National Home Prices
The Top 20 Markets
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bowenfamilyhomes.com
Atlanta
Prices fell 3.4% year over year in Atlanta. Some listings expire or are withdrawn because sellers are not getting offers, but new home builders don't have the luxury to unlist homes. The number of new homes on the market has dropped about 20 percent, but the sales rates have declined causing a nearly 11-month supply on the market, he says.
List price of pictured home: $299,900.
Next: BostonMore From TheStreet.com:
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Keller Williams
Boston
The median home price for Bean Town only dropped 1.9% in the fourth quarter to $380,700 from $388,000 a year prior. "We are beginning to see the first signs of a recovery in Boston," says Chris Remmes of Keller Williams Realty. "In 2007 both average and median prices were up 11.2% and 4.4% respectively in the Downtown condo market (Back Bay, Beacon Hill and the South End). Other neighborhoods in the city have seen prices stabilize. Inventory is down in most sections of the city and by as much as 45% in Charlestown."
List price: $429,000.
Next: CharlotteMore From TheStreet.com:
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Re/Max
Charlotte
Charlotte, Portland and Seattle are the only three MSAs still experiencing positive annual growth rates. The average price for the last two quarters has been between $270,000 to $285,000, and is expected to rise for the first quarter of 2008, says real estate agent Chip Fisher of Re/Max Platinum.
List price: $375,000.
Next: ChicagoMore From TheStreet.com:
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Re/Max
Chicago
The Chicago metro area had a modest median price decline of $261,000 in the fourth quarter from $268,100 a year prior. "Builders continue to move inventory by offering buyers aggressive price concessions or generous upgrades," says Jim Merrion of RE/MAX Northern Illinois. He says the residential market is stronger in the city of Chicago than in the low to midpriced suburbs. "Upscale suburban areas continue to do well."
List Price: $869,900.
Next: ClevelandMore From TheStreet.com:
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Gazzo Realty
Cleveland
Prices fell 6.3% in Cleveland. "We had a good spurt here this summer and we had 12 showings in December on our model," says homebuilder and real estate John Gazzo of Gazzo Realty. "We have homes under construction in the mid-500s and I don't feel we have the same problem as those who are in the low 300s and low 200s."
List price: $664,900.
Next: DallasMore From TheStreet.com:
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Assist 2 Sell
Dallas
Dallas only had a modest price decline of 2.4%. "Existing homes in Dallas have held their pricing fairly well relative to other markets," says Todd Tramonte, with Assist 2 Sell Buyers & Sellers Realty. "We are experiencing no major losses, but very little in the way of appreciation as well."
List Price: $169,900.
Next: DenverMore From TheStreet.com:
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perryandco.com
Denver
Homes prices fell 4.5% in the Denver metro area. The median price per square foot for homes in the Mile High City is about $132 or $218,330 for a typical median home. How homes sell in Denver depends on the neighborhood, says Kit Eschner, and Perry & Co. "Some neighborhoods are appreciating and some have depreciated more than average."
List price of this home in suburban Denver, Westminster, Co. is $699,000.
Next: DetroitMore From TheStreet.com:
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tuscanyreserve.net
Detroit
Loss of jobs and a significant number of homes in foreclosure led to Detroit's 13.6% decline in home prices.
Listed home $1.4 million in Northville, Mich.
Next: Las VegasMore From TheStreet.com:
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Assist 2 Sell
Las Vegas
Las Vegas and Phoenix are tied for second as the weakest markets with a 15.3% each in home price declines. Nevada continues to have the highest foreclosure rate in the nation, according to RealtyTrac. The pictured home was originally listed at $348,888 in April, 2007. After five price drops, it is now $289,000. It is priced competitively with some "short sale" offerings and foreclosed properties for sale in the area, says Scott Coleman, owner of Assist 2 Sell Family Realty.
Next: Los AngelesMore From TheStreet.com:
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DanaFrankRealtor.com
Los Angeles
Home prices fell 13.7% in Los Angeles. The median price of entry-level homes in Los Angeles County is $433,200, with a typical monthly payment of $2,890, according to the California Association of Realtors. One would need a household income of about $86,700 to purchase here, even despite the drop in home values.
