Key takeaways:

If you have the means, now may be a good time to buy a house. Tariffs and economic worries have made buyers and sellers uneasy, but in many areas, low supply and high demand have given buyers the upper hand in negotiation. Mortgage rates are climbing again after briefly dipping two weeks ago. Inflation concerns, recession fears, and market volatility are fueling the instability. The median U.S. home sale price sits at $431,000, near a record high and continuing 21 months of year-over-year gains. Spring has officially begun, and with it comes prime homebuying season. So, many homebuyers are wondering if it’s a good time to enter the housing market. 

Housing is still largely unaffordable for most of the country, after all, and economic uncertainty may hamper future home sales. So, it’s natural to wonder if now is the right time to take the leap.

In short, whether or not it’s a good time to buy a house boils down to if it’s a good time for you to buy a house. Let’s dive a bit deeper into market trends to help you answer, “Should I buy a house now or wait?”

From Redfin’s Chief Economist

“Now is a good time to buy, if you can afford it. Prices are high, and mortgage rates have sprung back up, but there is also significantly more inventory, giving buyers an upper hand in negotiation. An increasingly volatile economy is making everyone weary, though. Tariffs, inflation, and recession fears have rattled the stock market, and experts now believe a recession is more likely to occur than not. Buyers serious about making offers should be confident in their finances and future income.” – Daryl Fairweather, Redfin Chief Economist.

Market considerations: What buyers need to know about the housing market

Here are some key market trends to keep an eye on and help you make an informed homebuying choice.

House prices: Sky-high and still climbing

The median U.S. sale price is $431,000 – up 2.5% from a year ago. House prices have posted year-over-year gains for 21 consecutive months and are 30% higher than they were in 2020. 

Although growth has slowed, we expect prices to continue rising this year, pushing more would-be buyers into renting. Redfin recently found that the homeownership rate for Gen Zs and Millennials – the largest renter populations – dipped in 2024, highlighting the lack of affordability and growing economic uncertainty.

For those planning to buy, acting sooner rather than later could help lock in a lower price before homes become even pricier. Monthly housing costs recently rose to their highest level on record.