Median Selling Price
Median selling price
REO impact on median selling price by state
|Actual Median Price
Actual Median Price
|Median selling price change
after removing REO sales
Median selling price change after removing REO sales
|District of Columbia||468,704.00||3.48%|
|South Dakota||No Data|
The first map compares each state’s median selling price for September 2018. The most expensive markets are California, Hawaii and Washington, D.C. – where the average home costs above $420,000. These three markets were also the most expensive in May 2018, indicating that demand remains steady and inventory limited.
Overall, states in the Western half of the country have more expensive home prices, implying that supply has not kept up with demand. Colorado’s median is at $348,772. That’s still about $120,000 cheaper than California’s median price of $468,207. With the exception of Massachusetts and New Jersey, prices in the East are more affordable, remaining around $180,000 and $260,000 – in line with the national average of $215,550.
The cheapest states for housing are in the Midwest and the South. Oklahoma has the lowest price at $120,787.
Real-Estate Owned property (REO) had the largest effect on prices in New Jersey (7.93%), New Mexico (6.07%), and Connecticut (6.03%), indicating high foreclosure rates. It also implies that there are affordable homes available, but selling prices may be a bit higher than the median would suggest. Hot housing markets like California (1.45%) and Colorado (0.70%) had low REO impact on their median price.
Source data: CoreLogic®
Data date: 12/9/2018
Disclosure content: This publication is provided for your convenience and information only.
Bank of America, N.A. assumes no liability for loss or damage as a result of your reliance on information in this publication. Photos are for illustration purposes only and are not to be construed as an endorsement of a particular product or company. Unless expressly disclosed otherwise, Bank of America, N.A. is not affiliated with or responsible for the products or services of any company that may be mentioned or depicted in this publication. Our goal is for the contents of this publication to be accurate as of the date this issue was printed. However, we do not guarantee that any content is accurate or complete.