List Price: $550,000.
Next: MiamiMore From TheStreet.com:
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Miami
Miami remains the weakest market, reporting a double-digit annual decline of 17.5%. "Miami-Dade is currently going through the worst condominium bust cycle that Florida has seen since 1975," says economist Hank Fishkind of Fishkind & Associates and author of The 2008 Fund Real Estate Forecast.
Next: MinneapolisMore From TheStreet.com:
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Umesh Singh
Minneapolis
The median sales price here dropped 4.9% to $217,200 from $228,300 and homes sit on the market for an average 165 days, up about 18 days from last January. The number of signed purchase agreements (pending sales) declined from last year by 17.8 percent for the same time period comparison, even though the total number of homes for sale is up 12%, according to the Minneapolis Area Association of Realtors.
Pictured home in suburban Maple Grove is listed with Coldwell Banker for $465,000 after two price drops.
Next: New YorkMore From TheStreet.com:
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Prudential Douglas Elliman
New York
Although home prices fell only 1.3% from November to December, overall prices in New York dipped 5.6% year over year. The average sales price in Manhattan is $1.9 million.
A 1,200 square foot, 2-bedroom unit in the historic Silk Building is listed at $1,699,000.
Next: PhoenixMore From TheStreet.com:
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Re/Max
Phoenix
Las Vegas and Phoenix are tied for second as the weakest markets with a 15.3% each in home price declines. "The entry level market is opening up, with prices where they were 5 and 6 years ago," says RE/MAX agent Nate Martinez.
This listing is for $275,000.
Next: PortlandMore From TheStreet.com:
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Re/Max Equity Group
Portland
Portland is only one of three MSAs still experiencing positive annual growth rates. Portland has been holding strong with median home prices increasing month after month. Fourth quarter 2007 saw a 1.8% increase to $290,500 from $285,400 a year prior. "We have a positive economic atmosphere in our area. The current median sold price is up, due to a greater ratio of sales on the higher end," says Jim Homolka, President of RE/MAX Equity Group, Inc.
List price: $545,000.
Next: San DiegoMore From TheStreet.com:
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thepreserveatdelmar.com
San Diego
Home prices fell 15% in San Diego between December 2006 and December 2007. Only 31% of San Diego households can afford to buy a home here.
The list price of this Feng Shui-style home in the Preserve at Del Mar development is $4.5 million.
Next: San FranciscoMore From TheStreet.com:
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San Francisco
In December, San Francisco slipped into negative double-digit territory with an annual return of -10.8%. Only 20% of San Francisco residents can afford to buy a home here, according to the California Association of Realtors.
Two years ago, the pictured Oakland duplex received multiple offers at $70,000 more than asking price, but now it has been on and off the market for two years, with two price reductions, bringing it to $800,000.
Next: SeattleMore From TheStreet.com:
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Re/Max Connected
Seattle
Seattle is one of three MSAs that are still experiencing positive annual growth rates, but Seattle is just barely hanging on with a 0.5% price increase. "I had a multiple offer situation two weeks ago for a severely underpriced home," says Re/Max Connected agent Eileen Tefft. We drop prices here 3% to 5% if the homes haven't sold within 3 to 4 weeks. When the market is good we reduce prices after one week. This [slow down] is something that should bounce back any day now."
List price of pictured home: $595,000.
Next: TampaMore From TheStreet.com:
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Re/Max
Tampa
Tampa home prices slipped 13.3%. "In the Tampa market Luxury Home sales have remained steady," says Daniel Westbrook of Re/Max First in Real Estate. "I have more traffic on my luxury homes, than I do my listings that are in a lesser price range."
List price: $1.4 million.
Next: Washington, DCMore From TheStreet.com:
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Assist 2 Sell
Washington, DC
Home prices in the Nation's Capitol fell 9.4%. In nearby Prince William County, Va., homes are sitting for 120 days without offers, says Assist2Sell Broker Susan Jacobs. The price on one of her listings in Bristow, VA has dropped to $284,990, just $10,000 more than nearby foreclosures. "Sellers who want or need to sell are forced to drop their price to or below most foreclosures to result in an offer," she says.
