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FIND YOUR DREAM HOME OR APARTMENT
Median isn't an average. It's the value at which half of the values are higher and half are lower. In most cases, the median value will be higher than the average, though that depends on what kind of values you're looking at. There are a lot of new houses priced over $250k, and new houses under $250k generally go down to only around $150k. Most houses under $150k are not new. So it's no surprise that $250k is the median value of a new house, especially when this is taking into account houses all across the country and not just those in one part of the country. Houses in your area may be lower priced, but higher priced houses somewhere else will raise the median value when you're looking at the entire country's median values. If you want to consider the median value of all houses for sale, then that would probably be a little under $200k.
As with many things, sometimes you're better off buying used rather than new because you can get the same thing for less. The only real downside is that you might have to do major repairs that much sooner. A new house probably won't need a roof for 20 years, but a 10-year old house will probably need a roof in 10 years. Depending on how long you plan to live in the house, you might end up saving money by buying new, or it could be the other way around. You should always consider that before making a purchase.
These look like decent enough houses, but I'd like to see examples that aren't plopped right on top of the neighbor's house. I prefer having at least 2 acres without being able to reach out my window and shake hands with the person in the next house over.
Anyhow, the article is just making a point that housing prices are still dropping. That's good for buyers, but not for sellers.
By these numbers, it sounds like the midwest stands to gain some new residents. In South Bend, as well as most of Indiana, you can get 2000+ S.F. 4 bdrm, 2 bath with garage and basement for under $200K, and a yard to boot. Why people place so much value on city living I will never know. In less than 3 hours, our family can be sitting down with peanuts at a Cubs game, in one hour we can be dipping in Lake Michigan, and in 4 hours we can be spending our inheritance at Disneyworld
