All articles tagged with #home values
The most expensive homes in the Birmingham metro area are located in the suburbs of Mountain Brook, Vestavia Hills, and Indian Springs, with Mountain Brook having the highest average home value at nearly $977,000, reflecting significant increases over the past five years.
GOBankingRates' analysis reveals the wealthiest suburbs in America, with Scarsdale, New York, topping the list. California has the most locations in the top 50, while the East Coast also features prominently. The top 10 suburbs boast average household incomes ranging from $367,801 to $568,942.
Several once-modest California towns, including Placentia, Orange, Tustin, Bonita, Cerritos, and San Gabriel, have seen their median home values surpass $1 million due to rising housing prices and limited supply. Residents attribute the increase to factors such as limited undeveloped land, family-owned homes, and restrictions on new construction. Despite affordability challenges and traffic issues, these cities continue to attract residents due to their charm, diversity, and proximity to job centers, contributing to the ongoing surge in home values.
The U.S. has seen a surge in the number of "million-dollar" cities, with 550 cities now having a median home value of over $1 million, up from 491 the previous year. California leads with 210 such cities, followed by New York and New Jersey. Limited housing inventory continues to drive up home values, with experts predicting that prices will remain elevated this spring. However, the housing market faces challenges such as rising mortgage rates, which have reached a five-week high, and are expected to hover between 6.6% and 7% until inflation shows convincing progress. Despite expectations of a decrease in mortgage rates later in the year, forecasts suggest that the average rate for a 30-year home loan will stay above 6%.
Manhattan's ritziest ZIP codes are seeing home values plummet, with only three NYC locales making it to Zillow's list of the 100 most expensive ZIP codes in the country, down from 12 in 2019. Factors such as the pandemic-induced exodus, high taxes, surging crime, and homelessness are contributing to the decline. Meanwhile, luxury realtors are hopeful for a rebound, and Long Island locales have made the Top 100, with Atherton, CA's 94027 ZIP code remaining the most expensive.
According to a new report from Zillow, Brentwood, Arrington, and College Grove in Tennessee have been identified as "million-dollar cities" due to rising home values, with typical prices ranging from $1,108,393 to $1,235,915. The supply shortage has led to increased competition for home-buying, resulting in a 2.5% increase in Brentwood's home prices compared to last year. These three cities join the list of 550 such cities in the U.S., with California leading the count at 210, followed by New York and New Jersey.
Research from Realtor.com reveals that Baton Rouge-area homes have a high potential for climate risks, with 100% of the homes in the market at risk for severe or extreme heat and wind damage, and a market value of $64.7 billion. New Orleans-area homes also face similar risks, with a market value of $106.8 billion. The climate risk factor scores, provided by Realtor.com in collaboration with First Street, highlight the increasing connection between climate risk and financial risk in the real estate market.
California is home to some of the most expensive housing markets in the U.S., with the median monthly mortgage cost at $2,673. The increasing cost of living, including housing, health care, taxes, food, and transportation, has led 4 in 10 Californians to consider moving out of state. The state's housing market is characterized by high demand and low supply, with 64% of its counties having median home values above the national median. The National Association of Realtors analyzed data from the American Community Survey to provide insights into median housing prices across the U.S.
The national housing market has grown to $47.5 trillion, with a $2.4 trillion increase over the last year, driven by the allure of remote work. Affordable metropolitan areas saw the largest jumps in home values, while pricey metros and pandemic boomtowns experienced declines. Suburbs saw a 5.6% increase in home values to about $29 trillion, while urban areas saw a 3.6% increase and rural areas saw a 6.3% increase. Homeowners are holding onto their properties due to low mortgage rates, leading to a limited supply of homes for sale and propping up values. Prospective buyers are facing affordability challenges, but mortgage rates are expected to decline in the future.
Norfolk Southern has announced a new program to compensate East Palestine residents for lost home values following a train derailment in February. The program will pay homeowners the difference between the appraised market value of their homes and the sale price, but accepting compensation through the program will require homeowners to forego property damage claims from lawsuits against the railroad. The details of the program are still tentative as negotiations continue with the Ohio Attorney General's office to create a long-term fund for compensation. Critics argue that the railroad should prioritize addressing health concerns rather than economic recovery.
The housing market in the United States is experiencing a divergence, with higher-end homes seeing price declines while starter homes remain relatively unaffected. This trend is driven by the increasing unaffordability of higher-priced homes, leading buyers to focus on smaller and lower-priced properties. Move-up buyers are also choosing to stay in their current homes, reducing demand in the upper price tier and decreasing supply in the lower price tier. Lower-priced homes have consistently outperformed higher-end homes, with many markets setting all-time highs for affordable housing options. This shift has also led to investors redirecting their focus to more affordable markets.
The total value of U.S. homes reached a record $47 trillion in June, surpassing the previous high set a year earlier, as a shortage of homes for sale boosted housing values. Affordable markets like Little Rock and Milwaukee saw the biggest increases in value, while expensive West Coast metros and pandemic boomtowns experienced significant declines. Millennials now hold more home value than the Silent Generation, but they have also lost home equity. Luxury homes are losing value, while homes in the $250,000 to $750,000 range are gaining. Asian homeowners were disproportionately affected by the drop in home values, particularly in the West Coast. The suburbs and rural areas held up better in terms of home values compared to urban areas.
The Southern states of the US are topping the housing index due to strong fundamentals such as wage and job growth, affordability, and population growth. Gainesville, Georgia tops the index with an annual home value appreciation of 21%. The Southeastern US claims all ten of the hottest housing markets, with Florida claiming four. These areas remain relatively affordable and are attracting people and businesses, making them 'up and coming' in comparison to larger, unaffordable metro areas.
A new Gallup poll found that Americans' views of the housing market hit an all-time low this year, with just 21% of U.S. adults believing it's a good time to buy a home. The poll also found that expectations for home values have cooled, with just 56% of respondents predicting an increase in their area in the next year. Despite this, many Americans still believe real estate is the best long-term investment, according to a separate Gallup poll.
Property taxes owed in the Denver area may increase by as much as 50% due to skyrocketing home values, county assessors warned. The Colorado legislature is rushing to ease the financial burden before the 2023 lawmaking term ends May 8. The median increase in assessed home values was 33% in Denver, 36.5% in Jefferson County, and 40% to 50% in Douglas County. The legislature last year passed a measure reducing the residential assessment rate through the 2024 tax year for taxes owed in 2025. However, no proposal has been unveiled yet to decrease the tax burden even more.