In October, the median sales price for a single-family home in the U.S. was $437,300, up from $426,800 a month prior, according to the latest data by the U.S. Census.In October, the median sales price for a single-family home in the U.S. was $437,300, up from $426,800 a month prior,Meanwhile, the median rent price in the U.S. was $1,619 in October, roughly flat or up 0.2% from a year ago and down 0.
"If rents are flat, and people's wages continue to grow, that means people have more money to spend," Redfin's Fairweather said, as well asA stable rental market will also give renters more strength to negotiate with landlords. In some areas, property managers are already offering concessions like one month rent free, a free parking space or waiving fees, experts say.
Also keep in mind that the typical rent price you see will depend on what's going on in your local market, Hepp explained. Borrowing costs for home loans could spike if policies like tax cuts and tariffs are enacted, putting upward pressure on inflation. The market is piling on with"people who need to move on with their lives," like buyers who are getting new jobs and need homes suitable for life changes, and sellers who have delayed moving plans, Fairweather said.
"We'll definitely see more buyers out there," she said."But I don't see the competition heating up to the levels that it has over the last few years."The risk of extreme weather and natural disasters may anchor down home prices or slow down price growth in areas like coastal Florida, California and parts of Texas, which are at high risk of hurricanes, wildfires or other disasters, Redfin expects.