Median Home Prices by City: Earlier this morning, we touched on the notion that the housing market in the United States, as a whole, could finally be looking up. While some cities are in better position than others to rebound as 2013 wears on, several are already seeing a nice increase in median list price when compared to the same period last year.
Realtor.com is a great source of housing market data and related information. Recently, they released February 2013 national housing data which shows that “median list prices were slightly higher month-over-month at $189,900.”
While it is good to see that things are picking up nationwide on a month to month basis, taking a close look at the year over year data gives a bigger picture of exactly what is going on.
Before we talk about the seven cities that have seen the largest year over year median list price growth, it is important to note that regional differences do exist. For example, there are several regions in California that are taking off in terms of average list price. That being said, the same areas are going through an inventory decline.
Here is a brief excerpt from their recent report:
“While the number of markets experiencing year-over-year list price declines had been increasing, this pattern appears to be turning around as home list prices increased in 78 markets last month on a year-over-year basis and declined in 39.”
Now, it is time to take a closer look at the seven cities with the top year over year median list price growth.
Sacramento, California
Median list price: $279,900. Year over year growth: 40.30 percent.
Of all the cities tracked, Sacramento has shown the most year over year growth in terms of the median list price. Its month over month growth may not be that high, but things are turning around in this city.
Photo Credit: j l t
Santa Barbara-Santa Maria-Lompoc, California
Median list price: $689,950. Year over year growth: 38.01 percent.
The median list price in the Santa Barbara-Santa Maria-Lompoc region continues to increase, despite the fact that it is currently among the highest in the nation.
Photo Credit: Ken Lund
Oakland, California
Median list price: $419,000. Year over year growth: 30.93 percent.
Just the same as Sacramento and Santa Barbara-Santa Maria-Lompoc, Oakland is experiencing great growth measured by the median list price. Of course, this is not a good thing for those hoping to move to the area.
Photo Credit: Bryce Edwards
San Jose, California
Median list price: $607,000. Year over year growth: 29.45 percent.
Much the same as Santa Barbara-Santa Maria-Lompoc, San Jose has one of the highest median list prices in the entire nation. With top tier year over year growth, this will likely continue to be the case into the future.
Photo Credit: Michael Gray
San Francisco, California
Median list price: $769,000. Year over year growth: 25.71 percent.
When it comes to year over year growth, San Francisco may only be fifth on the list. But when you consider the average median list price, the City by the Bay is number one.
Photo Credit: Billy Gast
Phoenix-Mesa, Arizona
Median list price: $218,000. Year over year growth: 24.64 percent.
The interesting thing about the Phoenix-Mesa region is that the year over year growth is high, but the median list price is much lower than others on the list. Of course, this is due in large part to the fact that the other cities are located in California.
Photo Credit: PhoenixREGuy
Fresno, California
Median list price: $188,900. Year over year growth: 21.87 percent.
Despite coming in at number seven on this list, Fresno has the lowest median list price. If month over month growth continues, this number may eclipse $200,000 at some point soon.
Photo Credit: Great Valley Center
Check back here for more updates on Median Home Prices by City.
