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It might come as no shock that residence costs are persevering with to rise in 2024: The median sale worth for an current residence was 4.4% higher in December 2023 than in December 2022, in accordance with the Nationwide Affiliation of Realtors. Not solely that, mortgage charges are twice as high now as in early 2022: 6.8%, as of mid-February, in comparison with simply over 3% initially of 2022.
Daryl Fairweather the chief economist at Redfin recently told USA TODAY that the present housing market is “the least inexpensive housing market in latest reminiscence.”
Though some Individuals view homeownership as a ceremony of passage, the present housing market has made renting look extra engaging. A 2023 evaluation by Realtor.com discovered that renting was cheaper than buying in 47 of the 50 largest metropolitan areas.
See how a lot houses are valued in your county
For the roughly two-thirds of Individuals who do own homes, location is a significant determinate of their residence’s worth. Dwelling possession is a significant monetary asset to many households and figuring out the price of a house will help households determine to purchase or promote.
County degree information of housing statistics from the the American Community Survey reveals how a lot houses are valued at throughout the country. See the median worth of houses in every U.S. county:
What are the most expensive housing markets in the U.S.?
The following counties have the highest median home values:
- Santa Clara County, CA: $1,583,130
- San Mateo County, CA: $1,573,470
- Marin County, CA: $1,454,450
- San Francisco County, CA: $1,332,660
- Nantucket County, MA: $1,313,450
Where is it cheapest to buy a home in the U.S.?
The following counties have the lowest median home values:
- Todd County, SD: $42,940
- Cochran County, TX: $50,140
- McDowell County, WV: $50,960
- Cottle County, TX: $53,690
- Stonewall County, TX: $57,140
Why now is a great time to rent:‘The least affordable housing market in recent memory’
Housing market predictions:Six experts weigh in on the real estate outlook in 2024
How was the information collected?
The National Association of Realtors analyzed data from the Census Bureau’s American Neighborhood Survey of median housing costs for 3,110 counties and county equivalents throughout the U.S. Dwelling values mirror the general value of all houses in a given space slightly than solely residence gross sales information, in accordance with the NAR.
Daniel de Visé contributed to this reporting
