The Midwest has traditionally been one of the most affordable regions to purchase a home. However, this could be changing as prices in the Midwest continue to rise. According to recent data from real estate marketing platform Redfin, the Midwest has some of the fastest-rising home prices. Milwaukee, in particular, saw it's median home price rise by 20% year-over-year in February to $330,000, the highest jump among major U.S. metros. Other Midwest markets also saw high price increases, including Detroit and Cleveland, where prices rose by 12.5% and 10%, respectively.
Comparatively, the nationwide median home price increased by 3.2% to $425,421. Additionally, in some parts of the U.S., home prices are actually falling, Texas and Florida were home to the most markets with annual price drops in February. In Austin, home prices fell by 2.7%, and in Tampa, Fla., they fell by 1.9%.
Even though prices are rising in the Midwest, it remains the most affordable homebuying region in the country. Detroit has the lowest median sale price of any major metro, at $180,000. Cleveland is the second most affordable, at $217,750. Read more
