WASHINGTON, D.C. – July 29, 2015 – (RealEstateRama) — After the housing crisis of 2008, listing and selling prices sank around the country. Some homeowners lost tens of thousands in the value of their homes.
Slowly, the real estate market has rebounded, and prices have reached pre-recession levels in many markets. Some have even exceeded pre-recession levels.
Not every market is doing well, as a look at places like Detroit can tell us. But places where prices are still low represent great investment opportunities, since you can buy low and sell later. If you are looking to purchase a primary residence, understanding the fluctuations in the markets across the U.S. can help you narrow the search. Here is a glimpse at some of the average housing costs in the U.S., showing you the most and least expensive markets:
Hawaii
According to data from Trulia, Hawaii has some of the highest home prices in the country. For the
week ending July 1, homes in Hawaii had an average listing price of $774,583. For the quarter between April and July, the median sales price was $435,000.
The cost of housing in Hawaii has always been a bit higher than the national average — who doesn’t want to live in paradise? — but the market has continued on a long upswing.
District of Columbia
Washington, D.C. is another high-end housing market. The average listing price for the week ending July 1 was $677,854, and the median sales price for the quarter ending in July was $525,000.
The prices may not be surprising considering that D.C. is the gathering point for the nation’s most powerful politicians and government officials. In addition, some of the best colleges in the country are located nearby as are some of the biggest companies in the country.
Tennessee
At the other end of the spectrum, you have markets like Tennessee, where the average listing price was $217,211 and the median sales price was $157,000.
While Tennessee experienced some growth a couple years ago, sales are the downward trend again. The state also led the country in the number of bankruptcies per capita from March 2014 to March 2015, according to a bankruptcy report from Lexington Law, indicating economic vulnerability.
West Virginia
West Virginia had the lowest average home prices on Trulia’s report. The average listing price in the state was $173,930, and the median sales price was $129,750.
Coal was once a large part of the state’s economy, but many mines have shut down in recent years, leaving many without work. Other industries are taking root in the state, such as chemical production, but overall growth has not accelerated.
Identifying these market trends can help you identify the best places to invest in property, either as a residence for your family or as a potential wealth builder. The market will certainly fluctuate, but it is important to understand the current trajectory of prices unless you plan on settling in for the long haul.
Real estate agents can also use this data to identify opportunities for career expansions where markets are hot.
