Median List Price
The median list price is pretty self-explanatory: It’s 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
Again, not much changed in the past month. San Francisco held onto its lead as the area with the most expensive median list price: $849,000.
That number was up around $30,000 from last month, despite the fact that inventory also jumped around 40% during that time. Still, even with such an increase in inventory, the city’s number is still far below the average.
The other extreme is (no surprise here) Detroit, which has a median list price of $13,500.
The good news is that last month, the price was actually $500 lower. The bad news is that … well … even with that rise, such a median price is anything but pretty.
If you think about 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.