In 2024, home prices reached unprecedented heights with the U.S. median sale price hitting a record of $442,000, driven largely by market dynamics and persistent demand.
Despite economic challenges, including volatility from the presidential election, some homebuyers took the plunge, influenced by better inventory and improving renter affordability.
San Jose replaced San Francisco as the most expensive metro area for homebuyers, with an average sale price of $1,566,100, reflecting a significant increase in property values.
Housing affordability worsened, particularly affecting lower-income populations, making it a crucial issue during the presidential election, highlighting the ongoing crisis in the housing market.
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