September 26, 2016
As of the first quarter of 2016, the median asking price of completed apartments was half as much in the Midwest compared to the Northeast.
Citing the Survey of Market Absorption (SOMA) that was released by the U.S. Department of Commerce and the U.S. Department of Housing and Urban Development, NAHB’s Eye on Housing found that the median asking price of a Midwest apartment was $980, the lowest in the nation. In the Northeast, the asking price of privately financed, unfurnished, nonsubsidized apartments is $1,839.
The Northeast also had the most expensive median asking price of condominiums, in the undefined $700,000-plus range. Condos are cheapest in the South, with a $305,800 asking price in the first quarter of 2016.
