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It may not be surprising that home prices will continue to rise in 2024: the median sales price of an existing home was 4.4% higher in December 2023 than in December 2022, according to the National Association of Realtors. Not only that, mortgage rates are twice as tall now as at the beginning of 2022: 6.8%, in mid-February, compared to just over 3% at the beginning of 2022.
Daryl Fairweather Redfin’s chief economist recently told USA TODAY 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 seem 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 about two-thirds of Americans who own homes, location is an important determinant of your home’s value. Homeownership is an important financial asset for many households, and knowing the value of a home can help families decide whether to buy or sell.
County-level housing statistics data from the American Community Survey shows the value of homes across the countryand. See the median home value in each US county:
What are the most expensive real estate markets in the US?
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, MA: $1,313,450
Where is it cheapest to buy a house in the US?
The following counties have the lowest median home 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:‘The least affordable real estate market in recent times’
Real estate market predictions:Six experts weigh in on real estate prospects in 2024
How was the data collected?
The National Association of Realtors analyzed data from the Census Bureau’s American Community Survey on median housing prices for 3,110 counties and county equivalents in the U.S. Home values reflect the overall value of all homes in a given area rather than from only home sales data, according to the NAR.
Daniel de Visé contributed to this report.