Median selling price
Median selling price for May 2018
REO impact on median selling price by state
|State||Actual median selling price||Median selling price change after removing REO sales|
|District of Columbia||$563,450||1.25%|
|South Dakota||$115,000||No data|
The first map compares each state's median selling price for May 2018. Darker states have the highest median selling prices in the country, whereas the lighter-colored states have the lowest prices. Many of the areas with higher selling prices are also some of the hottest markets where high demand is driving up prices. District of Columbia, Hawaii and California are the most expensive with median prices above $420K, while the national average median selling price is far below at $234K. Massachusetts, Colorado, Washington, Oregon, and Utah have median selling prices above $300K. These areas will likely continue to have competitive real estate markets in the foreseeable future.
The actual median selling price in May 2018 can give some insight into the amount of inventory compared to demand from homebuyers. According to the data, most states on the East and West Coasts had higher median selling prices than the rest of the country. Washington, D.C., had the highest median selling price at $563,450, while West Virginia had the lowest at $134,750 — a difference of $448,450.
The second map shows the effect of real estate-owned ("REO") property sales on the median home price. The areas with the least impact on median sales prices from REO property sales are Oregon, Montana, Texas, Massachusetts, Florida, Rhode Island, California, Alaska, Nevada, Minnesota, Washington, Nebraska, Idaho, Arizona, Utah, and Colorado — all with less than a 1% impact.
REO property sales also affected median sales prices more in the eastern half of the country than the western half. Based on available data, REO sales on average only had an impact of 1.49% nationwide, with 26 states below the average.1
1Source data: CoreLogic®
Data date: 07/25/2018
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