Three out of four potential buyers in Houston are looking at homes that are cheaper than the median list price.
MarketMatch, a new semi-regular report from Trulia, finds the price points home seekers are searching and compares them to the cost of the properties that are for sale. In cities like Dallas, Charlotte, N.C., and Deltona, Fla., most potential buyers were looking at homes that were less expensive than the median price. Meanwhile, in Detroit, Philadelphia, and Akron, Ohio, users desired homes more expensive than what was available.
These sorts of mismatches in the market can drive up prices in certain popular price ranges or cause properties to sit on the market longer than they otherwise would. As discussed in Trulia’s quarterly inventory report, many metros are tight on starter homes at the moment and heavy on higher-end homes. This puts upward pressure on starter home prices, especially in metros where people seem most interested in lower price ranges.