![]() ![]() Census Bureau’s 2020 American Community Survey. Bureau of Economic Analysis’ Regional Price Parities, and the U.S. The data used in this analysis is from Redfin’s Data Center, the U.S. At the metro level, cities in these states-such as Myrtle Beach, Las Vegas, and Tucson, respectively-are among the best for buyers seeking available inventory and affordable living. South Carolina, Nevada, and Arizona all have below-average costs of living but rank in the top 10 for active listings per 10,000 existing homes. In contrast, low-cost states including New Mexico, West Virginia, and Kansas have fewer than 10 active listings for sale per 10,000 homes.ĭespite the challenges of the current real estate market, shoppers looking for locations that are both affordable and have adequate inventory do have some options available. Other high-cost locations like New Jersey and Connecticut also rank highly for available inventory. ![]() with 69.1 active real estate listings per 10,000 existing homes. Hawaii is among the nation’s most expensive states, especially for housing, and also currently leads the U.S. The affordability crunch now means that many expensive locations have more inventory available because buyers have been priced out of their markets. Here are 10 of the best landlord software platforms. Real estate investors with one to several hundred rental properties can use software to manage properties more smoothly and maximize potential returns. Meanwhile, median sales prices have more than doubled over the last decade, including a 50% increase from the beginning of 2020 to now. Listings have not exceeded 1.5 million since late 2019 and last topped 1 million in November 2020. Monthly active real estate listings regularly topped 2 million during the busy season from 2012 until 2015 but began to fall off in subsequent years. And inflation has also raised the cost of homes, as high demand and low supply have driven prices to record levels.ĭeclining inventory and rising prices have been exacerbated in the last 2 years, but the market has been experiencing these trends for most of the last decade. Persistently high inflation over the last year is eating into household budgets, leaving less money available to put toward a home purchase. Mortgage interest rates have increased dramatically since the start of 2022, adding hundreds of dollars to prospective borrowers’ monthly mortgage payments. And buyers are walking away from deals more often, which suggests that they are regaining negotiating power after an extremely seller-friendly stretch.īut affordability remains a major challenge, especially for first-time homebuyers. Homes are spending more time on the market, and sellers are more inclined to lower prices. Mortgage applications are down, which means that fewer buyers are competing in the market. The market has shown encouraging signs for buyers in recent months. The red-hot real estate market may finally be cooling off, but that doesn’t mean that homebuying is getting much easier.
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