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MEDIAN PRICES RANGE FROM $130,100 TO $194,400 FOR EXISTING
HOMES
The 10 most livable and most
affordable metro areas in the United States have a number of other
favorable characteristics in common, according to a new “Current
Market Conditions” survey conducted by HouseHunt, Inc.,
a consumer-oriented Internet firm that provides free information
to thousands of homeowners, home buyers and home sellers across
the nation. For example:
- The majority of the 10 metro areas report balanced,
good-to-active housing markets with sellers usually getting
95% or more of their asking prices. Inventories of unsold homes
are mostly limited.
- The majority of the 10 metro areas are experiencing
strong job and population growth and good economic news. They
offer quality lifestyles, good schools and solid family recreation
along with other amenities. Sales data shows that many recent
home buyers are relocating from other, often more costly areas.
- All 10 metro markets are attracting both first-time
and move-up buyers because of affordable prices, low mortgage
interest rates and multiple financing options.
- Median prices for existing single-family homes
in the 10 metro areas range between $130,100 and $194,400, compared
to the national median price of $188,800. Four of the 10 areas
reported double-digit price appreciation in the past 12 months.
- All 10 metro areas have major universities located
there.
- Five of the 10 metro areas are popular tourism
destinations. Nine of the 10 metro areas are located in warm
to moderate climates.
The 10 most livable and most affordable metro areas
as determined by criteria developed by “Places Rated Almanac”
(David Savageau) and the latest quarterly median sales prices
compiled by the National Association of Realtors are:
1. Salt Lake City-Ogden, UT, $157,000; 2.
Tampa-St. Petersburg-Clearwater, FL, $172,800; 3.
Raleigh-Durham-Chapel Hill, NC, $175,600; 4.
Houston, TX, $138,100; 5. Phoenix, AZ, $193,800;
6. Cincinnati, OH, $139,600 7.
Louisville, KY, $130,100; 8. Austin-San Marcos,
TX, $154,100; 9. Orlando, FL, $194,400; and 10,
Nashville, TN, $152,100.
Four of the 10 metro areas – Tampa-St. Petersburg-Clearwater,
Raleigh-Durham-Chapel Hill, Nashville and Austin-San Marcos –
are also listed in the latest edition of Lee and Saralee Rosenberg’s
“50 Fabulous Places To Raise Your Family” (Melissa
Giovagnoli). Like Savageau, the authors give high marks for schools,
jobs and business opportunities, family fun, housing affordability,
living costs, climate, health care, transportation and quality
of life.
“With all the negative news about spiking
home prices and the widening affordability gap, it’s refreshing
to find highly desirable metro areas where most buyers can find
affordable homes,” said Michael Bearden, president and CEO
of HouseHunt, Inc. “Our quarterly ‘Current Market
Conditions’ reports are accessible on many of our HouseHunt.com
agent websites across the country. For recent home sales in their
neighborhoods, homeowners and home sellers can also find this
information easily and immediately on HouseHunt’s new moveUp.com
website.”
Mark Jenkins of Realty Executives, exclusive HouseHunt
member agent for Salt Lake City, described housing activity in
his metro area as “improving” from a depressed buyers
market.” He said many buyers are relocating from out-of-state
to take advantage of the lifestyle and lower home prices. A median
price of $157,000 would probably buy a 2,000 square foot home
with three bedrooms, two baths and a two-car garage on a one-third
or one-four acre lot in a good location. Highest home price appreciation
is occurring near the University of Utah. Another hot spot is
Park City, a popular ski resort in the nearby mountains where
Lee Merryweather of World Class Realty is the exclusive HouseHunt
member agent.
An active housing market is reported in the Tampa-St.
Petersburg-Clearwater metro area by Linda Ippolito of Keller Williams
Realty, exclusive HouseHunt member agent for Bayshore, Westshore-South
Tampa and Davis Island-South Tampa. She said the whole area is
exploding with growth and new industries. Available housing is
in limited supply. Although the median price home is $172,800
for the entire metro area, median home prices are closer to $400,000
in South Tampa. Waterfront properties are also priced higher.
Average price appreciation is 15.7% in the past year.
A slower-paced but high quality lifestyle is reported
in the Raleigh-Durham-Chapel Hill metro area by Ray Lenahan of
Robert Gray Realtors, exclusive HouseHunt member agent with Robert
Gray for Wake Forest, Rolesville and Youngsville. “The big
attraction is our Research Triangle and three major universities,
our excellent quality of life and moderate weather,” Lenahan
said. He said the median home price of $175,600 in the metro area
is probably closer to $190,000 in his market area. “That
will buy a new home with 2,000 square feet with three bedrooms,
two baths on a half-acre lot. Or, it would buy an older home in
an established neighborhood,” he added.
