In this inaugural edition of The Price Point– a weekly series where Redfin information reporters explore existing real estate inventory across a turning combination of spending plans and city areas– we’re beginning with a rather fickle figure: $500,000.
The half-million mark yields significantly different outcomes depending upon where you look; it can imply a starter home or a permanently home; downtown living or a long commute; a grassy backyard or a neighborhood swimming pool. This week, we’re looking at how $500,000 shakes out in Tampa, FL, Chicago, IL and Denver, CO.
. What $500,000 Gets You In Tampa, FL: Amenity-Rich Condos and Waterfront Single-Family Homes
The Tampa market, like others in the Sun Belt, has cooled down some because the pandemic, when it was one of the hottest migration locations in the country (and regional home prices soared accordingly). This indicates $500,000 stretches much further today than it did a couple of years earlier.
At this cost point, buyers have access to the heights of both metropolitan benefit and suburban breathing room.
Left: 1,112 sq feet condominium in Tampa listed for $479,999 by Redfin representative LeiYana Stevenson Right: 2,507 sq ft home
in New Port Richey listed for$489,000 by Redfin representative Monica Karcz Case in point: The above 1-bedroom, 1.5 bathroom apartment (left )in the heart of Tampa’s Channel District is presently noted for just under $480,000 and boasts– among lots of other features– 20-foot floor-to-ceiling windows, a personal veranda, 2 reserved parking spaces and access to a roof swimming pool.
Just 30 minutes beyond the city, on the other hand, buyers can find four-plus-bedroom single-family homes positioned on local waterways (right) for almost the precise same price.
“With 61 zip codes carrying a Tampa address, purchasers have a lot to choose from in the $500,000 variety,” said senior Redfin representative Dawn Liedtke. “It is extremely neighborhood-specific in terms of what kind of home or features you can get, but normally speaking, that cost point will get you a decently upgraded property, no matter what.”
What $500,000 Gets You In Chicago: City-Center Condos and Historic Suburban Houses
Chicago has long been one of the nation’s great worth real estate markets, and that reputation holds at $500,000. Plus, like in Tampa, this rate point supports a variety of way of lives.
In Chicago’s city center, you can get a rather spacious (2-bedroom, 1.5 bathroom), semi-updated system in a high-rise condominium building along the riverfront for $475,000.
Left: 1,316 sq feet condominium in Chicago listed for $475,000 by Redfin representative Layching Quek Right: 1,900 sq ft home
in Chicago listed by Redfin agent Nichole Dinino Purchasers must anticipate to get more living space for $500,000 in Chicago’s lots of suburban areas– especially in these additional economical ones– but homes can alter older and frequently include tight layouts. The above listing (right) in the Northwest Chicago neighborhood of Irving Woods is a terrific example.
According to a recent Redfin analysis, the Chicago market is presently balanced, meaning purchasers and sellers have fairly equal working out power. However Redfin agents in the area state the $500,000 cost point is typically more competitive.
“Right now, this segment is very active,” senior agent Cindy Agate told Redfin News. “Houses that are well-priced and updated normally see strong interest, and in many cases, numerous offers– especially in preferable areas and residential areas.”
What $500,000 Gets You In Denver: Downtown Duplexes and Remodelled Ranches
In Denver, $500,000 sits at a more transitional edge of the marketplace. It’s enough to get in, however not without compromise– and the nature of that compromise depends heavily on where and how purchasers want to live.
“At the $500,000 price point in the Denver metro location, purchasers are generally going shopping in the entry-level tier,” stated Redfin senior representative Tammi Scott. In more central areas, Scott added, this spending plan “usually equates to a condominium or townhouse”– or a duplex like the one below (left).
Left: 1,000 sq ft duplex in Denver noted by Redfin representative Elizabeth Zimmermann
Right: 1,100 sq ft home in Denver listed by Redfin agent Stephanie Collins
Even more out from the city’s urban core, nevertheless, offerings shift towards a more standard single-family experience. For somewhat over $500,000, the above listing (right)– a 3-bedroom ranch with adequate outside facilities, including a big backyard, grass area and storage shed– is basic fare.
Denver’s appeal, obviously, extends beyond the homes themselves. The city’s access to first-rate snowboarding, treking, fishing and other year-round outdoor activities remains a major draw. At $500,000, purchasers are purchasing that lifestyle as much as they are any residential or commercial property.
Editor’s note: This is a weekly column. The listing status and prices of highlighted homes go through change.