You might be surprised to find out the median price homes are selling for in the nation’s top ten largest cities. Below, you’ll find the median price for resale, new homes and foreclosures.
CITY Resale Median Price
+/- % New Home
Median Price
+/- % Foreclosures
Median Price
+/- %
New York, NY $625,000 -6.0% $4,500,000 0.0% $489,000 0.0%
Los Angeles, CA $449,000 -0.2% $749,900 +8.7% $344,000 +1.7%
Chicago, IL $279,900 0.0% $950,000 0.0% $190,868 -0.6%
Houston, TX $162,500 +1.6% $179,990 0.0% $96,791 +0.4%
Phoenix, AZ $175,000 -2.2% $321,465 -0.2% $161,600 -2.1%
Philadelphia, PA $167,900 0.0% $399,990 0.0% $83,000 +1.4%
San Antonio, TX $149,500 0.0% $251,145 -1.5% $94,455 +1.0%
Dallas, TX $224,900 +2.7% $195,512 0.0% $88,905 +1.9%
San Diego, CA $450,000 +2.3% $575,000 -8.0% $319,802 +1.5%
San Jose, CA $450,000 0.0% $570,860 -5.2% $435,000 +0.5%
There are several results this table tells us. Taking all figures at face value, you could assume that resale home prices in New York and Phoenix have not yet hit bottom. Los Angeles (L.A.) has a significantly lower decline, so this city may be leveling out somewhat. New home median prices are relatively holding their own in all cities, except L.A. and San Jose. That’s no surprise, however, due to the major overbuilding these cities were conducting prior to the real estate downturn.
New York sparkles in the median new home price, which is not a surprise, but, hey, it’s New York! Other high-cost-living cities holding their own in the same area are Los Angeles, Chicago and Philadelphia. Philadelphia’s foreclosure rates were lower than the national average through 2009. Los Angeles is a bit of a marvel with almost a nine percent average increase for new homes.
In most cities it appears that foreclosures are slowing down significantly; although, Dallas, Los Angeles., San Diego and Philadelphia are still climbing at an uneasy rate. New York, Chicago and Phoenix appear to shine in regards to movement in median foreclosure rates.
What this chart does not tell you is that the State of Texas has been experiencing ongoing high foreclosure rates, even higher in the last quarter of 2009 than it did the same time the previous year. That’s probably why such low figures show up in the Houston, San Antonio and Dallas median foreclosure sale prices.
Philadelphia only experienced around a 10 percent decline in home values, compared to the national average of 32 percent. The city was showing notable recovery in 2009, slowing down as the year came to a close. Even still, the low median foreclosure price for Philadelphia is curious.
Fortunately, the new year has ushered in some positive movement in the housing industry. According to Freddie Mac chief economist and Vice President Frank Nothaft, the decline in home values has slowed for the first quarter of 2010, which “point to the highest level of home-purchase affordability in at least 40 years … ”
He believes the decline to be proof of a move to stabilization for the first quarter of 2010 for existing home sales and for new construction of single-family homes. He admits, however, the figures are still low. The low numbers were consistent for all nine U.S. regions. In addition, seven regions experienced a slow in depreciation. East North Central states and New England showed modest overall appreciation.
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