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Yahoo
4 days ago
- Business
- Yahoo
Foreign buyers are getting discounts on US homes – here's why
Foreign buyers are getting discounts on US homes – here's why House prices reached a record high in June, with monthly costs also hovering in historic territory. This unprecedented lack of affordability has stalled the housing market and prompted a shift in power towards homebuyers, as sellers struggle to offload their listings. A slower market gives foreign buyers — many of whom pay in cash — more room to take advantage. And thanks to a weakening U.S. dollar, these buyers may be able to spend less than they did a year ago for the same house. In some cases, it's the equivalent of a 10% discount — even as home prices climb. Among the countries Redfin analyzed, Russia led the charge in terms of currency-related savings, followed by Switzerland and Sweden. So what's behind this shift? Where can foreign buyers reap the most benefits? This article from Redfin Real Estate explains it all. Why has the U.S. dollar dropped in value? The U.S. dollar has had its worst start to a year since 1973. It has dropped more than 10% in the past six months when compared with currencies from the country's major trading partners. Donald Trump's trade proposals and debt-increasing legislation, along with stubborn inflation and interest rates, have cast doubt on the U.S. as the center of the global financial system. As a result, analysts have been increasingly worried about a shift away from the U.S. dollar and assets more broadly, which would have profound effects on the housing market. What does a weaker dollar mean for the housing market? When the dollar falls, foreign money can go further, which gives foreign buyers more purchasing power. For example, while U.S. home prices rose 1% year over year in June, the equivalent price fell 9.6% in Russian rubles. So, even though the median U.S. home price reached an all-time high of $447,000 in June, buyers from many countries are effectively paying less than they did a year ago. Cash buyers see the biggest advantage, while those taking on a mortgage could see less benefit – especially when factoring in the higher interest rates foreign buyers can face. Who's saving the most? According to Redfin's analysis, buyers from seven countries are seeing savings, with Russia leading the way. Prior to this shift, foreign buyers purchased $56 billion worth of U.S. homes from April 2024 to March 2025. While still below the peaks of the 2010s, that's a 44% increase from the prior year and a clear sign of renewed interest in U.S. real estate. International investment could continue to climb if currencies gain more value over the dollar Not every buyer comes out ahead Buyers from countries where the local currency has weakened against the dollar are instead seeing prices rise. These countries have some of the closest trade ties to the U.S., with the largest trading partner, Mexico, taking the biggest hit. This list also represents the top four countries where America's foreign homebuyers originate from. Discounts are highest in cities where prices are dropping The foreign currency advantage is even stronger in markets where home prices are falling. Among the 100 largest metros, these five saw the biggest year-over-year price drops in June, which correlate to the most savings. International homebuyers are flocking to the Sunshine State, continuing a years-long trend of preferring Florida over the rest of the country. Recent price drops following the state's pandemic-era boom could create more savings for foreign buyers in the coming months, too. What's next for the housing market? In the short term, house prices will likely continue to rise in most areas of the country, albeit more slowly than in recent years. When paired with elevated mortgage rates, buyers will have to deal with a further prolonged period of unaffordability. However, relief could be in sight. As inventory continues to pile up from sellers who are unable to find a buyer, buyers will have more options to choose from. Redfin predicts that this shift in supply and demand will push house prices down by the end of the year. For foreign buyers, this would be even more favorable than today. If the dollar remains weak, global demand for U.S. real estate could continue to grow. Methodology According to a Redfin analysis of exchange rates for a selection of major foreign currencies against the U.S. dollar. The analysis converts the median U.S. home price into the equivalent value in foreign currencies using monthly average exchange rates. All data as of June 2025. This story was produced by Redfin Real Estate and reviewed and distributed by Stacker. Sign in to access your portfolio
Miami Herald
18-07-2025
- Business
- Miami Herald
Here's how much house $1M buys you across the US
