What does the latest housing market data say?
The latest housing market report from Altos Research showed that housing market inventory has continued to increase. This is highly unusual because the number of homes available for sale tends to decrease as we inch towards winter. However, this week’s report saw a small increase in the number of homes available when comparing week-over-week data. There are currently 570,000 homes available on the market in the U.S.
Florida has continued to see increased activity. Four of the top six metro areas that showed an increase in home inventory were in Florida.
The median home price of a single-family home in the U.S. is $428,000. That’s down from last week, and over $20,000 lower than the median home price at the peak of the market last Spring.
Where are the most affordable housing markets?
A recent report from Realtor.com reviewed the most affordable housing markets in the country right now, and the results might surprise you.
The rust belt was well-represented on the list with Toledo, OH taking the top spot with a median list price of $205,725, and Scranton, PA coming in second place with a median list price of $239,495.
Rochester, NY continued to appear on affordable markets lists and came in third with a median list price of $249,949.
A few Sun Belt metro areas started to mix into the list with McAllen, TX coming in sixth, Birmingham, AL coming in seventh, and Little Rock, AR taking the eighth spot.
Is Detroit becoming a luxury home destination?
According to a recent article from Barron’s, the Motor City is seeing growth in the high-end housing market. In the 3rd quarter of 2023, Detroit ranked ninth for luxury homes in the Wall Street Journal/Realtor.com Emerging Housing Markets Index.
The median luxury listing price in Detroit rose 6.4% year-over-year, and it may be poised for a continued breakout int 2024.
Danielle Hale, Realtor.com’s chief economist, stated that luxury buyers in Detroit are active because, “their real estate dollars can stretch more.”
The auto industry is still seen as a big driver for the area, and a lot of the top companies are looking bring in new talent for the emerging electric car market. Hale, also said, “In Detroit, a little less than half of the home shoppers are from the metro area, and 52% are from other major cities.”
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