At this point, both buying and renting a home is more expensive than it was a few months ago. According to Zillow, the median home value in the U.S. is now $191,200, up 6.2 percent since last October. Rents across the nation have risen 1.4 percent, to an average of $1,402 per month.
Meanwhile, inventory has been down, causing homebuyers to face a greater competition. Compared to a year ago, there are 5.7 percent fewer homes for sale in the U.S. Because of this, “less than half of buyers are successful in purchasing the first home they make an offer on,” reported Zillow.
Don’t expect this to become the new normal, though. Zillow predicts the housing market to shift to a buyer’s market by 2018 or 2019.
When it comes to Washington, D.C., specifically, the median home value is now $375,900, while the rents are at $2,120 per month. In October, the median home value was $371,700. The rent has remained the same. Inventory has dropped 17.5 percent from last year.
To see the full Zillow report, go here.