Number of affordable listings falls
The number of affordable listings fell 53% from a year earlier in 2022, according to a Redfin analysis of the top 100 U.S. markets. In 2022, 21% of homes for sale were affordable for the typical household, the lowest share on record. A listing is considered affordable if the estimated mortgage payment is <30% of the local area’s median income.
Here are the markets with the most affordable homes right now:
St. Louis, MO
Lake County, IL
Affordability is going to be a factor we will see come up often this year. Understand what options you, as a buyer have, and make sure you can afford the mortgage.
If you’re planning to buy or selling your house, work with a real estate professional so you have the expert insights you need to make the best possible move today and we would love to assist, please fill out the form below.
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