List Price: $284,990.
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Is your hometown awful? Odds are there is some list out there that puts where you live in the most extreme of some dreaded category for the state, region or country. Your curse may be the highest crime, summer temperatures, or insurance rates. We decided to take a closer look at the places that are always showing up on the worst-places-to-live lists and give them their say. Start Gallery: No. 1 Worst Place Is ...More Money & Finance:
Recent Comments
TJordan580 08:18:30 AM Mar 25 2008
If home prices are in free fall what does AOL think of the stock market?
ToriLuve 12:47:16 AM Mar 25 2008
I bought my house in NJ for $595K less than 2 years ago. It is 4 br 2 bath. They are now tearing down houses in my neighborhood to builder bigger houses to the tune of $699K for the lot to build a $1.3-5MIL houses.
I will put my house up on the market at the end of the month. Comp houses are priced up to $850K for an "older" house (meaning pre-1980's).
Interest rates are still at historic lows being under 7%.
All that happened is the runaway prices leveled off as happens every so many years. The reason FL and NV are experiencing such fall outs has more to due with inflated "creative" builder incentives that gave people the opportunity to over-buy homes with no or little money down.
"Back in the day" it took several years to enjoy quick appreciation in a "normal" market of 5-7% annual appreciation. Everyone got spoiled with 20-30-50-100% appreciation in short periods.
THE SKY IS NOT FALLING. It is just coming back into THIS atmosphere.
DPrintMan 09:58:20 PM Mar 24 2008
If the value of my house has went down why is the county raising the value?
Nictassone 09:46:28 PM Mar 24 2008
Headline "Price are in Free Fall" AOL is a joke in reporting. Yes prices in home have dropped, but to call "fire in the theater" is a crime and to say that prices are in free fall is is just as irresponsible. WE, the public do not have to be treated as if the world is coming to an end because some house have dropped in price by 7.9%
Ucpeas4now 08:14:58 PM Mar 24 2008
As a liscensed realtor for over 30 years in NJ I remember in 77 when you had to sell assumed mortgages because the mortgage rate was 16 percent or even higher on a 30 year payout. This current correction is simply getting the houses down from their inflated prices during the frenzy of flippers boomers moving in for the big kill and it backfired on the greedy ones. I bought an adult comm villa in west palm for 29k and flipped it for a 2/2 for 115k my place is only worth 100k and not moving at that if I wanted to sell, but Im happy there and not planning on a speedy change so Im in for the long run and enjoy four months in the tropics instead of cold nj, we made tons on our sale so we are far ahead already. Our big house in NJ was selling for 650k but now we're lucky to get 550 but once again we cant find a home in an adult comm that affords us the features in a big colonial for the same pirce its no bargain. Many boomers are profitting from their homes theyve owned for 28 years
Casac2000 08:10:00 PM Mar 24 2008
I would not buy a toilet in new york city. I think it is the most dangerous place on earth to own any real estate.
I sold my house in NYC 2 years ago and thank god I did get out. After 911 I felt NYC was cursed and still do.
OREDRAG 07:58:03 PM Mar 24 2008
Leehan6-Yes, it is Pres. Dumbass and crew that have raped our economy and a war IS NOT the only way to get an economy going again! Do your history of other countries to find this bit of info. out! The monies that are used for war (especially a war based on lies and deception!) can easily be used for the people of that country! Case in point-ENGLAND, after WW2. Look it up and see for yourself! There is no excuse for the destruction of our rights and freedoms as individuals, NOW or EVER!
JFalco69 07:40:11 PM Mar 24 2008
ny rocks.....realestate in ny is rockin..i dont know where you guys get your info from......i bought a commercial building for 825k and sold it for 2.7mm in 60 days
Graham916 05:50:50 PM Mar 24 2008
how could you say new york is a total joke it is awsome
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