The housing market in the United States has been on a steady incline for more than a decade, since it hit its lowest point during the Great Recession. Recently, however, homeowners have withdrawn their ads from the market due to fear and uncertainty caused by the COVID-19 pandemic, resulting in sellers finally losing their dominance over the US housing market. Inflation remains high, and the Federal Reserve has raised interest rates in an attempt to control the highest inflation rate recorded in the US housing market in about four decades. The Phoenix real estate market is popular due to its ability to attract buyers of all ages, while Raleigh has become a preferred location due to its small-town feel and work-from-home trends.
Austin's attractive employment opportunities have also attracted buyers from across the country, and its local housing market has benefited tremendously. Real estate market prices have risen by 13.5% in the last 12 months due to increased demand and lack of supply. Medium and affordable markets tend to record higher growth in rental rates, while the most expensive major cities have recorded the most significant declines related to the pandemic due to age-old trends of working from home. Whether you're a real estate professional, a new or experienced investor, or a prospective homeowner, understanding the current state of the US housing market is essential. To help you better understand what's going on, we've put together a map and analysis of the US Department of State. The US housing market is currently experiencing a period of unprecedented growth.
Home prices have been steadily increasing for more than a decade, with some areas seeing double-digit growth over the past year alone. This is largely due to increased demand and lack of supply. Inflation remains high, and interest rates have been raised by the Federal Reserve in an attempt to control it. This has resulted in higher mortgage rates for prospective homeowners, making it more difficult for them to purchase a home.
Austin's attractive employment opportunities have also attracted buyers from across the country, and its local housing market has benefited tremendously. The most expensive major cities have recorded the most significant declines related to the pandemic due to age-old trends of working from home. Medium and affordable markets tend to record higher growth in rental rates. It's important for real estate professionals, investors, and prospective homeowners alike to stay informed about the current state of the US housing market. By understanding what's going on in different areas across the country, you can make better decisions when it comes to buying or selling a home.
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