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Key Takeaways
- Realtor.com experiences that U.S. median residence costs fell for a seventh consecutive month, with January asking costs averaging $400,500.
- However what damage residence patrons in January was larger 30-year mortgage charges. Final month’s common was 6.97% vs. 6.78% in December.
- Assuming a 20% down cost, that bumps the nationwide common mortgage cost 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 cost of $6,685 in January. In the meantime, the Pittsburgh space has the most affordable common cost at $1,219.
- Six of the 50 largest metros did see their common cost fall in January, however solely three noticed a dip of $10 or extra. These areas had been Indianapolis, Detroit, and Columbus, Ohio.
The total article continues under these gives from our companions.
Median Dwelling Costs Dipped, However Mortgage Charges Rose
Median residence costs in America fell for a seventh consecutive month in January. In response to Realtor.com’s newest month-to-month report on the U.S. residence shopping for market, January’s median residence 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 residence patrons. In response to Zillow fee quotes for brand new buy mortgages, the typical 30-year fee in January was 6.97%. That is up from December’s 6.78% common fee.
Assuming a 20% down cost, the upper mortgage charges in January resulted in a nationwide common month-to-month mortgage cost (principal and curiosity solely) that was $30 dearer than the everyday December cost.
Month-to-month Funds Fluctuate Extensively Throughout the Nation
In fact, residence costs and mortgage charges range by state and market, so mortgage funds for somebody in Pittsburgh will likely be wildly totally different than for somebody shopping for within the Bay Space. Listed below are some key January findings from our evaluation of the 50 largest metros:
- The 4 most costly markets had been all in California, with the San Jose space topping the record at a $6,685 common month-to-month cost.
- The very 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 reasonably priced” honors, with the typical mortgage cost coming in at simply $1,219 in January. Better Cleveland is shut behind at $1,248.
- Six of the 50 largest metros noticed their common cost 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 cost dropped extra notably, declining $10–$26.
To match all 50 metropolitan areas, we have listed the median residence costs, common January mortgage fee, and typical month-to-month funds under, organized by area.
The Northeast
| Metro Space | Median Dwelling Value (Jan 2025) | Common 30-Yr Mortgage Price (Jan 2025) | January Month-to-month Cost 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 Dwelling Value (Jan 2025) | Common 30-Yr Mortgage Price (Jan 2025) | January Month-to-month Cost 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 Price-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 Dwelling Value (Jan 2025) | Common 30-Yr Mortgage Price (Jan 2025) | January Month-to-month Cost 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, In poor health.-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.-In poor health. | $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 Dwelling Value (Jan 2025) | Common 30-Yr Mortgage Price (Jan 2025) | January Month-to-month Cost 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 Monitor 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 cost of no less than 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 range from marketed teaser charges. © Zillow, Inc., 2024. Use is topic to the Zillow Phrases of Use.
