As I’m sure everyone knows, over the last few years home prices around the country have drastically fallen. In some cities, prices are still going down. According to Realtor Magazine the median price of a home in the U.S. is roughly $199,500— down from about $400,000 before the crash. However, certain markets have been hurt much more. Realtor Magazine recently posted a list of the top 10 cheapest cities in the United States. Coming from someone who lives in California— where homes tend to cost a lot— the amount by which properties in some parts of the country have lost value was shocking.
The cheapest city— Detroit— really stood out. The median price of a home here is just $99,000— “down 13.84 year-after-year”! Since there are so many foreclosures in Detroit, I always knew homes here were cheap. But, $99,000 is hard to believe. I also think that this drastic depreciation rate can be attributed to a lack of demand because of the region’s high unemployment. To say the least, this really shows the housing crisis’ detrimental effects.
The remainder of the list— which shows the median home prices and depreciation rates— can be seen below.
1. Detroit
Median list price: $99,000
*Down 13.84 percent year-over-year
Median days on the market: 101
2. Fort Wayne, Indiana
Median list price: $109,900
*Up 0.92 percent year-over-year
Median days on the market: 126
3. Dayton-Springfield, Ohio
Median list price: $109,900
*Down 2.66 percent year-over-year
Median days on the market: 150
4. Toledo, Ohio
Median list price: $114,900
*No change in year-over-year
Median days on the market: 164
5. South Bend, Ind.
Median list price: $115,000
*Down 0.78 percent year-over-year
Median days on the market: 170
6. Springfield, Ill.
Median list price: $124,900
*Up 0.73 percent year-over-year
Median days on the market: 113
7. Akron, Ohio
Median list price: $130,440
*Down 6.82 percent year-over-year
Median days on the market: 162
8. Cleveland-Lorain-Elyria, Ohio
Median list price: $134,900
*Down 2.95 percent year-over-year
Median days on the market: 162
9. Las Vegas, Nevada
Median list price: $134,900
*Down 9.46 percent year-over-year
Median days on the market: 120
10. Wichita, Kans.
Median list price: $135,000
*Down 1.24 percent year-over-year
Median days on the market: 107
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