The number of American houses worth $1 million is at an all-time high, as home prices continue to hit new records. While million-dollar homes are out of reach for the vast majority of Americans, they are no longer just being bought and sold by the ultra-wealthy. In San Francisco, the median-priced home sells for more than $1.6 million – far above the national median of $441,000. Meanwhile, in Detroit, $1 million listings are rare. Today, there are only seven major metros where a luxury home - valued in the top 5% of homes - costs less than $1 million, compared to 30 just five years ago. "The $1 million mark used to signal true luxury; now, in many parts of the country, it simply means the price of a typical home," said Jonathan Huffer, a Redfin Premier agent specializing in luxury properties in Palm Beach, Florida. "It's a reflection of how dramatically home prices have risen, especially in coastal markets where million-dollar listings have become the norm rather than the exception." So, are you wondering what $1 million buys in today's market? Redfin Real Estate pulled from its listings to see how far it goes in 25 different cities. From wooded mansions to urban condos, here's a look at what's out there. 1. Alexandria, Virginia 3210 Old Dominion Blvd., Alexandria, Virginia 22305 List price: $999,000Alexandria median sale price: $715,000 Arlington houses come at a premium. This Colonial offers 3 beds, 2 baths, and 1,906 square feet on a wooded quarter-acre lot. Compared to somewhere like New Haven, you get half the square footage for the same price. 2. Atlanta metro area, Georgia 475 Rose Garden Ln., Alpharetta, Georgia 30009 List price: $980,000Atlanta median sale price: $426,250 A market tipped in homebuyers' favor, Atlanta offers a lot for those with the budget. This end-unit townhome in nearby Alpharetta offers 4 beds and 3.5 baths over 2,640 square feet. 3. Bristol, Illinois 9439 Corneils Rd., Bristol, Illinois 60512 List price: $995,000Aurora median sale price: $345,000 Located on the outskirts of Aurora, a Chicago suburb, this historic 19th-century dairy barn has been transformed into a 9,150-square-foot home that overlooks gorgeous farmland. $1 million can buy you quite the house in exurban Illinois. 4. Austin, Texas 182 Emma Loop, Austin, Texas 78737 List price: $949,000Austin median sale price: $557,500 In Austin, $1 million can buy a 3,700-square-foot, 4-bed, 3.5-bath home like this one - backing onto a greenbelt with a spalike primary suite, office, media room, and 3-car garage. Prices have dropped substantially in the past few years, helping seven-digit budgets go further than they used to. 5. Baltimore, Maryland 1104 High Country Rd, Baltimore, Maryland 21286 List price: $950,000Baltimore median sale price: $243,000 Set on a wooded acre in the outskirts of Baltimore, this 3,262-square-foot "Acorn Deck House" features post-and-beam design, floor-to-ceiling glass, and plenty of decks. $1 million can buy more than three median-priced homes in Baltimore. 6. Cambridge, Massachusetts 305 Webster Ave. #109, Cambridge, Massachusetts 02141 List price: $949,000Cambridge median sale price: $1,290,000 $1 million doesn't go as far in Cambridge, where the median sale price is $1.2 million. This 1,252-square-foot live-work condo features elevator access and polished concrete floors with a quartz kitchen. 7. Charleston County, South Carolina 3525 E. Higgins Dr., Mount Pleasant, South Carolina 29466 List price: $949,900Charleston median sale price: $610,000 This 2,400-square-foot suburban home features 3 bedrooms, 2.5 bathrooms, and easy access to amenities like Isle of Palms and downtown Charleston. 8. Denver, Colorado 256 Bannock St., Denver, Colorado 80223 List price: $980,000Denver median sale price: $611,500 This preserved 1901 brick bungalow in Denver spans 1,822 square feet with 3 beds, 2 baths, and a large front yard. 9. Fort Lauderdale, Florida 2430 Cat Cay Ln., Fort Lauderdale, Florida 33312 List price: $995,000Fort Lauderdale median sale price: $610,000 This $1 million home is just 1,400 square feet, but it comes with a pool, 3 bedrooms, 2 bathrooms, and a large outdoor entertainment area. 10. Grand Rapids, Michigan 9547 Downes St. NE, Lowell, Michigan 49331 List price: $999,750Grand Rapids median sale price: $365,000 In eastern Grand Rapids, this Michigan home spans 4,300 square feet with 5 bedrooms and 3.5 bathrooms. Nearby Detroit is the cheapest city to live in the nation, so it's no surprise you can buy something large in Grand Rapids for $1 million. 11. Houston, Texas 2706 Westgate St., Houston, Texas 77098 List price: $999,950Houston median sale price: $340,000 Houston has some of the lowest house prices in the country, so $1 million goes pretty far. This home is just minutes from downtown and spans 3,650 square feet, with 4 beds, 3 baths, and luxury amenities on every floor. 