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Housing price appreciation uneven across the country

Maryland residents may have read headlines detailing the country's recovery from the recession. One of the metrics to which these studies point is the rebound of housing prices. Nationally, they have increased by 17 percent in just the last three years.

However, people should look beyond the national numbers and instead at those of local and hyperlocal real estate marketplaces to get a true picture. Many of the smaller markets have housing prices that are significantly more affordable. The five most expensive residential real estate markets are all in California. Four of those are in Silicon Valley. Average listing prices for houses in those areas range from $1,569,615 to $2,291,764, keeping home ownership out of the reach of many.

By contrast, the five most affordable markets are primarily in the Midwest. Average listing prices in those markets range from $74,502 to $90,523. The Coldwell Banker study looked at the average listing price for houses with four bedrooms and two bathrooms. It looked at 81,000 listings in 3,000 markets to identify those that were the most and least expensive.

When people are wanting to purchase real estate, they should look at the average listing prices in the local market rather than the national averages. People may find that purchasing property may be significantly more affordable than they might have otherwise thought. Those who are wanting to purchase real estate may want to get help from a real estate attorney. Legal counsel may help clients with all aspects of their real estate transactions, including title work, drafting and reviewing purchase agreements, negotiating easements and all other needed things up through closing. Real estate transactions can be exciting, but it's important to make certain they are done correctly. These are often the largest transactions people will ever complete in their lives.

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