Not a meme or anything, so I’m not quite sure where else to post this. It’s been floating around since early this year, and I thought it was interesting to see and speculate about why certain states are so high/low right now.
If I could find the source of the data, I would’ve posted it to /c/dataisbeautiful, but without it I’d rather share it somewhere more casual.
I’m pretty sure this map is already out of date… The shitbox bungalow across the street from me, which has been twice sold to property investors since the pandemic and currently appears to be a failed AirBNB, just got listed (again) for $475k. Around $100k more than that map shows. And about $175k more than what it sold for the first time.
Sure, averages are averages and one data point doesn’t mean much. But I can’t find much of anything in my state even listed at the average price indicated on that map, let alone aggregate enough properties to make the average actually reflect that number which would require a significant number of them to be listed below that figure. And they’re not. The cheapest listing I can find in my county is $375k. There are a handful of run-down uninhabitable properties in the inner city showing for below $300k That’s about it.
The good news I can see is, at least according to Zillow, these properties are now spending a significant amount of time on the market, i.e. nobody including corporate investors are actually willing to pay those prices for them anymore. That, or nobody wants a loan because interest rates are ridiculous.