One local real estate agent says you can find a home in the range of $500,000 in Windsor, but it might be on the smaller side and it may need renovations.
Amy Bailey, Sales representative with RE/MAX Preferred Team Brad Bondy, says the reality is that homes that once sold for $150,00 to $175,000 are now going for $500,000.
The Windsor-Essex County Association of Realtors reports 417 homes were sold in the $420,000 to $549,999 price range as of the end of March, the price range with the most sales in Windsor-Essex.
The second most sales were in the $550,000 to $699,999 price range, with 401 units sold.
Bailey told AM800's The Shift with Patty Handysides that they sold a home on Virginia Avenue in Windsor on Tuesday for just over $500,000.
"That's a ranch with a full basement, but dated and not very large bedrooms," she says. "I think you're going to be looking for homes like that. Your $500,000 will get you smaller ranch homes, might get you a 1.5-storey in the east end, it might get you a fully renovated home in the west end."
Graphic showing the volume of residential units sold by price range in Windsor-Essex between Jan. 1, 2022 and Mach 31, 2022. (Graphic courtesy of the Windsor-Essex County Association of Realtors)
Bailey says there was one that sold not that long ago on King Street for over $500,000 and it was a two-storey.
"Anywhere throughout the city, it could get you a different size of home. But if you're looking to live in South Windsor, LaSalle and things like that, you're not going to get much for $500,000 anymore," she says.
Bailey says when she works with buyers, she wants them to know if they can find a home that's structurally good, they can always work on the inside.
"If you're spending $500,000, I think you should anticipate that you're still going to be doing renovations," she says. "You might have a dated kitchen and a dated bathroom, you may have to finish a basement, that's just the reality."
WECAR reports the average sales price in Windsor-Essex was $723,739 in March of 2022, a 35.10 per cent increase compared to the average sales price of $535,708 in March of 2021. The increase represents a $188,031 difference from the same time a year ago.