I found this article in the online Realtor's magazine I get each week and thought it was interesting that 9 of the 10 cheapest cities were in the mid-west. The one exception is Las Vegas. I seem to remember a number of people talking about how hard many areas of Florida real estate were hit but none of them made the list, which I found interesting. It is also interesting to think that with so many of these cities being in the mid-west, what has driven down the prices here so much? Has industry really changed that much? I don't think about all these areas as being hard hit with foreclosures, but maybe they have but don't get the press that Las Vegas, Detroit and say Miami get. It will be interesting to see what makes the list in say 5 years from now.
10 Cities Where It's Cheapest to Buy
You can find a lot of housing deals in the Midwest. The region boasted the most number of cities to make it to the top of the list where median list prices for March were the lowest.
Nationally, the median list price for March was $199,500, which is down 0.25 percent year-over-year.
But in markets like Detroit, the median list price is less than half the national average.
Here is a list of the cities with the lowest median list price in March, based on housing data of 146 markets from Realtor.com.
Detroit
Median list price: $99,000
*Down 13.84 percent year-over-year
Median days on the market: 101
Fort Wayne, Indiana
Median list price: $109,900
*Up 0.92 percent year-over-year
Median days on the market: 126
Dayton-Springfield, Ohio
Median list price: $109,900
*Down 2.66 percent year-over-year
Median days on the market: 150
Toledo, Ohio
Median list price: $114,900
*No change in year-over-year
Median days on the market: 164
South Bend, Ind.
Median list price: $115,000
*Down 0.78 percent year-over-year
Median days on the market: 170
Springfield, Ill.
Median list price: $124,900
*Up 0.73 percent year-over-year
Median days on the market: 113
Akron, Ohio
Median list price: $130,440
*Down 6.82 percent year-over-year
Median days on the market: 162
Cleveland-Lorain-Elyria, Ohio
Median list price: $134,900
*Down 2.95 percent year-over-year
Median days on the market: 162
Las Vegas
Median list price: $134,900
*Down 9.46 percent year-over-year
Median days on the market: 120
Wichita, Kans.
Median list price: $135,000
*Down 1.24 percent year-over-year
Median days on the market: 107
Source: REALTOR® Magazine online (April 28, 2011)
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