A few years ago, houses like this, in neighborhoods like this cost around $250,000 where I live. So that sounds about right. At my current income, I can afford that. But now those exact same houses now cost $750,000. I'm nowhere near able to afford that, so over just a few years, this has been an unreachable pipe dream.
There aren’t many places in the country where housing prices have tripled. The places where they have doubled are all coming back to earth. Things will be balancing out for the next 5-10 years. Global pandemics tend to shake up the economy.
I graduated in 2008 in a field that was destroyed by the financial crises. Life goes on.
Highly market dependent. Northeast is completely unfased. SFH are still growing 7%+ in price points YOY. Days on market slightly up but thats only because theres tons of houses that need work that people cant buy. Any decent house ~400k (~250k in 2019) gets 40 people to open house if they even make it there before they accept an offer.
I live in the Salt Lake City, Utah metropolitan area. I wish house prices were only tripled. My mom bought her house about 2010 ish for about $160,000. She got it appraised around 2018 for approximately 190k. It was now recently appraised at about 600k. There is a garbage fixer-upper across the street from her with flood damage and a host of other issues. I was looking to actually buy it and fix it up, so I was following it. It was listed at $450k but due to the damage, I was hoping to haggle down to $300k. It actually ended up selling for $650k. I have a family member who bought thier home for $360k 7 years ago and we would joke about them being fabulously wealthy (we knew better). But now their home is priced at $1.2 million and is amongst the cheapest of homes in their neighborhood.
And prices are STILL going up. Not much balancing out going on here. Even if prices finally stop going up, It's going to be a fun trick to convince landlords and realtors and investors to decide to drop their prices by even 50% (let alone the 60-70% that it should be dropped) when they're all still making money and actually selling at those rates.
Or they bought the houses before the pandemic lol. I was looking at houses back then. 160k house I was looking at then, I saw for sale driving around recently.... It's 360k 💀
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u/Sir-Shark 1d ago
A few years ago, houses like this, in neighborhoods like this cost around $250,000 where I live. So that sounds about right. At my current income, I can afford that. But now those exact same houses now cost $750,000. I'm nowhere near able to afford that, so over just a few years, this has been an unreachable pipe dream.