"Rochester, NY, Canton-Massillon, OH, Rockford, IL, Akron, OH, Toledo, OH, Erie, PA, and Springfield, IL are among the most affordable housing markets with median list prices below $300,000, primarily located in the Midwest. Mortgage interest rates are declining, making it a favorable time for homebuyers. The 30-year fixed mortgage rate has dropped to 6.35%, offering buyers an opportunity to maximize their budgets."
"The real estate market poses a challenge for many homebuyers due to affordability issues. While the national median list price remains stable at $429,990, finding an affordable home in a desirable location is a common dilemma. However, there are still several metros where the median list price is below $300,000, offering both affordability and access to amenities. Several cities like Rockford, IL, Janesville-Beloit, WI, and Toledo, OH, have seen double-digit annual price gains, indicating a growing housing market trend."
The national median list price remains stable at $429,990 while affordability challenges persist for many homebuyers. Multiple metropolitan areas maintain median list prices below $300,000, particularly in the Midwest, providing access to amenities at lower cost. Mortgage interest rates have declined, with the 30-year fixed rate near 6.35%, which expands buying power for prospective purchasers. Several cities, including Rockford, Janesville-Beloit, and Toledo, have experienced double-digit annual price gains, reflecting stronger demand in some markets. Inventory has begun to increase, contributing to a more balanced market and offering buyers more options and negotiation leverage.
Read at SFGATE
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