In this edition of Price Point—a weekly series where Redfin explores current housing inventory across a rotating combination of budgets and metro areas—we’re looking at homes at or under the median U.S. home-sale price of $396,173.
In April, the median U.S. home sale price rose 2.4% year over year to about $400,000—the biggest increase in 13 months. With that in mind, we’re exploring what you can get in markets across the country for that price. Hint: A$400,000 home in Washington D.C. looks very different from a $400,000 home in Philadelphia.
Chicago: A Fixer-Upper Condo With an Unbeatable Location, or a Move-In Ready Bungalow
This $350,000 two-bedroom, two-and-a-half-bathroom condo just a few blocks from Magnificent Mile and Oak Street Beach gives buyers the chance to customize a home in one of Chicago’s most desirable neighborhoods.
Redfin principal agent Elizabeth Caya, who is listing the property, says the list price of the condo is just one part of the costs associated with it. The condo’s monthly HOA fee is over $1,900, adding a big chunk to the owner’s monthly payment.
“It’s a rehab opportunity; the condo needs some updates,” Caya said. “It’s clean, but it’s dated. I think it’s really a flip opportunity. Many units have sold for quite a bit more, so it could fetcht upwards of $500,000 if it was renovated,” she said.
Caya said that while the unit does need updating, it’s very spacious with lots of closet space in a boutique building with only 64 units, and comes with 24-hour door staff. “It’s a great place to live, and you’re buying into the community,” she said.
2. 1,650 sq ft bungalow in Chicago, IL listed by Redfin principal agent Cesar Juarez: $400,000
Further from downtown Chicago–but still just a 30-minute drive away–$400,000 buys you a turnkey bungalow-style home.
The home is a five-bedroom, two-bathroom with a gated front yard and large covered porch. The main level has three bedrooms and a full bath, while upstairs there are two large bedrooms and a bonus room that could be converted into a home office, sitting area or nursery.
The finished basement also provides living space, and could be used as a sixth bedroom. Bonus: There’s a detached two-car garage on the property.
Washington, D.C.: A Move-In Ready Co-op, or a House on the Outskirts of Downtown
In the heart of Dupont Circle, this move-in ready and fully furnished $389,000 one-bedroom co-op has a lot to offer its next owner. It’s located in a 32-unit building that has a monthly fee of $764, including property taxes.
The bathroom has been updated with floor-to-ceiling tile, a walk-in shower and a bidet-style toilet. The location provides easy access to many restaurants, shops and grocery stores, like Whole Foods and Trader Joe’s.
“It’s very quintessential D.C., Dupont co-op in terms of style. It’s so spacious, has great closet space and has wide open living spaces overlooking 16th Street, with easy access to everything the city has to offer,” Traylor said.
She added that the unit is being sold fully furnished.
2. 1,344 sq ft house in Washington D.C., listed by Redfin principal agent Andre Margutti: $380,000
Just 30 minutes away from the co-op in Dupont Circle is this $380,000 two-bedroom, two-bathroom house. It was fully renovated in 2017, and updated again this year. The move-in ready house is located in the southeastern part of the city, with easy access to major commuter routes and public transportation.
The house also has private rear parking and outdoor space, with a brick patio and fenced yard.
Philadelphia: Traditional Townhouse, or a Single-Family Home in a Northern Philly
Located in the desirable Castor Gardens neighborhood of Philadelphia, this $340,000 three-bedroom, one-and-a-half bathroom house has a sun-filled living room, and a spacious dining room that’s perfect for hosting big gatherings.
All three bedrooms are upstairs, along with an updated bathroom with a walk-in tiled shower. The basement is partially finished and comes with additional living space, laundry and storage. The home also comes complete with an attached garage, a fenced backyard and a patio in the side yard.
2. 1,535 sq ft townhouse in Philadelphia, PA listed by Redfin senior agent Elizabeth Tumasz: $240,000
Closer to northern Philadelphia, this $240,000 five-bedroom, three-bathroom townhouse has an extra-large kitchen complete with stylish finishes.
There is a full bathroom on the first floor, while the bedrooms and rest of the bathrooms are split between the second and third floors. The basement offers plenty of storage space, a dedicated laundry area and a fenced private yard that’s perfect for entertaining.
“It’s so well taken care of. The sheer size of it would make someone looking in this price range happy. In the back you can have a beautiful garden that adds to the character of the house. It’s a unique home with beautiful touches and finishes,” said Redfin senior agent Elizabeth Tumasz, who is listing the property.
Editor’s note: This is a weekly column. The listing status and prices of featured homes are subject to change.
The post Price Point: The Typical U.S. Home Costs $400,000. Here’s What That Buys in 3 Cities appeared first on Redfin Real Estate News.
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