The BizBuySell Insight Report is a nationally-recognized economic indicator that tracks the health of the U.S. small business economy. Each quarter, BizBuySell analyzes sales and listing prices of small businesses across the United States based on approximately 45,000 businesses for sale and those recently sold. The BizBuySell Insight Reports focus on over 70 major U.S. markets and publish local, regional, state and national data for trending and analysis.
An expert on small business issues, BizBuySell and BizQuest Group General Manager, Mike Handelsman, discusses the trends revealed by the Insight Reports in various media outlets. Handelsman has been featured in numerous news publications regarding small business.
First Quarter 2012 Insight Report Summary
Business-for-Sale Transactions Jump Nearly 4% from First Quarter of 2011 According to BizBuySell.com Insight Report
BizBuySell’s Q1 data indicate most business sale transactions since fourth quarter of 2008
BizBuySell.com has released its latest economic data for the first quarter of 2012. The company’s data tracks trends in the sales of small businesses for sale and the latest data shows that nearly four percent more businesses were sold in the first quarter of 2012 compared to the same period last year. The results were included in BizBuySell’s First Quarter 2012 Insight Report.
The report, which aggregates business-for-sale transactions reported by participating business brokers nationwide, showed continued improvement in the business-for-sale market. In total, 1,729 closed transactions were reported in the first quarter of 2012, a 3.9 percent increase from Q1 2011.
The 1,729 businesses that were reported sold in the first quarter of 2012 mark the largest number of transactions since the fourth quarter of 2008, making this quarter the most active in over three years. Additionally, the quarter marks the third straight period of increasing business transactions after both Q3 and Q4 of 2011 saw improving conditions.
“Seeing small business transaction totals reach 2008 levels bodes well for the upcoming months,” Mike Handelsman, group general manager of BizBuySell.com and BizQuest.com said. “While we are not out of the woods yet, economic factors are slowly improving and have given the business-for-sale marketplace a nice boost to start 2012.”
Lower Valuations Lead to Lower Prices
A main driver of the increase in transactions is that business owners were willing to accept lower prices than in previous quarters. While total closed transactions increased in Q1 of 2012, average sale price as a multiple of both revenue and cash flow decreased compared with the same period last year. The average sale price as a multiple of annual revenue fell over 10 percent to 0.59, the lowest since the financial crisis at the end of 2008. The average sale price as a multiple of cash flow decreased by 4.7 percent to 2.36.
These falling multiples may point to business owners becoming more realistic about final sale prices. While median asking prices for sold businesses actually increased by $1,000, the median final sale price dropped 3.2 percent, from $155,000 in Q1 2011 to $150,000 in Q1 2012.
“Business owners are continuing to adjust their pricing in order to expedite a sale,” Handelsman said. “While some may still be holding out for an economic recovery, many more are trying to exit at acceptable prices, even if it means settling for a lower number than they originally expected.”
Better Financing Options, Unemployment Create Demand
Throughout the recession, one of the main obstacles for buyers to overcome was financing the transactions. Over the past year, credit market conditions have become more favorable. Banks are lending and more business owners are offering seller financing to prospective buyers. High unemployment rates also continue to create demand as out of work entrepreneurs seek to invest in new businesses.
“Lack of available financing is consistently named as one of the top reasons for a slow recovery by our audience of leading business brokers,” Handelsman said. “As buyers find more ways to fund their business acquisitions, we expect the increase in business transactions to continue.”
