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Real Estate News

March 19, 2012

What $250,000 Can Buy In Different U.S. Housing Markets

- — Real estate is local, even during a national recession that has caused a bottoming of the U.S. housing market. So whether buyers are scouring the Denver real estate market for deals or peeking at Indianapolis homes for sale, what home shoppers can get for their money varies greatly depending on where they're looking.

We thought it would be interesting to check on some housing gems in a price range about $100k above the U.S. median home value, which currently hovers around $146,900. With interest rates for 30-year fixed mortgages continuing at less than 3.8 percent, a price point of $250,000 seemed a sweet spot to demonstrate what the market's like for potential home shoppers.

Denver, CO

The Denver housing market took another step toward recovery in February, with home values rising month-over-month and flat year-over-year. According to housing economists, what's driving the market is a surge in the number of first-time buyers and move-up buyers targeting lower-priced homes.

2575 S Race St, Denver CO (below)

For sale: $250,000

This 2-bedroom 1-bathroom Denver home for sale offers lots of character and plenty of modern updates. Set just a block-and-a-half from Denver University and half a mile from Porter Hospital, this charming ranch features hardwood floors, a new roof and a large backyard area for entertaining.

Minneapolis, MN

The Minneapolis-St.Paul area is the 16th-largest metropolitan area in the U.S., with approximately 3.3 million residents. Six Fortune 500 corporations make their headquarters in the Twin Cities, making the metro area a viable option for home shoppers. Current Minneapolis median home values hover around the national level, at $147,500.

5120 28th Ave S, Minneapolis, MN (below)

For sale: $244,900

Located near Lake Nokomis, this 1 1/2-story home has 3 bedrooms with over 2,000 square feet of open living space. Originally built in 1927, the Minneapolis home for sale has been completely remodeled featuring hardwood floors, a gas fireplace and a master suite with walk-in closet. The kitchen boasts granite counter tops, stainless steel appliances and a breakfast bar.

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