12. Jersey City area, New Jersey 800 Avenue at Port Imperial #508, Weehawken, New Jersey 07086 List price: $950,000Jersey City median sale price: $774,000 Jersey City's high rises command a steep price. This condo along the Hudson River is just 973 square feet with 2 beds and 2 baths. There are luxury features, though, like quartz countertops and a resident-only pool and gym. Views of the Manhattan skyline don't hurt, either. 13. Kansas City, Missouri 4731 Fairmount Ave., Kansas City, Missouri 64112 List price: $950,000Kansas City median sale price: $300,000 This 3,000-square-foot West Plaza home features 4 beds, 3.5 baths, a marble fireplace, a 2-car garage, and a covered deck. This $1 million house is over three times more expensive than the typical Kansas City home. 14. Las Vegas, Nevada 7255 Bold Rock Ave., Las Vegas, Nevada 89113 List price: $970,000Las Vegas median sale price: $445,000 Even after its pandemic-era boom, $1 million can still buy you a lot of house in Las Vegas - like this 5-bedroom, 4-bathroom, 4,300-square-foot home at the edge of town. 15. Los Angeles, California 321 N Oakhurst Dr. #404, Beverly Hills, California 90210 List price: $989,000Los Angeles median sale price: $1,055,000 Los Angeles is incredibly expensive, especially among locals. $1 million doesn't even clear the median sale price. This listing is a Beverly Hills condo with 1,820 square feet, 2 beds, and 2 baths. 16. Minneapolis, Minnesota 15 Summit Pl., Minneapolis, Minnesota 55403 List price: $949,000Minneapolis median sale price: $385,000 Minneapolis is among the most expensive Midwestern cities, but $1 million still goes a long way. Take this twin home: 3,200 square feet with 4 beds, 3 baths, vaulted ceilings, and a wooded multilevel patio. 17. New Haven, Connecticut 11 Aldo Dr., Woodbridge, Connecticut 06525 List price: $899,900New Haven median sale price: $362,000 In New Haven, $1 million can buy you a 4,300-square-foot colonial house with 4 beds, 2.5 baths, a vaulted family room, and a 3-car garage. 18. Phoenix, Arizona 1330 E. Monte Way, Phoenix, Arizona 85042 List price: $950,000Phoenix median sale price: $450,000 House prices vary widely in the Phoenix area - and are the highest in Scottsdale, where the typical house goes for over $900,000. This 3,500-square-foot home is located in more affordable South Phoenix and has 4 bedrooms, 3.5 bathrooms, and solar panels. 19. Portland, Oregon 2327 NW Northrup St. #7, Portland, Oregon 97210 List price: $975,000Portland median sale price: $550,000 This 4-bed, 3.5-bath Portland townhouse offers nearly 3,000 square feet, multiple decks, and 2-car parking in the heart of downtown. Portland's suburbs are cheaper than its downtown core, so you can get more space for the same price in places like Beaverton. 20. Salt Lake City area, Utah 6923 W. Long Ridge Dr. S., Herriman, Utah 84096 List price: $950,000Salt Lake City median sale price: $600,000 Salt Lake City continues to grow alongside its house prices, but this $1 million house still feels like a steal. With 4,600 square feet of living space, this home includes 6 bedrooms, 3.5 bathrooms, a finished basement, and community amenities. 21. San Diego, California 3055 Suncrest Dr., San Diego, California 92116 List price: $935,000San Diego median sale price: $994,000 For just under $1 million in San Diego, you can own this 906-square-foot Spanish Revival house. It has 2 bedrooms, 1 bathroom, a brick-laden back patio, and room for a garden. San Diego was the most expensive city to live in the country in 2023, and costs haven't dropped since. 22. San Jose area, California 1310 Thistle Pl., Milpitas, California 95035 List price: $999,000San Jose median sale price: $1,500,000 San Jose has the highest house prices among major U.S. metros, so it's not surprising that $1 million buys a fairly small home. This updated 2-bed, 2-bath house in Milpitas is 1,200 square feet. 23. Seattle, Washington 410 A 10th Ave. E., Seattle, Washington 98102 List price: $949,950Seattle median sale price: $893,000 This three-story, 1,490-square-foot townhome is a quintessential example of what $1 million buys in Seattle. Modern finishes, two decks, and a great location are major benefits. 24. Spokane, Washington 24106 E. Broadway Ct., Liberty Lake, Washington 99019 List price: $980,000Spokane median sale price: $390,000 Spokane is far cheaper than Seattle, so a $1 million house looks a lot different. This listing features 4 bedrooms and 3 bathrooms across 5,205 square feet, along with resort-style amenities and a huge property. 25. Wilmington, North Carolina 9406 Voyagers Way, Wilmington, North Carolina 28412 List price: $914,900Wilmington median sale price: $476,750 In Wilmington, $1 million can buy you a 3,484-square-foot coastal house with waterfront views - like this 4-bed, 3.5-bath home on a peaceful cul-de-sac. Methodology All listings are listed by a Redfin real estate agent and were active as of July 9, 2025. Housing market data is sourced from Redfin and covers through May 2025. This story was produced by Redfin Real Estate and reviewed and distributed by Stacker. © Stacker Media, LLC.
