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National Association of Realtors reveals cheapest home prices among national cities

Detroit labeled NAR's cheapest city to buy a home in.

Detroit labeled NAR's cheapest city to buy a home in.

For people considering moving, yet another study has been released indicating the current real estate industry is a buyer's market.

Realtor Mag, the official magazine of the National Association of Realtors, recently unveiled a comprehensive list of housing data from 146 metropolitan areas. Of those markets, NAR narrowed its list down to the five cities where home prices come cheap.

Topping the charts is Detroit, Michigan, as NAR found the median list price for a home in the Motor City is $99,000, a 13.84 percent drop compared to March 2010.

Tied for second is Fort Wayne, Indiana, and Dayton, Ohio, as the median list price in both regions is $109,000.

Two other Ohio and Indiana metropolitan areas - Toledo and South Bend - round out the top five, with median list prices of $114,900 and $115,000, respectively.

The average price for a home nationwide, according to NAR, is $199,500.

Earlier this week, Trulia released its own findings regarding what cities were financially preferable to buy a home in rather than rent an apartment. Las Vegas, Phoenix, Arlington, Fresno and Miami rounded out its top five.