Continued Growth Expected for Rest of 2012
While valuation multiples dropped in Q1, median revenue for sold businesses grew from $346,000 to $360,000 compared to the same quarter last year. As these financials continue to improve, owners may finally have the confidence that their business is healthy enough to sell. Also, with many Baby Boomers reaching retirement age, the latent supply held over the past couple years could hit the market in the remainder of 2012.
| Sector | Sub-Sector | Number of Reported Sales | Median Sales Price | Median Asking Price | Sales to Asking Price (average) | Median Revenue | Revenue Multiple (average) | Median Cash Flow | Cash Flow Multiple (average) |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture | Agriculture | 6 | $1,887,500 | $1,875,000 | 1.04 | $5,522,984 | 0.47 | $456,000 | 4.00 |
| Communications | Communications | 13 | $700,000 | $700,000 | 0.85 | $1,100,000 | 0.69 | $480,000 | 2.10 |
| Construction | Construction-Building | 18 | $540,000 | $635,000 | 0.93 | $2,066,108 | 0.38 | $330,120 | 2.60 |
| Construction-Heavy | 2 | $741,500 | $747,500 | 0.99 | $632,500 | 1.16 | $164,000 | 4.47 | |
| Construction-Special Trades | 63 | $450,000 | $500,000 | 0.88 | $992,873 | 0.55 | $209,799 | 2.35 | |
| Electric, Gas, Water, Sanitary Svcs | Electric, Gas, Water, Sanitary Svcs | 4 | $550,000 | $612,500 | 0.92 | $676,633 | 1.27 | $221,229 | 2.58 |
| Internet | Business Services (B2B) | 24 | $267,500 | $275,000 | 0.94 | $345,130 | 0.97 | $130,000 | 2.43 |
| Consumer Services (B2C) | 53 | $130,000 | $149,000 | 0.89 | $199,989 | 0.79 | $67,055 | 2.13 | |
| Domain Name/Basic Site | 1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| General Internet | 19 | $139,000 | $145,000 | 0.88 | $210,476 | 1.01 | $62,224 | 2.44 | |
| ISP/ASP Services | 2 | $437,500 | $500,000 | 0.89 | $304,891 | 1.44 | $242,500 | 1.86 | |
| Software | 6 | $1,275,000 | $1,600,000 | 0.85 | $785,284 | 0.93 | $502,281 | 2.35 | |
| Web Design/Tech Services | 4 | $233,750 | $271,250 | 0.90 | $754,040 | 0.64 | $181,903 | 1.86 | |
| Manufacturing | Apparel & finished fabrics | 7 | $295,000 | $339,500 | 0.90 | $782,113 | 0.43 | $121,451 | 2.40 |
| Chemicals & Allied Products | 8 | $502,500 | $502,500 | 0.93 | $1,633,000 | 0.69 | $200,000 | 3.48 | |
| Electronic & Electrical Equip. | 10 | $1,322,500 | $1,425,000 | 0.94 | $1,487,566 | 0.73 | $384,197 | 3.49 | |
| Fabricated Metal Products | 53 | $600,000 | $750,000 | 0.91 | $1,000,000 | 0.76 | $212,756 | 3.18 | |
| Food and Kindred Products | 32 | $445,000 | $512,500 | 0.90 | $849,773 | 0.64 | $149,625 | 2.87 | |
| Furniture and Fixtures | 8 | $362,500 | $380,000 | 0.88 | $695,814 | 0.43 | $172,467 | 2.62 | |
