🏠📈 Real Estate Update 📉🏠Here's the latest real estate market report from October 2023 (single family homes) 📊:🏡 Mortgage Rates:30-year conventional rate today is 7.38%30-year VA rate today is 6.70% Median Sales Price:August: $445,727September: $460,000October: $450,000📈 New Listings:August: 1,749September: 1,638October: 1,561📅 Median Days on Market Until Sale:August: 13September: 14October: 14📦 Months Supply of Inventory:August: 2.3September: 2.4October: 2.2🤔 What does "Months Supply of Inventory" mean?

Mortgage is not a debt but a gift from goverment where you can secure an appreciating asset with the money that's always on dis-inflation mode, so you always "win".My mortgage if I still use the same note was like $1500 ; currently it's equivalent of $10,000 with appreciation,inflation,today's rate and so on.IF your area has reduced inventory but house to income ratio is increasing, buy now even with 20% rate LOL (just househack to cover yourself).This market doesn't care if we're nurse or Phd but it would reward those who strategically investing.House price to median income ratio really has not hit staggering rates in america.

However, in Neal Bawa's presentation he said that he was going to explain how to calculate the population growth, median household income growth, and median house value growth over different intervals of time as the years moved on, but I do not believe that he covered how to do this.

I live in Denver and the median closed price last month was around $600k so I feel you when you say you're nervous about starting in a higher price point area.

@Kristyn Cross I can relate to growing up in a house hold where working the 9-5 and living in your forever home was the norm.

The blue line shows the median $/SF without correcting for inflation.

So that's a 30% increase in new listing for the month of July.Banyan, pricesMost of the current listings are listed close to the median sale price for the building.

Alright, enough with the fluffy mumbo jumbo, here's the deal.The Deal:Market:Choosing Cleveland came down to a couple things:-I had people I could trust already investing in those areas so I knew I could learn from them and rely on their advice-I had a strict criteria of finding a duplex as my first deal and there was an ample amount of those in B-/C+ neighborhoods-There was decent job stability in overall city though I still have some reservations around the declining population growth-There was 4 unique economies where there wasn't one economy that had more than 25% of the industry share-The purchase prices was affordable and within the budget I was comfortable investing with-The median income to rent ratio was right around 30%The House:How: Automated listing on the MLS.

Nearly 1/3 of all households in Evansville are rentals, and vacancy rates continue to decline in the area as the city grows. 

Median sales price is up 5.8% in February YOY2.