5 Lowest, Highest Markets for Buyers

DAILY REAL ESTATE NEWS | TUESDAY, MAY 10, 2016

Home prices are climbing due to a limited number of homes for sale in many markets. In the first quarter, home prices surged 6.3 percent year-over-year, reaching a median of $217,600, the National Association of REALTORS® reports.

But home buyers in Cumberland, Md., for example, can still snag some deals. Homes there cost a median of $67,400 in the first quarter, the lowest in the nation. That stands in stark contrast to San Jose, Calif., where the median existing single-family home price was $970,000 in the first quarter, the highest in the nation.

NAR reports the following metro housing markets had the lowest median prices in the first quarter:

1. Cumberland, Md.: $67,400
2. Youngstown-Warren-Boardman, Ohio: $77,500
3. Decatur, Ill.: $83,300
4. Wichita Falls, Texas: $95,200
5. Rockford, Ill.: $95,800

On the other hand, home buyers are facing the highest median prices in the country for single-family homes in these markets:

1. San Jose, Calif.: $970,000
2. San Francisco: $770,300
3. Honolulu: $721,400
4. Anaheim-Santa Ana, Calif.: $713,700
5. San Diego: $554,300

Source: National Association of REALTORS®