| Industrial & Comm. Machinery | 13 | $825,000 | $1,300,000 | 0.92 | $1,444,000 | 0.51 | $384,893 | 2.93 | |
| Leather and Leather Products | 1 | $1,500,000 | $1,500,000 | 1.00 | $15,000,000 | 0.10 | $1,000,000 | 1.50 | |
| Lumber and Wood Products | 17 | $362,500 | $364,000 | 0.90 | $610,000 | 0.67 | $100,000 | 3.48 | |
| Measuring & Analyzing Instr. | 2 | $2,000,000 | $2,000,000 | 1.00 | $1,200,000 | 1.67 | $624,000 | 3.21 | |
| Miscellaneous | 54 | $475,000 | $585,000 | 0.90 | $959,216 | 0.72 | $164,502 | 3.17 | |
| Paper & Allied Products | 2 | $2,700,000 | $2,712,500 | 0.97 | $30,300,988 | 0.37 | $1,075,000 | 2.58 | |
| Petroleum Refining | 2 | $378,500 | $397,500 | 0.90 | $329,131 | 1.12 | $211,527 | 1.66 | |
| Primary Metal Industries | 6 | $450,000 | $650,000 | 0.87 | $777,624 | 0.61 | $230,000 | 2.69 | |
| Printing, Publishing | 45 | $300,000 | $337,500 | 0.89 | $492,982 | 0.51 | $106,973 | 2.25 | |
| Rubber and Plastic Products | 13 | $715,500 | $995,000 | 0.88 | $1,302,328 | 1.17 | $346,429 | 3.25 | |
| Stone, Clay, Glass, Concrete | 12 | $145,000 | $375,000 | 0.77 | $619,699 | 0.64 | $100,000 | 2.74 | |
| Textile Mill Products | 1 | $1,200,000 | $1,200,000 | 1.00 | $2,400,000 | 0.50 | $500,000 | 2.40 | |
| Tobacco Products | 1 | $446,193 | $435,000 | 1.03 | $572,560 | 0.78 | $220,809 | 2.02 | |
| Transportation Equipment | 2 | $1,275,000 | $1,925,000 | 0.67 | $3,900,000 | 0.33 | $775,000 | 1.91 | |
| Mining | Mining | 10 | $1,278,500 | $1,297,500 | 0.90 | $1,073,000 | 1.14 | $556,814 | 1.89 |
| Retail | Apparel and Accessory Stores | 67 | $110,000 | $125,000 | 0.87 | $262,147 | 0.50 | $48,000 | 2.34 |
| Automotive Dealers | 29 | $345,000 | $372,000 | 0.84 | $1,100,000 | 0.43 | $155,000 | 2.62 | |
| Bars/Taverns | 267 | $177,000 | $199,000 | 0.87 | $438,000 | 0.53 | $83,250 | 2.53 | |
| Blding Mat., Hardware, Garden | 38 | $300,000 | $322,500 | 0.92 | $546,272 | 0.61 | $102,995 | 3.08 | |
| Convenience Stores | 230 | $150,000 | $179,500 | 0.86 | $550,000 | 0.39 | $100,000 | 2.27 | |
| Florists | 48 | $88,731 | $102,000 | 0.91 | $270,000 | 0.47 | $60,000 | 2.24 | |
| Gasoline Service Stations | 225 | $400,000 | $465,000 | 0.86 | $1,555,081 | 0.47 | $144,000 | 3.34 | |
| General Merchandise Stores | 32 | $90,000 | $120,000 | 0.83 | $360,000 | 0.43 | $55,503 | 2.05 | |
| Home Furniture & Furnishings | 28 | $175,000 | $187,500 | 0.89 | $600,295 | 0.35 | $100,000 | 2.17 | |
| Liquor Stores | 262 | $250,750 | $279,500 | 0.87 | $725,500 | 0.42 | $107,383 | 2.79 | |
| Marine Dealers & Equipment | 6 | $250,000 | $250,000 | 0.94 | $885,000 | 0.45 | $115,000 | 1.95 | |
