According to the National Association of Realtors (NAR), the percentage of people moving to cities has risen to 16%.

Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages. 

People start to reconsider where they want to live when commute times are slashed in half or eliminated altogether

What Does This Mean Moving Forward?

While Presidential elections do have some impact on the housing market, the effects are usually small and temporary

If you’re thinking of buying in South Jersey or the Philadelphia Area, the good news is you won’t have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices aren’t expected to drop. They’ll continue climbing, just at a slower pace.

Even though the supply of new homes has grown this year, the data shows there’s no need to worry. Builders aren’t overbuilding, they’re just catching up. 

Here’s the most important thing to note: Actual sold prices are still rising, and they’re expected to continue to do so at least over the next 5 years.