Unlike the guides for automobiles which are based on analyses of actual car prices, the Blue Book and NADA guides are based primarily on a percentage of the manufacturer’s suggested retail price (M.S.R.P.). These guides may be nowhere near the actual current resale value. Previous reporting from Business Insider’s Hillary Hoffower shows Zillow’s median home values from last August Hoffower reported that the median home listing price in the US was $279,500. Home value averages have fallen since June of last year, when the median home value sale price was about $319,000 (with the list price usually about $324,000).
Together, information about recent sales and asking prices helps determine what a house could be worth. What I really like about this site, however, is that it lists a ton of sales data for recent home sales in your area. Home prices refer to the cost of purchasing a house or condominium, as well as any associated land.
In Albuquerque the median home value of single family homes is about $199,000, while median home value of condos are at about $145,000. Just by entering your home’s value into the website’s friendly interface, you’ll get a Zestimate – a Zillow-created estimate of your home’s value.
In the weeks leading up to the overhaul, housing and realty groups lobbying Congress warned of damage not only to sales but to property values. The median household income in New Mexico in 2005 was about $39,936 – much lower than the national value. The improvements done in a house can also increase home values.
With their mild climates, dynamic economies, and constrained housing markets, California’s top two metro areas lead the nation in home prices. Colorado also has tons of tourist attractions, and all these things are a good indication of a steady real estate market and rising home value averages.