🏡 Real Estate Market Report (Single-Family Homes)📊 Mortgage Rates:30-Year Conventional: 7.10%30-Year VA: 6.45%💰 Median Sales Price:October: $485,000November: $484,995December: $484,500📈 New Listings:October: 1,959November: 1,498December: 1,175📅 Median Days on Market:October: 22 daysNovember: 24 daysDecember: 29 days📦 Months Supply of Inventory:October: 3.3 monthsNovember: 3.2 monthsDecember: 2.7 months🤔 What Does "Months Supply of Inventory" Mean?

And if we argue that CA median household income could double, thus facilitating a significant increase to median home price.

The range is broad due to the differences in median home prices across these locations i.e.

Also make sure to build on a property located in a desirable location with larger pop density and if holding for rentals, charge median rent for that market as lenders want to see a bigger pool of buyers/renters available to occupy/sell. 

The median home price is also very low nationwide which creates a low barrier to entry.

I've never really done a deep dive in analyzing the area because it is a retirement community, median income is very low, and there arent a lot of jobs in the area.

We want to remain within a 20% deviation of the median 3/4br home price.

Their income is only 3X rent, they lack credit history, and the household is much larger, which could result in more wear and tear.

The rent-to-price ratios in many neighborhoods are strong, and the city’s population is finally growing again after decades of decline.One thing that stands out to me is Detroit’s median home price—around $95k—which is far below comparable cities of its size in terms of population.

Class A and B neighborhoods are above median price and C and D are below.