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Home Prices

How does 'the least affordable housing market in recent memory' look in your area? Check our map

It may come as no surprise that home prices are continuing to rise in 2024: The median sale price for an existing home in December 2023 than in December 2022, according to the National Association of Realtors. Not only that, mortgage rates are now as in early 2022: 6.8%, as of mid-February, compared to just over 3% at the start of 2022.

the chief economist at Redfin recently told ˽ýӳ that the current housing market is "the least affordable housing market in recent memory."

Although some Americans view homeownership as a rite of passage, the current housing market has made renting look more attractive. A 2023 analysis by Realtor.com found that renting was cheaper than buying in 47 of the 50 largest metropolitan areas.

See how much homes are valued in your county

For the roughly two-thirds of Americans, location is a major determinate of their home's value. Home ownership is a major financial asset to many households and knowing the worth of a home can help families decide to buy or sell.

County level data of housing statisticsshows how much homes are valued at across the countr See the median value of homes in each U.S. county:

What are the most expensive housing markets in the U.S.?

The following counties have the highest median home values:

  1. Santa Clara County, CA: $1,583,130
  2. San Mateo County, CA: $1,573,470
  3. Marin County, CA: $1,454,450
  4. San Francisco County, CA: $1,332,660
  5. 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:

  1. Todd County, SD: $42,940
  2. Cochran County, TX: $50,140
  3. McDowell County, WV: $50,960
  4. Cottle County, TX: $53,690
  5. 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 data collected?

from the Census Bureau's American Community Survey of median housing prices for 3,110 counties and county equivalents across the U.S. Home values reflect the overall worth of all homes in a given area rather than solely home sales data, according to the NAR.

Daniel de Visé contributed to this reporting

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