Where Buyers Can Snag the Cheapest Housing

December 3, 2012 | Comments Off on Where Buyers Can Snag the Cheapest Housing

The average listing price of a four-bedroom, two-bathroom home in the U.S. is $292,152, according to Coldwell Banker Real Estate’s latest Home Listing Report. Thirty-six percent of the more than 2,500 markets that Coldwell Banker analyzed for the report had an average home listing price of less than $200,000 for a four-bedroom, two-bathroom homes. 

The most affordable housing market this year is in Redford, Mich., where a four-bedroom, two-bathroom home averaged $60,490. You can purchase 28 homes in Redford for the price of one, similar home in Los Altos, Calif., the priciest housing market in the country, according to the report. 

“Nobody ever gets priced out of Redford, putting the American Dream within grasp of nearly everybody,” says Kelly Sweeney, chief executive officer of Coldwell Banker Weir Manuel. Redford is located in close proximity to Detroit and Ann Arbor. 

The report found that many of the most affordable housing markets are located outside of some of the priciest markets in the country, such as Lake Elsinore, Calif., ($192,804 ) which is only an hour inland of Newport Beach, Calif., ($1,658,000).

The following are the most affordable states and their average listing price:

  1. Nebraska: $145,360
  2. Iowa: $162,621
  3. Georgia: $169,625
  4. Kansas: $169,650
  5. North Dakota: $179,345
  6. Mississippi: $182,536
  7. Oklahoma: $182,765
  8. South Dakota: $185,791
  9. Texas: $186,144
  10. Arkansas: $186,767

Source: Coldwell Banker Real Estate


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