10:06 AM EST on Tuesday, November 29, 2005

By BOBBY SISK / 6NEWS

6NEWS

Rich and Tina's home sold after only two days on the market.

For most Americans, their home is by far their largest investment. It is where they sink thousands of dollars, hoping to someday get a hefty return.

After two days on the market, Rich and Tina Tritel's Charlotte home sold quickly. The home is located in Madison Park, a neighborhood near Park Road where values have steadily increased.

"People are starting to see the benefit of moving into a neighborhood like this one where you can get a reasonable home for a reasonable price," said Rich Tritel said.

The price for the Tritel's house is $169,000. According to the National Association of Realtors, that is the median or average price for a single family home in Charlotte. But with housing prices on the rise nationally, 6NEWS wanted to see what that amount would buy in three other US cities.

6NEWS traveled to Dallas, Phoenix and Seattle.

In Seattle, forget a single family home. Instead it will buy a one bedroom condo in the popular in town neighborhood of Wallingford. It could also buy an empty lot northeast of downtown.

In Phoenix, it would buy a two bedroom home, but it's a good half an hour from downtown.

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In Dallas, it would buy a home a little closer in. It would buy a 1,200 square feet home in a trendy neighborhood and it even has a pool.

"Dallas is a city that's similar to Charlotte where there are no real obstacles to economic development,” said senior economist at Wachovia Mark Vitner.

Vitner keeps a close eye on the US housing market. It is his opinion, even with construction around ever corner, talk of a housing bubble in Charlotte or anywhere is unfounded.

"There's not really evidence of a housing bubble any place in the country,” Vitner said. “There are places where prices have gone up quite a bit."

But it's only in a handful of places, where he feels the markets could soften.

"There are parts of California where prices of home are selling for eight times the median income," Vitner said.

Not the case, though, in the Charlotte region. Prices remain much more controlled.

"Overall prices are up about four and a half percent per year, which is slightly below the long run average for Charlotte," Vitner said.

To avoid becoming a victim of a bad real estate investment Vitner and several realtors said people should buy what they can afford. Don't stretch into a higher priced home and pay the price later.

While the median home price in the Charlotte region is around $169,000, the most expensive home currently listed is more than $4 million. It has six bedrooms and roughly 13,000 square feet. There are more than 27,000 properties in the region currently listed for sale.