Under $200,000?

Green Escrow | Real Estate

Believe it or not, there are areas where homes can be purchased for under $200,000(!). But you better move fast, because the word is getting out (median price after the city).

  1. Lauderdale Lakes, FL – $149,350
  2. Lauderhill, FL – $175,000
  3. Akron, OH – $138,600
  4. Detroit, MI – $90,000
  5. Rochester, NY – $161,194
  6. Niagara Falls, NY – $114,500
  7. Albany, GA – $104,000
  8. Lansing, MI – $143,950
  9. Rockford, IL – $164,950
  10. Cleveland, OH – $135,475

Looking to rent? Try …

Green Escrow | Rental

While renting certainly isn’t cheap – the median rent in the 50 largest metro areas was $1,732 in May – there are five cities where rentals are very reasonable.

  1. Oklahoma City, OK – $1,009
  2. Columbus, OH – $1,184
  3. Memphis, TN – $1,224
  4. San Antonio, TX – $1,232
  5. Louisville, KY – $1,236

Listings increasing everywhere

Green Escrow Services | Adding value to home

Along with high mortgage rates and home prices, the lack of inventory has severely hurt the housing market over the last several years. While prices and interest rates remain high, the number of listings has increased, in some cases dramatically over the last year.

The South leads the way with a 47.2% increase in May. The West was second with a 34.5% followed by the Midwest with a 20.5% increase. The Northeast was a distant fourth at 9.4%.

While all this is good news, of course, it’s important to keep in perspective that current listings are still down 34.2% form 2017-2019 levels.

Yes, there are buyer’s markets

Green Escrow | Real Estate

With median list prices around $430,000 nationally and mortgage rates still near 7%, it’s tough define any area as a “buyer’s market.” But there are markets where homes are selling for the lowest price in relation to their initial asking price.

The top ten are below, followed by the median list price.

  1. Palatka, FL – $299,500
  2. Key West, FL – $1,300,000
  3. Breckenridge, CO – $1,125,000
  4. Sevierville, TN – $699,900
  5. Jackson, TN – $299,900
  6. Rome, GA – $292,575
  7. Sonora, CA – $450,000
  8. Greenville, TN – $349,900
  9. Roseburg, OR – $402,000
  10. Panama City, FL – $449,948

Luxury homes at a (semi) bargain price

Green Escrow | Real Estate News

Let’s face it: luxury homes are going to be expensive, that’s what makes them “luxury” homes. But there are some areas where the prices have risen less than the nearly 50% increase from April 2020 to April 2024.

The top ten metro areas with the lowest price increase, the percentage follows the name.

  1. Washington, DC – -1% (prices are actually cheaper!)
  2. Toledo, OH – 3%
  3. Winston Salem, NC – 6%
  4. Wichita, KS – 17%
  5. Stockton, CA – 18%
  6. Suffolk, VA 19%
  7. Tyler, TX – 19%
  8. Tulsa, OK – 22%
  9. Tallahassee, FL – 22%
  10. Seattle, WA – 24%

Top Seller’s Markets

Market News

Covering the entire spectrum of affordability, these top 10 metro areas are all selling above the initial asking price. On average, these areas sold 4.2% above the initial asking price. The median list price is included.

  1. Rochester, NY – $295,000
  2. San José, CA – $1,466,953
  3. Manchester, NH – $577,450
  4. Kansas City, KS – $433,000
  5. Topeka, KS – $255,000
  6. Lancaster, PA – $423,725
  7. San Francisco, CA – $1,026,500
  8. Wichita, KS – $324,900
  9. Hartford, CT – $406,125
  10. Syracuse, NY – $272,500

Lets go to the beach!

Green Escrow Services | vacation home

Summer is right around the corner and it’s time to start thinking vacation! And then , of course, it’s time to think, but how are we going to pay for it?”

Here are ten reasonably priced summer spots with the average day rate.

  1. San Juan, Puerto Rico – $198.52
  2. Upper Peninsula, Michigan – $231.00
  3. Cambridge, Maryland – $236.25
  4. Gulfport / Biloxi, Mississippi – $237.00
  5. Michigan East Coast – $253.89
  6. Rio Grande / Fajardo, Puerto Rico – $264.96
  7. Daytona Beach, Florida – $267.15
  8. Port St. Lucie, Florida – $274.23
  9. Myrtle Beach, South Carolina – $280.47
  10. Jacksonville, Florida – $280.60

Renters discouraged

Green Escrow | buyer regrets

While close to 70% of renters say that they would prefer to own a home if they were financially able to, nearly 75% believe that getting a mortgage is difficult, up from 50.5% as recently as 2021.

Of course, mortgage rates have skyrocketed during this time and many renters expect rates to climb even higher in the years ahead.

Not surprisingly, the percentage of renters who believe they will eventually own a home has dropped to 42%, down from 56% just 8 years ago.

Housing inventory rises

Green Escrow Services | Adding value to home

As mortgage rates continue to drop ever so slightly, housing inventory has risen to it’s highest point since August 2020.

This represents a 6.6% increase from the same time last year and marks the 27th week in a row that inventory was higher than the previous year.

Analysts are hopeful that the declining inflation rate will bring a similar drop in mortgage rates.

Median down payments are down – except in California

Green Escrow | Real Estate

In a bit of good news for home buyers, median down payments are down nationwide from 14.7% at the end of 2023 to 13.6% currently. This comes to a savings of roughly $4,400.

Thew news isn’t so good in California where median down payments continue to be sky-high. Below are the metro areas with the highest down payments based on percentage of total cost.

  1. Oxnard, CA – 24.50%
  2. San Francisco, CA – 24.20%
  3. Santa Maria, CA – 24.10%
  4. San José, CA – 24.00%
  5. Los Angeles, CA – 21.50%
  6. Santa Rosa, CA – 20.50%
  7. San Diego, CA – 20.00%