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Key Takeaways
- Realtor.com stories that U.S. median house costs fell for a seventh consecutive month, with January asking costs averaging $400,500.
- However what damage house patrons in January was greater 30-year mortgage rates. Final month’s common fee was 6.97% vs. a decrease 6.78% in December.
- Assuming a 20% down fee, that bumps the nationwide common mortgage fee to $2,125 in January—up $30 from final month.
- California continues to dominate the costliest metros, with the San Jose market having a mean month-to-month fee of $6,685 in January. In the meantime, the Pittsburgh space has the most affordable common fee at $1,219.
- Six of the 50 largest metros did see their common fee fall in January, however solely three noticed a dip of $10 or extra. These areas have been Indianapolis, Detroit, and Columbus, Ohio.
The total article continues beneath these gives from our companions.
Median House Costs Dipped, However Mortgage Charges Rose
Median house costs in America fell for a seventh consecutive month in January. In line with Realtor.com’s newest month-to-month report on the U.S. house shopping for market, January’s median house value was $400,500. That is down $2,002 from December and is greater than $44,000 decrease than the June median of $445,000.
Regardless of easing housing costs, although, elevated mortgage charges proceed to pressure affordability for house patrons. In line with Zillow fee quotes for brand spanking new buy mortgages, the common 30-year fee in January was 6.97%. That is up from December’s 6.78% common fee.
Assuming a 20% down payment, the upper mortgage charges in January resulted in a nationwide common month-to-month mortgage fee (principal and curiosity solely) that was $30 costlier than the everyday December fee.
Month-to-month Funds Differ Extensively Throughout the Nation
In fact, house costs and mortgage charges fluctuate by state and market, so mortgage funds for somebody in Pittsburgh will likely be wildly completely different than for somebody shopping for within the Bay Space. Listed here are some key January findings from our evaluation of the 50 largest metros:
- The 4 costliest markets have been all in California, with the San Jose space topping the checklist at a $6,685 common month-to-month fee.
- The best-cost metro outdoors of California was Boston, at $4,242 per thirty days, adopted by New York at $3,899 and Seattle at $3,847.
- Pittsburgh as soon as once more earns «most inexpensive» honors, with the common mortgage fee coming in at simply $1,219 in January. Larger Cleveland is shut behind at $1,248.
- Six of the 50 largest metros noticed their common fee fall in January, however for 3 of these, the dip was a negligible $1–$4. Within the Indianapolis, Detroit, and Columbus markets, nonetheless, the month-to-month fee dropped extra notably, declining $10–$26.
To check all 50 metropolitan areas, we have listed the median house costs, common January mortgage fee, and typical month-to-month funds beneath, organized by area.
The Northeast
| Metro Space | Median House Worth (Jan 2025) | Common 30-Yr Mortgage Price (Jan 2025) | January Month-to-month Fee With 20% Down | Change vs. Dec 2024 |
|---|---|---|---|---|
| Boston-Cambridge-Newton, Mass.-N.H. | $799,450 | 6.97% | $4,242 | $65 |
| New York-Newark-Jersey Metropolis, N.Y.-N.J. | $750,000 | 6.77% | $3,899 | $71 |
| Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $577,000 | 7.02% | $3,078 | $75 |
| Windfall-Warwick, R.I.-Mass. | $521,175 | 7.01% | $2,776 | $25 |
| Hartford-West Hartford-East Hartford, Conn. | $408,375 | 6.98% | $2,170 | $85 |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $352,000 | 6.97% | $1,869 | $9 |
| Baltimore-Columbia-Towson, Md. | $349,900 | 7.00% | $1,862 | $36 |
| Buffalo-Cheektowaga, N.Y. | $252,450 | 6.77% | $1,312 | $35 |
| Pittsburgh, Pa. | $229,700 | 6.97% | $1,219 | -$1 |
The South
