How hot is the housing market right now? This burned house is going for almost $400K.
MELROSE, Mass. — A home in Massachusetts seriously damaged by fire has been listed on the market with an asking price of $399,000.
WBZ-TV reported Monday that the listing for the home in Melrose, a suburb of Boston, is evidence of how hot the housing market is.
In August, industry groups listed the median sale price of single family homes in the state to be between $535,000 and $552,000.
The online listing for the burned three-bedroom, 1,857-square foot home starts with a call out to contractors, and continues: “House is in need of a complete renovation or potential tear down and rebuild. Buyer to do due diligence. House being sold as is."
The house suffered an intense fire in August that blew out the front windows, which are now boarded up. The Boston Globe reported that firefighters had to tear out parts of the walls and ceiling of the home to extinguish the blaze.
The jobs-housing mismatch: This is how far housing availability lags behind job growth
The Daily Money: Renters face bidding wars; Boise, Idaho the most overvalued housing market in the nation
Housing shortage: 5 more million homes needed for supply to catch up to demand