The real-estate world is not exactly a great place to spend money.
So what makes this week’s list a little different?
First, it’s a bit less expensive.
According to real-deal aggregator Trulia, the average sale price for a single-family home in the United States is $739,000.
That’s a bargain, but still far below the $926,000 average price for detached homes in that same region, which was $942,000 in March.
And it’s not just a matter of price: The median sale price in the U.S. in March was $878,000, according to Trulia.
That means the average price per square foot in a typical single-story home was just $1,521.
That doesn’t include the cost of utilities, like air conditioning and water, and gas and electric bills.
So, even though prices in the real estate industry are high, many buyers are willing to spend the cash to get the most bang for their buck.
“I would definitely go for a home in a desirable area like the San Francisco Bay Area, San Jose, or Sacramento,” said Matt Stroud, a real estate agent in Las Vegas who specializes in luxury and mid-range home sales.
“The real estate market is so expensive, it really is a no-brainer.”
In addition, most homes in the market come with free utilities.
“Most people will pay a small amount to get free utilities,” said Stroud.
“But the more expensive the home, the more people will have to pay to have free utilities.”
So while prices are generally lower than they were a year ago, buyers are still spending a lot more to get what they want.
“Real-estate agents are often the first to know when a property has a lot of vacancies, because they will have the most information available,” said Robert B. Smith, president of the National Association of Realtors.
“If a seller doesn’t know a lot about a property, or if they’re just looking for a certain price, they’re less likely to look at the home.”
But what about that “sale” part of the equation?
What about the price when you’re ready to move in?
In March, Trulia found that a typical sale price of $1.7 million was the average monthly cost for a first-time home buyer in the Bay Area.
This price is higher than the average annual cost of a home sale in the state of California, where the average home sale price was $1 million.
So while the Bay area has the highest median home price in California, it is still a far cry from the top five U.N. nations with the most homes sold each year.
“California is a great market, but it’s still not the best,” said Smith.
“There are plenty of people out there who are willing and able to pay that amount to buy a home.
But if you’re not there yet, it will cost you.”