| Miscellaneous Retail | 232 | $125,000 | $149,000 | 0.87 | $340,000 | 0.52 | $70,000 | 2.43 | |
| Other Eating & Drinking Places | 201 | $116,500 | $125,000 | 0.88 | $310,407 | 0.48 | $66,375 | 2.39 | |
| Other Food Stores | 99 | $160,000 | $197,000 | 0.85 | $417,500 | 0.42 | $96,000 | 2.16 | |
| Pet Shops & Supplies | 19 | $156,000 | $175,000 | 0.91 | $364,807 | 0.38 | $60,838 | 2.32 | |
| Restaurants | 1298 | $125,000 | $149,000 | 0.87 | $390,500 | 0.40 | $71,570 | 2.16 | |
| Supermarkets | 35 | $350,000 | $450,000 | 0.81 | $1,700,000 | 0.37 | $180,000 | 2.21 | |
| Vending Machines | 55 | $120,000 | $129,000 | 0.88 | $130,268 | 1.00 | $54,899 | 2.22 | |
| Service | Agents & Brokers | 31 | $175,000 | $204,000 | 0.89 | $189,037 | 1.32 | $90,206 | 2.74 |
| Amusement & Recreation | 75 | $150,000 | $175,000 | 0.86 | $300,000 | 0.66 | $90,000 | 2.37 | |
| Auto Repair, Parts & Services | 217 | $250,000 | $280,000 | 0.88 | $588,000 | 0.69 | $115,000 | 2.70 | |
| Beauty Salons, Barber Shops | 190 | $75,000 | $95,000 | 0.87 | $215,000 | 0.45 | $50,191 | 1.82 | |
| Computer & Software Services | 37 | $225,000 | $299,000 | 0.83 | $400,000 | 0.91 | $143,000 | 2.07 | |
| Drycleaning/Laundry Services | 332 | $149,500 | $172,500 | 0.88 | $180,000 | 0.92 | $66,408 | 2.74 | |
| Educational Services | 117 | $200,000 | $225,000 | 0.87 | $370,000 | 0.76 | $103,318 | 2.45 | |
| Engineering & Accounting Svcs | 153 | $200,000 | $205,000 | 0.91 | $185,000 | 1.02 | $100,000 | 2.22 | |
| Finance, Banking, Loans, etc. | 27 | $125,000 | $125,975 | 0.83 | $158,910 | 0.70 | $62,798 | 2.24 | |
| Freight, Moving/Delivery | 63 | $154,000 | $175,000 | 0.89 | $217,306 | 0.76 | $86,700 | 1.99 | |
| Health, Medical & Dental | 197 | $305,000 | $317,500 | 0.89 | $470,139 | 0.73 | $127,833 | 2.76 | |
| Hotels & Other Lodging Places | 48 | $400,000 | $481,000 | 0.84 | $250,000 | 1.44 | $94,923 | 3.84 | |
| Landscaping & Yard Services | 105 | $120,000 | $145,000 | 0.90 | $200,000 | 0.70 | $84,003 | 1.76 | |
| Legal Services | 5 | $418,500 | $472,500 | 0.82 | $738,500 | 0.59 | $153,698 | 1.95 | |
| Marine Repair, Parts & Services | 7 | $290,000 | $395,000 | 0.90 | $1,032,600 | 0.65 | $180,000 | 3.43 | |
| Membership Organizations | 1 | $799,000 | $799,000 | 1.00 | $1,501,000 | 0.53 | $200,000 | 4.00 | |
| Miscellaneous Repair Services | 36 | $250,000 | $294,000 | 0.86 | $452,130 | 0.62 | $142,000 | 2.01 | |
| Miscellaneous Services | 178 | $139,200 | $150,000 | 0.90 | $239,397 | 0.69 | $85,400 | 1.89 | |
| Motion Pictures | 5 | $1,663,000 | $1,687,500 | 0.80 | $770,103 | 1.69 | $242,635 | 4.60 | |
| Museums, Art Galleries, Zoos | 1 | $105,000 | $175,000 | 0.60 | $307,552 | 0.34 | $80,862 | 1.30 | |
