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The national median home price in the US is $385k according to the most recent Redfin data point on 15 Sep. I find it very hard to believe that the "top 20 mos
by floundy 2y ago
The national median home price in the US is $385k according to the most recent Redfin data point on 15 Sep.
I find it very hard to believe that the "top 20 most expensive micropolitan areas" has 1/3 of the listed areas cheaper than the national median home price.
- mlhpdx 2y agoIsn’t the median price going to be heavily weighted by metropolitan prices since that’s where the vast majority of homes are located?
- chiefalchemist 2y agoIs that median value, or median price of recent home sales? And then what metric does the article use exaxtly?
- twoodfin 2y agoI was curious, too. It’s from the 2022 American Community Survey: https://www.census.gov/acs/www/about/why-we-ask-each-question/ownership/ https://www.census.gov/acs/www/about/why-we-ask-each-questio... It’s an owner-reported estimate of a hypothetical sale price.
- chiefalchemist 2y agoHaving done res real estate for a hot second... Owners *always* over-estimate the value of their homes. They always want to ask for too much. Sure, we hear of occasional up-bidding in hot markets but that's typically the exception.
- twoodfin 2y agoYes, I suspect if you were doing real research vs. clickbait for Lending Tree you’d find some way to calibrate owner estimates to actual sale prices & adjust for that bias.
- twoodfin 2y agoThe data set being used clocks the median value of an owner-occupied housing unit @ $282k: https://www.census.gov/acs/www/about/why-we-ask-each-question/ownership/ https://www.census.gov/acs/www/about/why-we-ask-each-questio...