If you weren’t sure what this meant when it was just mentioned, here’s a little explanation. The median list price is the middle price of listed properties. To put it simply, it’s the price at which half of list prices are of lower value and half are of higher value.
Best: San Francisco
The area with the most expensive median list price is all the way west in San Francisco — further showing why a low total inventory is a good thing.
San Francisco had one of the lowest five inventory totals in August, and its number also fell 40% year-over-year the month before, according to the Home Buying Institute. And that means the homes available were in high demand, with a median price of $819,000.
That’s around $500,000 more than the average for all cities and more than a 15% year-over-year increase. So if you’re a seller, the City by the Bay is a great place to be.
The other extreme is Detroit, which has a median list price just under $13,000.
The relationship between inventory and price still holds true here: Detroit has an above-average total of more than 3,400 — more than six times San Fran’s inventory.
And if you consider the city’s struggles with the auto industry, and the fact its metro area was also the cheapest market for all of Q1, this news is far from surprising.