| Other Business Services | 246 | $202,500 | $225,000 | 0.89 | $381,581 | 0.62 | $103,683 | 2.41 | |
| Other Personal Services | 227 | $80,000 | $82,320 | 0.94 | $112,536 | 0.66 | $69,058 | 1.58 | |
| Other Travel & Transportation | 20 | $287,500 | $300,000 | 0.91 | $559,022 | 0.78 | $131,160 | 2.27 | |
| Passenger Transportation | 10 | $180,000 | $212,500 | 0.89 | $312,500 | 0.83 | $145,966 | 2.04 | |
| Pet Care & Grooming | 38 | $215,000 | $260,000 | 0.88 | $283,758 | 1.06 | $78,898 | 3.03 | |
| Social Services | 9 | $137,500 | $142,500 | 0.87 | $380,879 | 0.59 | $68,553 | 2.22 | |
| Storage & Warehousing | 9 | $294,000 | $450,000 | 0.93 | $321,380 | 1.63 | $117,193 | 4.21 | |
| Travel Agencies | 6 | $87,000 | $92,000 | 0.94 | $249,911 | 0.46 | $60,175 | 1.94 | |
| Wholesale | Durable Goods | 69 | $350,000 | $450,000 | 0.88 | $963,708 | 0.55 | $176,000 | 2.63 |
| Nondurable Goods | 120 | $142,000 | $150,000 | 0.91 | $347,139 | 0.70 | $80,044 | 2.14 |
Source: Small business transactions reported on BizBuySell.com during 2011
Closed Small Business Transaction Metrics by Geographic Market for 2011
Key metrics from transactions reported on BizBuySell.com
- 2011
- Source:
- BizBuySell
| Market | # of Reported Sales | Median Asking Price | Median Sale Price | Sales to Asking Price (average) | Median Revenue | Median Cash Flow | Revenue Multiple (average) | Cash Flow Multiple (average) |
|---|---|---|---|---|---|---|---|---|
| Albany-Schenectady-Troy, NY | 12 | $229,000 | $175,000 | 0.91 | $600,000 | $131,329 | 0.54 | 2.51 |
| Albuquerque, NM | 8 | $315,000 | $300,000 | 0.94 | $596,174 | $95,000 | 0.61 | 3.09 |
| Atlanta-Sandy Springs-Marietta, GA | 165 | $150,000 | $130,000 | 0.89 | $367,000 | $78,276 | 0.59 | 2.52 |
| Austin-Round Rock, TX | 54 | $191,000 | $160,000 | 0.87 | $377,091 | $91,529 | 0.59 | 2.08 |
| Baltimore-Towson, MD | 58 | $284,450 | $237,500 | 0.88 | $497,500 | $110,000 | 0.62 | 2.40 |
| Birmingham-Hoover, AL | 7 | $115,000 | $100,000 | 0.77 | $265,000 | $50,000 | 0.49 | 2.00 |
| Boston-Cambridge-Quincy, MA-NH | 128 | $216,500 | $199,000 | 0.89 | $500,000 | $108,000 | 0.50 | 2.35 |
| Bridgeport-Stamford-Norwalk, CT | 35 | $177,500 | $160,000 | 0.87 | $300,000 | $100,000 | 0.57 | 1.98 |
| Buffalo-Niagara Falls, NY | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Charlotte-Gastonia-Concord, NC-SC | 43 | $350,000 | $310,000 | 0.89 | $650,000 | $118,000 | 0.69 | 2.20 |
| Chicago-Naperville-Joliet, IL-IN-WI | 122 | $150,000 | $140,000 | 0.88 | $350,000 | $70,000 | 0.54 | 2.29 |
| Cincinnati-Middletown, OH-KY-IN | 19 | $212,000 | $170,000 | 0.84 | $298,731 | $75,000 | 0.59 | 2.95 |