| Metro Space | Median House Worth (Jan 2025) | Common 30-Yr Mortgage Price (Jan 2025) | January Month-to-month Fee With 20% Down | Change vs. Dec 2024 |
|---|---|---|---|---|
| Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $525,000 | 6.97% | $2,786 | -$4 |
| Miami-Fort Lauderdale-West Palm Seashore, Fla. | $520,000 | 6.92% | $2,744 | $41 |
| Austin-Spherical Rock-San Marcos, Texas | $494,667 | 6.95% | $2,620 | $35 |
| Raleigh-Cary, N.C. | $440,000 | 6.96% | $2,331 | $24 |
| Richmond, Va. | $421,225 | 6.99% | $2,239 | $52 |
| Charlotte-Harmony-Gastonia, N.C.-S.C. | $420,000 | 6.96% | $2,225 | $32 |
| Orlando-Kissimmee-Sanford, Fla. | $419,900 | 6.92% | $2,216 | $43 |
| Dallas-Fort Value-Arlington, Texas | $415,500 | 6.95% | $2,201 | $10 |
| Atlanta-Sandy Springs-Alpharetta, Ga. | $399,000 | 6.97% | $2,117 | $39 |
| Tampa-St. Petersburg-Clearwater, Fla. | $396,973 | 6.92% | $2,095 | $51 |
| Virginia Seashore-Chesapeake-Norfolk, Va.-N.C. | $389,450 | 6.99% | $2,070 | $52 |
| Jacksonville, Fla. | $385,000 | 6.92% | $2,032 | $42 |
| Houston-Pasadena-The Woodlands, Texas | $359,000 | 6.95% | $1,901 | $28 |
| Memphis, Tenn.-Miss.-Ark. | $329,500 | 6.97% | $1,749 | $35 |
| San Antonio-New Braunfels, Texas | $325,000 | 6.95% | $1,721 | $11 |
| Oklahoma Metropolis, Okla. | $312,368 | 7.00% | $1,663 | $41 |
| Louisville/Jefferson County, Ky.-Ind. | $305,950 | 6.99% | $1,626 | $39 |
| Birmingham, Ala. | $284,925 | 6.99% | $1,515 | $6 |
The Midwest
| Metro Space | Median House Worth (Jan 2025) | Common 30-Yr Mortgage Price (Jan 2025) | January Month-to-month Fee With 20% Down | Change vs. Dec 2024 |
|---|---|---|---|---|
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $425,000 | 6.99% | $2,260 | $52 |
| Kansas Metropolis, Mo.-Kan. | $374,950 | 7.00% | $1,995 | $68 |
| Grand Rapids-Wyoming-Kentwood, Mich. | $374,500 | 6.99% | $1,991 | $16 |
| Milwaukee-Waukesha, Wis. | $362,500 | 7.00% | $1,929 | $62 |
| Chicago-Naperville-Elgin, Sick.-Ind. | $343,498 | 6.98% | $1,825 | $12 |
| Columbus, Ohio | $340,725 | 6.98% | $1,811 | -$10 |
| Cincinnati, Ohio-Ky.-Ind. | $319,450 | 6.98% | $1,697 | $36 |
| Indianapolis-Carmel-Greenwood, Ind. | $300,000 | 6.99% | $1,595 | -$21 |
| St. Louis, Mo.-Sick. | $274,950 | 7.00% | $1,463 | $18 |
| Detroit-Warren-Dearborn, Mich. | $239,950 | 6.99% | $1,276 | -$26 |
| Cleveland, Ohio | $234,925 | 6.98% | $1,248 | -$2 |
The West
| Metro Space | Median House Worth (Jan 2025) | Common 30-Yr Mortgage Price (Jan 2025) | January Month-to-month Fee With 20% Down | Change vs. Dec 2024 |
|---|---|---|---|---|
| San Jose-Sunnyvale-Santa Clara, Calif. | $1,268,000 | 6.91% | $6,685 | $130 |
| Los Angeles-Lengthy Seashore-Anaheim, Calif. | $1,089,500 | 6.91% | $5,744 | $91 |
| San Diego-Chula Vista-Carlsbad, Calif. | $950,000 | 6.91% | $5,009 | $23 |
| San Francisco-Oakland-Fremont, Calif. | $882,000 | 6.91% | $4,650 | $54 |
| Seattle-Tacoma-Bellevue, Wash. | $725,813 | 6.96% | $3,847 | $85 |
| Sacramento-Roseville-Folsom, Calif. | $615,000 | 6.91% | $3,243 | $64 |
| Riverside-San Bernardino-Ontario, Calif. | $599,000 | 6.91% | $3,158 | $73 |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | $598,725 | 6.95% | $3,170 | $68 |
| Denver-Aurora-Centennial, Colo. | $569,950 | 6.95% | $3,020 | $18 |
| Phoenix-Mesa-Chandler, Ariz. | $512,450 | 6.99% | $2,723 | $118 |
| Las Vegas-Henderson-North Las Vegas, Nev. | $467,500 | 7.00% | $2,488 | $41 |
| Tucson, Ariz. | $391,255 | 6.99% | $2,079 | $58 |
How We Observe Mortgage Charges
The nationwide and state averages cited above are supplied as is by way of the Zillow Mortgage API, assuming a loan-to-value (LTV) ratio of 80% (i.e., a down fee of at the least 20%) and an applicant credit score rating within the 680–739 vary. The ensuing charges characterize what debtors ought to count on when receiving quotes from lenders based mostly on their {qualifications}, which can fluctuate from marketed teaser charges. © Zillow, Inc., 2024. Use is topic to the Zillow Phrases of Use.