Real estate is local, even during a national recession that has caused a bottoming of the U.S. housing market. So whether buyers are scouring the Denver real estate market for deals or peeking at Indianapolis homes for sale, what home shoppers can get for their money varies greatly depending on where they're looking. We thought it would be interesting to check on some housing gems in a price range about $100k above the U.S. median home value, which currently hovers around $146,900. With interest rates for 30-year fixed mortgages continuing at less than 3.8 percent, a price point of $250,000 seemed a sweet spot to demonstrate what the market's like for potential home shoppers.
The Denver housing market took another step toward recovery in February, with home values rising month-over-month and flat year-over-year. According to housing economists, what's driving the market is a surge in the number of first-time buyers and move-up buyers targeting lower-priced homes.
2575 S Race St, Denver CO (below)
For sale: $250,000
This 2-bedroom 1-bathroom Denver home for sale offers lots of character and plenty of modern updates. Set just a block-and-a-half from Denver University and half a mile from Porter Hospital, this charming ranch features hardwood floors, a new roof and a large backyard area for entertaining.
The Minneapolis-St.Paul area is the 16th-largest metropolitan area in the U.S., with approximately 3.3 million residents. Six Fortune 500 corporations make their headquarters in the Twin Cities, making the metro area a viable option for home shoppers. Current Minneapolis median home values hover around the national level, at $147,500.
2649 Brighton Ave NE, Minneapolis MN (below)
For sale: $242,500
This classic Tudor home has 4 bedrooms with over 2,132 square feet of open living space. Originally built in 1932, the Minneapolis home for sale has been completely updated featuring hardwood floors, a new roof, dishwasher and refrigerator.
Since last April, the median list price for homes in Portland have been holding steady at around $220,000. With a population of a little over half a million people, Portland is Oregon's most populous city and the third most populous city in the Pacific Northwest, after Seattle and Vancouver, Canada.
14128 SE Insley St, Portland OR (below)
For sale: $239,950
Built this year in a brand new subdivision, this 4-bedroom, 2.5-bathroom home has just hit the Portland real estate market. The 2,276-square foot home is walking distance from Powell Butte Recreation Park and boasts an open floor plan and hardwood floors throughout.
Unlike many housing markets across the U.S., Indianapolis has seen a gradual rebound with median home values up 2 percent month-over-month. With home prices more affordable than they have been in decades, there are plenty of great deals out there for home buyers. Current Indianapolis home prices are significantly below the national level, hovering around $100,000.
4526 Fairhope Dr, Indianapolis IN (below)
For sale: $250,000
For $250,000, this Indianapolis home for sale has quite a bit of space. Boasting 4 bedrooms, 2.5 bathrooms and nearly 3,000-square feet of living space, this home features a variety of amenities including walk-in closets, a jetted hot tub, spacious kitchen with breakfast bar and a heated/cooled 3-car garage.
With a total of 620,961 residents in 2010, Baltimore's population has decreased by one-third since its peak in 1950. The city was once a predominately industrial town, with an economic base focused on steel processing, shipping, auto manufacturing and transportation. Median home values in Baltimore are currently $99,000.
1538 S Hanover St, Baltimore MD (below)
For sale: $250,000 Located just an hour outside of Washington, D.C, the Baltimore neighborhood of Federal Hill boasts this charming 2,040-square foot brick town home. Featuring 3 bedrooms and 2 bathrooms, the house has hardwood floors throughout, an enclosed backyard, rooftop deck and a finished basement.
Home to the popular South by Southwest technology and music conference, Austin has differentiated itself from the rest of Texas as a cultural hub. The nation's capital is home to several Fortune 500 companies — most significantly Dell computers and Whole Foods are headquartered there — and has a median home list price of $239,900.
2504 Amur St. Austin, TX
For sale: $247,900
This single-story home was built in 2011 and is completely move-in ready with hardwood floors and carpeted bedrooms. The three-bedroom home also includes a home office with closet and rear-covered patio.
Situated in central Ohio, the capital city Columbus is the largest metropolitan area in the state with 1,836,536 in the city and surrounding suburbs. Home to the largest state university Ohio State and several Fortune 500 companies, Columbus remains affordable with median home values hovering just around $100,000.
5966 Caplinger Ave, Westerville OH
For sale: $239,900
Located in Westerville, a suburb 20 minutes outside Columbus, this single-family home for sale was built in 2009. The 4-bedroom, 2,558-square-foot home has four levels of finished living, including a full basement. Multiple updates include granite countertops and stainless-steel appliances, master suite with whirlpool tub and a fenced yard with pergola.