| Cleveland-Elyria-Mentor, OH | 34 | $240,000 | $200,000 | 0.86 | $407,689 | $60,000 | 0.47 | 2.71 |
| Columbus, OH | 39 | $119,900 | $110,000 | 0.86 | $259,269 | $54,000 | 0.43 | 2.42 |
| Contra Costa-Alameda-Solano, CA | 40 | $225,000 | $178,500 | 1.09 | $336,150 | $106,056 | 0.65 | 2.07 |
| Dallas-Fort Worth-Arlington, TX | 183 | $235,000 | $200,000 | 0.89 | $440,580 | $100,000 | 0.76 | 2.84 |
| Dayton, OH | 6 | $75,000 | $72,500 | 0.92 | $504,000 | $51,000 | 0.42 | 2.43 |
| Denver-Aurora, CO | 69 | $179,500 | $166,315 | 0.91 | $395,000 | $71,507 | 0.59 | 2.57 |
| Detroit-Warren-Livonia, MI | 61 | $149,000 | $110,000 | 0.84 | $301,131 | $62,500 | 0.60 | 2.46 |
| Durham, NC | 9 | $325,000 | $192,500 | 0.76 | $424,721 | $100,000 | 0.51 | 2.35 |
| Fresno, CA | 8 | $300,000 | $180,000 | 0.81 | $406,992 | $70,000 | 0.88 | 2.29 |
| Greensboro-High Point, NC | 8 | $210,000 | $190,000 | 0.89 | $466,000 | $101,500 | 0.48 | 1.72 |
| Hartford-West Hartford-East Hartford, CT | 26 | $139,500 | $100,000 | 0.85 | $340,420 | $60,000 | 0.54 | 1.92 |
| Honolulu, HI | 6 | $155,000 | $130,000 | 0.93 | $187,246 | $65,000 | 0.84 | 1.67 |
| Houston-Sugar Land-Baytown, TX | 144 | $150,000 | $128,000 | 0.91 | $294,791 | $75,000 | 0.59 | 2.02 |
| Indianapolis-Carmel, IN | 35 | $180,000 | $132,500 | 0.84 | $400,000 | $64,051 | 0.55 | 2.67 |
| Jacksonville, FL | 44 | $122,500 | $115,000 | 0.87 | $313,892 | $75,569 | 0.57 | 2.06 |
| Kansas City, MO-KS | 32 | $198,000 | $153,750 | 0.88 | $245,000 | $85,000 | 0.71 | 2.49 |
| Las Vegas-Paradise, NV | 41 | $99,525 | $89,500 | 0.91 | $298,902 | $65,000 | 0.39 | 1.61 |
| Los Angeles-Long Beach-Santa Ana, CA | 389 | $175,000 | $150,000 | 0.87 | $350,000 | $81,000 | 0.58 | 2.36 |
| Louisville-Jefferson County, KY-IN | 23 | $159,000 | $137,500 | 0.89 | $245,000 | $65,500 | 0.55 | 3.25 |
| Memphis, TN-MS-AR | 14 | $135,000 | $125,000 | 0.89 | $400,000 | $75,000 | 0.37 | 2.48 |
| Miami-Fort Lauderdale-Miami Beach, FL | 249 | $184,500 | $161,500 | 0.87 | $368,616 | $98,289 | 0.57 | 1.91 |
| Milwaukee-Waukesha-West Allis, WI | 17 | $160,000 | $157,530 | 0.92 | $316,381 | $46,220 | 0.70 | 2.41 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 66 | $172,500 | $127,500 | 0.92 | $306,739 | $72,942 | 0.59 | 2.70 |
| Nashville-Davidson–Murfreesboro, TN | 65 | $149,500 | $115,000 | 0.83 | $248,500 | $60,013 | 0.62 | 2.18 |
| New Haven-Milford, CT | 25 | $175,000 | $140,000 | 0.84 | $450,000 | $73,767 | 0.47 | 2.01 |
| New Jersey | 264 | $200,000 | $189,000 | 0.88 | $360,000 | $100,000 | 0.68 | 2.35 |
| New Orleans-Metairie-Kenner, LA | 3 | $195,000 | $180,000 | 0.92 | $195,000 | $110,000 | 0.92 | 1.64 |
