The Real Story Behind Today’s Housing Prices
Posted by Tim Bray on
The Housing Market Isn’t Expensive — It’s Uneven
Prices feel high.
Rates are higher.
Homes aren’t moving the way they did a few years ago.
So the conclusion feels obvious:
The market must be overpriced.
That conclusion is understandable — and still incomplete.
Because there is no single housing market.
There are hundreds of micro-markets, shaped by town, neighborhood, and price range. And what’s happening right now has far less to do with “the market” than it does with where a property sits within its local affordability structure.
Median prices don’t measure affordability
When people hear that the median home price in Connecticut is around $460,000, or that Rhode Island is near $480,000, the reaction is predictable:
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