Miami Herald
11-07-2025
- Business
- Miami Herald
The 10 most affordable and most expensive US cities to buy a house
For many people, buying a house is simply out of reach today. Housing costs have reached record highs, pricing buyers out and leaving more homes on the market than there have been in years. The data backs this up: Nationwide, just 35% of homes are affordable to the average homebuyer - down from 60% in 2022. Affordability has dropped since the pandemic because house prices and mortgage rates rose in tandem. Both remain elevated due to chronic underbuilding and broad economic uncertainty. But trends vary widely by market: In some cities, homes sell within a week for well above asking; in others, they typically sit for two months or longer. Regardless, with homeownership increasingly out of reach, more Americans are instead turning to renting - including six-figure earners in cities like San Francisco and Orlando. So where can buyers and sellers find the best deals? Redfin Real Estate ranked the 10 cheapest and 10 most expensive housing markets in the U.S., based on median home prices and local incomes. The most affordable cities to buy a house in 2025 The most expensive cities to buy a house in 2025 Rust Belt cities have the most affordable housing If you're looking for an affordable house, start your search in the Rust Belt. Cities like Detroit, St. Louis, and Pittsburgh top the list of the cheapest places to buy a house in the U.S. Around two-thirds of homes in these metros are affordable for households earning the median income - a stark contrast to cities like San Francisco, where the share of affordable homes is in the single digits. Home prices in the Rust Belt are roughly 50% lower than the national median, due in part to decades of population loss and disinvestment that kept prices low. But that's starting to change. Affordable prices and renewed investment are drawing buyers back, supercharging local housing markets and pushing prices up across the region. In Rochester, for instance, house prices have increased by $27,000 in the past year - nine times the national increase. Today, seven of the 10 cheapest housing markets in the country are in the Rust Belt, but that affordability edge may shrink unless local incomes rise to match prices. Meanwhile, pandemic boomtowns that saw prices soar between 2020 and 2022 are now seeing the sharpest declines. California owns the nation's most expensive housing markets If you're buying a house in California, expect to pay a premium. The state is home to the six most expensive U.S. markets - including San Francisco, San Jose, and Anaheim - where prices top $1 million. Los Angeles is the least affordable city in the nation to buy a house, where just 1% of homes are affordable to locals. Statewide, the typical house in California sells for $860,000 – $100,000 more than second-place Hawaii. Even with some of the highest average wages in the nation, Golden State residents struggle to afford housing. Still, some markets are seeing signs of demand. San Francisco and San Jose - the most expensive metros in the country - saw among the most homebuyer competition earlier this year. But overall, high prices and limited affordability will likely keep many consumers on the sidelines. Not every expensive market tells the same story. Cities like Boise and Tacoma also rank among the least affordable, but not because house prices are sky-high. Instead, they're unaffordable because local incomes are relatively low. True affordability happens when housing costs align with what people earn. When will housing affordability improve? High home prices have kept a growing number of people out of the housing market, but relief is coming. With so few active buyers, sellers are now sitting on nearly $700 billion of unsold homes, many of which take over a month to sell. This growing supply and demand imbalance is expected to push prices down by 1% by the end of the year, which could help some buyers reenter the market as wages rise. Still, affordability could dip further in some metros in the coming years, especially those with the largest gaps between prices and wages. A recent study found that Montana and California are expected to have wider affordability gaps by 2030. If you're a buyer or seller trying to navigate today's market, there are four things to keep in mind: Listings are risingPrices are easingBuyers are cautiousMarkets vary widely Buyers should take their time and negotiate, and sellers should price strategically and be open to concessions. Connect with a great agent who can educate you about your local market, like whether it's a buyer's or seller's market. No matter if you live in an affordable or expensive city, it's still possible to buy or sell with confidence. Methodology Rankings are based on housing affordability among the 91 largest U.S. metropolitan areas ("cities"). Data comes from Redfin through May 2025. Redfin ranked cities on the share of home listings that were affordable to someone making the local median income. A home was considered "affordable" if its corresponding monthly payment was no more than 30% of median monthly earnings, assuming a 20% down payment, typical taxes and fees, and a 30-year mortgage. This story was produced by Redfin Real Estate and reviewed and distributed by Stacker. © Stacker Media, LLC.
