It may come as no surprise that home prices will continue to rise in 2024: Median sales price of an existing home It was 4.4% higher in December 2023 compared to December 2022, according to the National Association of Realtors. Not only that, but so are mortgage rates Twice as high Now as in early 2022: 6.8%, as of mid-February, compared to just over 3% at the start of 2022.
Darrell Fairweather Redfin's chief economist recently told USA TODAY that the current housing market is “the most affordable housing market in recent memory.”
Although some Americans view homeownership as a rite of passage, the current housing market has made renting seem more attractive. A 2023 analysis by Realtor.com found that renting was cheaper than buying in 47 of the 50 largest metro areas.
Find out the value of homes in your county
For about two-thirds of Americans Who do not own homesLocation is the main factor that determines the value of their home. Home ownership is a major financial asset for many families, and knowing the value of a home can help families make the decision to buy or sell.
County-level data for housing statistics From the American Community Survey Shows how much homes are worth across the countryy. See the median value of homes in each US county:
What are the most expensive housing markets in the United States?
The following counties have the highest median home values:
- Santa Clara County, California: $1,583,130
- San Mateo County, California: $1,573,470
- Marin County, California: $1,454,450
- San Francisco County, California: $1,332,660
- Nantucket County, Massachusetts: $1,313,450
Where is it cheaper to buy a home in the US?
The following counties have the lowest median housing values:
- Todd County, SD: $42,940
- Cochran County, Texas: $50,140
- McDowell County, West Virginia: $50,960
- Cottle County, Texas: $53,690
- Stonewall County, Texas: $57,140
Why now is a good time to rent: “Lowest affordable housing market in recent memory.”
Housing Market Outlook: Six experts weigh in on the real estate outlook in 2024
How was the data collected?
The National Association of Realtors analyzed the data From the Census Bureau's American Community Survey of average home prices in 3,110 counties and county equivalents across the United States, home values reflect the total value of all homes in a given area rather than just home sales data, according to the NAR.
Danielle DeVacy contributed to this report
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