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This Midwestern metro, with a population of 843,948 people, currently offers an average discount of approximately 56 percent on distressed residential assets. But the market is steadily improving. In February, the median sales price for single-family homes and condos in the area was $42,000, up 13 percent compared to the same period last year. There are 384,846 housing units in the metro, according to RealtyTrac estimates.
Distressed residential properties in the Memphis, Tenn. metro area come with discounts of about 57 percent, at an average median sales price of $51,000. What’s more, the median sales price has fallen 15 percent since February last year. The Memphis metro area serves as home to approximately 1.3 million people and contains 552,609 housing units.
This metro in the heart of Michigan is seeing distressed assets sell to a 60 percent discount, though the median sales price has gone up 6 percent since February 2014 to $49,734. On the other hand, there is plenty of inventory to choose from—the Detroit, Warren, Livonia metro is the largest on this list, with 4.295 million people and 1.887 million homes.
Distressed single-family homes and condos in the Cleveland, Elyria and Mentor metro are selling at a discount of 61 percent. The median sales price in the area is $39,520. From February 2014 through February 2015, the sales price rose by just 1 percent. There are more than 2 million people living in this Ohio metro, with an inventory of 954,574 homes.
Toledo continues to experience falling prices on distressed residential properties, and the median sales price in the metro declined 19 percent since February of last year, to $35,000. The resulting discount is about 62 percent. Toledo’s population totals 650,809, with a housing inventory of 300,861 units.
The discount in this metro is currently pretty sizeable, at 66 percent, and it shows no signs of shrinking. The median sales price in Allenton-Bethlehem-Easton declined by 31 percent year-over-year in February, to $46,900. The area is home to 823,731 people, with a housing inventory of 342,414.
Distressed assets in this Wisconsin metro are selling at a discount of 68 percent. From February 2014 through February 2015, the median sales price fell 10 percent, to $50,000. But the price stayed flat from January through February. Approximately 1.56 million people live in Milwaukee-Waukesha-West Allis, and the area has a housing inventory of 669,668 units.
The Lancaster metro currently offers a discount of 69 percent on distressed residential properties. The median sales price in the area is $49,000, down 42 percent from the same period last year. Lancaster’s population totals 523,306 and its housing stock contains 203,673 units.
At a discount of 75 percent, Pittsburgh distressed residential properties continue to be a bargain. The median sales price in the metro is $28,392, representing a 23 percent decrease from the median sales price in February 2014. Approximately 2.4 million people live in the Pittsburgh metro. The area contains a little over 1.1 million housing units.
Discounts on distresses assets in Harrisburg-Carlisle average whopping 79 percent. The median sales price in the area went down 50 percent over the past year, to $30,000. The metro is home to 552,292 people and has 241,550 housing units.