Houston, with its “can do” entrepreneurial
spirit and liberal-to-zero zoning restrictions, is attracting
people from both the East and West Coasts to relocate and to invest
in rental properties, according to Kathi Frank of RE/MAX The Woodlands,
exclusive HouseHunt member agent for The Woodlands and Woodland
Springs. The Woodlands is a 27,000-acre planned community located
27 miles north of downtown Houston. “Median price home for
the entire metro area is $138,100,” she said. “That
will buy a new, 1,400 square foot home from a production builder
in North Houston or Woodland Springs.” She added: “Estate
properties are priced from the low $200,000s to more than $3 million.”
Reba Schafer of West USA Realty, exclusive HouseHunt
member agent for Scottsdale and Northeast Phoenix, reported a
limited inventory and a very active seller’s market, with
sellers usually getting 100% or more of their asking prices. The
median price for the metro area is $193,800 “but hard to
find anything under $300,000 in my area,” Schafer said.
“It’s more like $350,000 to $400,000 as a median price
in Scottsdale.. Lots are jumping in price. So are houses.”
Year-to-year appreciation is 24.4%! She cited tremendous growth
in the suburbs of Peoria and Chandler. “A year ago, investors
were buying from builders and flipping (re-selling) the properties.
No more. Now, a buyer must live in the property for at least one
year to qualify.”
Good job growth, corporate relocations and an improving
local economy is fueling the housing market in the Cincinnati
metro market, according to Saralou Durham of RE/MAX Preferred
Group and exclusive HouseHunt member agent for suburban Montgomery
and Hyde Park in Hamilton County, OH. “We have fabulous
cultural and recreational facilities and a good quality lifestyle,”
she said..”A median home price of $139,600 seems a bit low,
depending on the area. That amount of money will probably buy
a small two bedroom, one bath home needing some repair or remodeling
in one of our small suburban communities.”
In Louisville, Charlotte Wright and Michael McConnell
of Evergreen Realty are exclusive HouseHunt member agents for
suburban Jeffersontown. “Louisville is now the 16th largest
metro area in the nation,” Wright said. “We’re
a hub for UPS and have two Ford plants located here. Military
personnel stationed as nearby Ft. Knox and their families are
also relocating here, she said. “The median price of $130,100
is probably low – $150,000 would be more accurate. The latter
will buy a three bedroom, two bath 1,200 square foot house with
a garage in a good area.”
Ann Parr of RE/MAX Austin Advantage and exclusive
HouseHunt member agent for Westlake and Lake Travis said well-priced
listings are attracting multiple, full-price offers in a very
active seller’s market. Average time on the market is 60-90
days. “We have younger professionals who want to live close
to downtown but the primary place to live is by the lakes,”
she said. Prices range from $150,000 to $6 million. “Nice
homes can be purchased for $250,000 to $350,000. The median price
home is $154,100 in Austin. That would probably buy a starter
home in the Round Rock area or a home needing remodeling in Central
Austin. Patio homes for retired people near Lake Austin sell for
$200,000.”
One of the hottest of the 10 metro markets on the
list is Orlando, according to Steve Farah of the Royal Realty
Group. Farah is exclusive HouseHunt member agent for Alafaya,
Waterford Lakes and Kissimmee: “We’re experiencing
unbelievable growth and home appreciation,” he said. “Our
seller’s market is so active that listings sometimes last
only hours, not days. Buyers frequently must act immediately or
the property will be gone!” He feels that the median price
of $194,400 is probably low because of high demand and the low
inventory. “A median price of $250,000 would be more realistic
and would buy a three –bedroom, two bath home with 1,700
to 2,000 square feet.” Since the first quarter of 2004,
the median price home has appreciated 28.7%.
Nashville, the 10th ranked metro area on the list,
offers a relaxed, friendly lifestyle and affordable home prices
to newcomers, according to Mary Barbee of Coldwell Banker Andrews
and Associates. Plus, there is no state income tax. Barbee is
the exclusive HouseHunt member agent for South East Nashville.
“The median price of $152,100 seems low – it’s
more like $170,000, depending on location. That amount of money
would probably buy a three-bedroom, two-bath new home with 1,200-1,500
square feet in the suburban communities of Madison and Smyrna,”
she said. The median home price is up 11.3% in the past year in
the Nashville metro area.
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