In city that you live, is the average single family home price above or below 500,000?
Where I live it is currently above 500,000
Way, way, way below. It's probably 200,000 - 300,000 range. But this is a agriculture community, with general businesses and such. So houses aren't too expensive. I purchased my 2 bed/1 bath for less than 100,00 a few years back.
I am in Montana. No growth, no jobs so our real estate market has really gone down. You can get a house here under $100,000 because people who want or need to sell are desperate.
I have friend who lives out in the middle of the nowhwere TX, where at the rock bottom of the market, 3 bedroom homes were selling for 25-40k. My thought on this was that I could buy a house for the price of a car
I still believe that real estate is one of the best ways to invest so if a buyer can afford it, it would probably be a great way to go.
It's been a while since I paid any attention to real estate prices in my town but last I looked, the average "going rate" for house prices seemed to fall between 175K and 200K
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