The third-quarter report on home prices by the National Association of Realtors showed that national median existing single-family home price was over $207,000 in the third quarter. That’s a 13% in house prices year-over-year and the strongest annual growth in nearly eight years.
Of course, it’ll cost you more if you’re looking for a brand-new house for sale. The median of new home prices was $265,000 in the second quarter — approximately $6,000 more than it was in Q1 and $16,000 more than it was the same time a year ago.
And it’ll cost you various amounts depending on which specific housing market you have your eye on. Home prices in the rural Midwest are vastly different from house prices in a major metropolitan area, obviously.
We decided to zoom in on this variance to see precisely what these rising home prices mean for folks across the country. Take a look at what $250,000 (a pretty standard home price) gets you in various housing markets.