When it comes down to a home, after location, the next question real estate agents always are posed is what does it cost?
Real estate agents have been faced with a housing market that has endured its fair share of change in the wake of the housing crisis nearly a decade ago. Wall Street 24/7 reported in the wake of a popping housing bubble, the national median home sale price fell by more than 31 percent, from $219,000 in 2006 to $150,500 by 2011.
While the housing market has been on the rebound since, it has yet to get back to where it was prior to the onset of the housing crisis. There is good news for agents to hold onto for clients.
According to ATTOM Data Solutions, people who sold their homes in the first three months of 2017 saw an average appreciation of $44,000 – the highest gain in a decade.
The median home price in the U.S. currently stands at $225,000, up 13 percent from a year ago.
According to real estate industry analysts, the increases are due to a low housing supply in competitive markets, where bidding wars and above-asking prices are common.
Agents also have to be aware of the subtle differences from market to market.
It is no coincidence that the states that have been blessed with the greatest housing price recoveries have also been experiencing the greatest population booms. These states include Colorado, North Dakota and Texas.
North Dakota hit the list at No. 28, with an average list price $190,000 and a 10-year price change of 40 percent. Texas had a median list price of $214,783, good for No. 21 on the list. Its 36.6 percent price change over the last decade ranked fourth highest.
The market is rocky mountain high in Colorado, where the median list price is $300,000, good for No. 4. The 10-year price change is 40.8 percent, third highest in the country.
In each state, population has increased at a rate nearly double the 10-year national growth rate of 7.9 percent. As a result, median home sale prices have increased by more than one-third since 2006.
In the West, Nevada was at ground zero of the housing crisis. The median list price there today is $216,000, 20th on the list. The 10-year price change is -24.8 percent, third lowest. Oregon is at No. 8 with a median list price of $275,000 and a 10-year price change of 15.4 percent.
In the Midwest, Ohio sits near the bottom of the list at No. 48. Its northern neighbor, Michigan had a median list price of $134,900. Pennsylvania ranked No. 37, with a median list price of $161,000. Indiana, at $163,233, was No. 34.
In the South, Alabama ranked No. 44, with a median list price of $143,500. South Carolina came it at No. 36. Its median list price is $161,500. Georgia, fueled by the hot market in the Atlanta MSA, was No. 33 at $166,900. The Sunshine State of Florida was No. 29, at $185,000.
In the Northeast, New Hampshire comes in at No. 14, with a median list price of $232,000, 3.3 percent off the mark of a decade ago. New York has a median list price of $247,000, with a 10-year price change of -30.3 percent, second lowest in the country. New Jersey has a median house price of $265,000 and its 10-year price change of -17.2 percent is fifth lowest.
The Top Three states and their median list prices are: Massachusetts ($339,900); California ($422,500) and Hawaii ($485,000).
Once on the market, agents are finding that homes are moving pretty quickly.
According to data from Clear Capital, a home was on the market for an average of 45 days in the first quarter of 2017, a significant decrease from 84 days during the same period in 2011.
