new windows, new roof, new furnace. Since we paid $27,000 for it 38 years ago, I was happy.

    Bookmark   October 24, 2012 at 8:51AM
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At first it seemed that we had done well when we sold our home of 30+ years in 1999. Then I added up repairs and improvements -- and *inflation*. We made about 4% 'profit'. Of course, we also had a nice HOME to live in all that time!

The RE bubble was an unregulated credit market 'churn'. The administrations bragged about the all-time high percentage of home 'ownership' in the US. However, completely unqualified 'buyers' were financing homes with zero down and artificially low adjustable rate mortgages they couldn't afford to pay a year later. Existing homeowners borrowed on inflated home 'values'and were left with 'minus-zero' equity when the market tanked. The credit industry was concentrating on *volume*. If I may mix my party games, The music for Musical Chairs went faster and faster until the poor Cheese was left standing alone -- and in debt.

    Bookmark   October 24, 2012 at 11:37AM
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I wish I would have bought about 4-5 years ago like I wanted to do. Housing all across the state is going up again after dropping dramatically during the devastation years. I would have had to hang on to my place but I'm looking to move to a smaller and cheaper place and area.

There's no way to give a real idea of pricing around here. You can buy for $30-$50k or go to multi-million dollar places. About the closest I could suggest is probably $75k-$600K for essentially blue collar average places. Location, amenities and such make such a difference.

    Bookmark   October 24, 2012 at 2:33PM
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In my town south of Boston, a basic ranch with 3 bedrooms and only one bath would fetch half a mil. It's horrific.

    Bookmark   October 24, 2012 at 3:45PM
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