The U.S. economic recovery and continued growth have had many positive effects on the nation and the population. For at least one group, however, the improving economy has had a negative impact — for potential homebuyers.
Along with incomes and low unemployment, the housing market continues to grow. The median sale price of a U.S. home is now close to a third of a million dollars, or over $100,000 more than it was just a decade ago.
Of course, housing markets are different from one another. While some might still be relatively inexpensive, others are well out of range for most Americans.
To determine the county with the most expensive housing market in every state, 24/7 Wall St. reviewed median home values of 3,119 counties and county equivalents as of the second quarter of 2017 from the National Association of Realtors. In the most expensive markets in states like New York, Massachusetts, California, and Virginia, the typical home is valued at well over $750,000. In California, the most expensive market has a median value in excess of $1 million. In other states, the most expensive market barely tops $200,000.
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Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.