The cryptocurrency is generating more buzz in real estate. Bitcoin can have a fluctuating value, but that isn’t stopping some sellers from wanting to accept the currency for their home sale.
In one recent example, a seller of a condo in Miami says he is only willing to entertain bitcoin offers. Several other listings are also showing willingness to accept the digital currency as a payment option.
Fortune recently sought to find out how many bitcoins it takes to purchase a house. The national median price for a home in November 2017 was $248,000. Using the bitcoin price as of Jan. 15, a median home would cost 17.65 bitcoins.
Fortune compiled averages of median prices for November 2017 in a number of markets to find out how many bitcoins were needed to buy a home.
These bitcoin amounts are needed for the following urban markets:
- San Francisco – $1.588 million (per Paragon Real Estate Group) / 113 bitcoin
- Seattle – $725,000 / 51.6 bitcoin
- Los Angeles – $583,000 / 41.5 bitcoin
- Washington, D.C. – $550,000 / 39 bitcoin
- Phoenix, Ariz. – $243,000 / 17.3 bitcoin
These are the bitcoin amounts needed for the following state-level markets:
- Massachusetts – $384,000 / 27.3 bitcoin
- Washington – $363,200 / 26 bitcoin
- New Jersey – $300,000 / 21.4 bitcoin
- Utah – $277,000 / 19.7 bitcoin
- Virginia – $270,000 / 19.2 bitcoin
- New York – $254,000 / 18 bitcoin
Source: “You Can Buy Houses With Bitcoin Now—Here’s How Much it Would Take,” Fortune (Jan. 15, 2018)
