Though house prices have gone down in response to rising rates, they still remain high. More specifically, the median sales price significantly increased from $322,600 in early 2020 to $479,500 in the last months of 2022 before falling to $436,800 this year.
According to financial experts, another reason the housing market is still tight is that there aren’t enough houses being built. In other words, our world hasn’t kept pace with the households that are forming. But this doesn’t mean that if you’re looking for the best places to buy a home in the US, you won’t find them.
As a result, the national housing shortage makes it hard to decide whether you want to buy or rent. There aren’t many great deals in the rental market. For instance, the median asking rent exceeded $2,000 for the first time in 2022. However, you can still find some best places to buy a home.
According to the latest data, the figure now stands at $1,995. Moreover, financial experts expect rents to go down later this year, saying things are pointing in the right direction.
Daryl Fairweather, a financial expert, sees some relief ahead for those looking to buy a house, too, but maybe not until next year. She believes that mortgage rates will come back down as inflation, which is driving the ship right now, seems to be abating. Yet, this doesn’t mean one can’t take a look at a couple of the best places to buy a home.