| New York-Northern New Jersey-Long Island, NY-NJ-PA | 568 | $225,000 | $200,000 | 0.87 | $435,500 | $107,232 | 0.62 | 2.24 |
| Oklahoma City, OK | 15 | $141,750 | $92,500 | 0.85 | $216,000 | $82,500 | 0.63 | 2.10 |
| Orange County, CA | 161 | $147,000 | $117,000 | 0.88 | $300,000 | $72,000 | 0.58 | 2.28 |
| Orlando-Kissimmee, FL | 153 | $147,000 | $125,000 | 0.85 | $302,676 | $80,343 | 0.55 | 1.84 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 157 | $195,000 | $160,000 | 0.88 | $365,000 | $100,000 | 0.59 | 2.30 |
| Phoenix-Mesa-Scottsdale, AZ | 168 | $137,100 | $120,000 | 0.88 | $247,155 | $63,056 | 0.62 | 2.10 |
| Pittsburgh, PA | 34 | $320,000 | $287,000 | 0.84 | $761,000 | $143,336 | 0.44 | 2.24 |
| Portland-Vancouver-Beaverton, OR-WA | 59 | $170,000 | $170,000 | 0.90 | $385,000 | $68,739 | 0.46 | 2.82 |
| Providence-New Bedford-Fall River, RI-MA | 18 | $300,000 | $300,000 | 0.94 | $470,000 | $103,064 | 0.58 | 2.68 |
| Raleigh-Cary, NC | 35 | $250,000 | $225,000 | 0.94 | $550,000 | $110,115 | 0.60 | 2.45 |
| Richmond, VA | 21 | $117,500 | $104,500 | 0.87 | $166,250 | $82,500 | 0.54 | 1.95 |
| Riverside-San Bernardino-Ontario, CA | 76 | $249,500 | $235,000 | 0.87 | $499,448 | $109,500 | 0.55 | 2.15 |
| Rochester, NY | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sacramento–Arden-Arcade–Roseville, CA | 30 | $149,500 | $134,500 | 0.91 | $299,000 | $67,061 | 0.69 | 2.62 |
| Salt Lake City, UT | 28 | $350,000 | $350,000 | 0.95 | $236,113 | $120,474 | 1.06 | 3.15 |
| San Antonio, TX | 53 | $160,000 | $137,500 | 0.92 | $213,000 | $92,500 | 0.71 | 2.46 |
| San Diego-Carlsbad-San Marcos, CA | 74 | $169,000 | $150,000 | 0.87 | $378,162 | $85,000 | 0.53 | 1.94 |
| San Francisco-Oakland-Fremont, CA | 67 | $250,000 | $182,000 | 0.95 | $400,000 | $98,034 | 0.61 | 2.35 |
| San Jose-Sunnyvale-Santa Clara, CA | 30 | $220,000 | $160,000 | 0.88 | $600,000 | $90,000 | 0.54 | 2.61 |
| Seattle-Tacoma-Bellevue, WA | 99 | $199,000 | $175,000 | 0.87 | $481,116 | $85,000 | 0.48 | 2.52 |
| St. Louis, MO-IL | 15 | $174,600 | $154,500 | 0.77 | $246,366 | $55,137 | 0.76 | 3.19 |
| Tampa-St. Petersburg-Clearwater, FL | 243 | $149,000 | $130,000 | 0.90 | $350,000 | $75,000 | 0.55 | 2.18 |
| Tucson, AZ | 25 | $154,500 | $149,500 | 0.89 | $258,112 | $81,602 | 0.60 | 2.43 |
| Tulsa, OK | 4 | $109,944 | $104,944 | 0.86 | $129,201 | $39,526 | 0.95 | 2.43 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 37 | $195,000 | $152,000 | 0.83 | $428,050 | $79,916 | 0.70 | 2.33 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 227 | $199,000 | $170,000 | 0.86 | $450,000 | $90,000 | 0.50 | 2.49 |
| Wichita, KS | 13 | $234,850 | $202,250 | 0.87 | $441,000 | $74,500 | 0.45 | 2.76 |