The number of new listings is increasing in six Rust Belt communities, all of which have median listing prices below $300,000, according to new Realtor.com data. Only six of the top 50 markets had average home prices under $300,000 in April, and all of them saw a spike in new listings. The majority were in the Midwest, where home sales have exceeded the national average this year, probably as a result of the region’s comparatively low cost of housing.
At $248,625, Pittsburgh had the lowest median listing price for the month, followed by Detroit at $248,900. The list also included Cleveland, Buffalo, NY; St. Louis; and Birmingham, AL. The number of active listings increased year-over-year in each of the cities. During that period, Detroit’s count increased by 20% and Buffalo’s by 20.5%.
According to senior economist Hannah Jones of Realtor.com, mobile individuals who are priced out of the more expensive metropolitan areas continue to be drawn to the Midwest. These homebuyers may have more alternatives than they’ve had in years thanks to the recent increase in listings, which isn’t consistent across the nation…