Atlantic City, N.J.

It’s a gamble for homeowners in Atlantic City, which is on Local Market Monitor’s list of the top 10 overpriced markets in the U.S. His data shows that home prices, which rose last year, are 45 percent higher than equilibrium. NAR data shows the city had one of the strongest price increases in the Northeast.
Median price end of 2007: $278,800
Median price end of 2006: $250,190
% change: + 10.7 %
Projected change through Q3 2008: – 20.3 %
Affordability rating: N/A
Foreclosures in 2007:
(1 for every 95 households)
1,301
Foreclosures in 2006:
(1 for every 143 households)
862
Change in foreclosures: + 50.9%
Current rate comparison
»
Click here for state vs national rates
Price trends

?

June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $250,190
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $278,800
* Median prices for existing single-family homes