Welcome to the typical home for sale in the US right now. It costs $365,000 and is probably too expensive for someone seeking the middle class American Dream.

Alcynna LloydFeb 4, 2022, 02:21 IST

A real estate professional talks to potential homebuyers.Getty Images

In January, the median home sale price reached an all-time high of $365,000.
That's likely more than the original asking price, and many houses stay on the market for just one week.

If you're looking to buy a home in the US right now, let's hope you have patience and a savings account with several zeros.

January was the most competitive in housing history, according to a new report for real estate database Redfin, as buyers outnumbered sellers and mortgage rates rose. To make matters worse, home builders can't find basic materials like lumber or steel, which is delaying the construction of 5.24 million homes now needed to meet the demand of this year's buyers.

The median home sale price spiked 16% year-over-year that month to an all-time high of $365,000, according to Redfin's calculations. During the month, inflation also reached a 40-year high, making homebuying increasingly unaffordable.

"When there are more buyers than there are sellers, competition heats up," Daryl Fairweather, Redfin chief economist, told Insider. "And the winners end up being experienced homebuyers and investors." She notes that with so many homes selling in record time, buyers with limited financial resources will lose out big.

Here's what the typical home for sale in the US looks like right now.

The sale price of the median home in the US hit an all-time high of $365,000 in January.

Family in front of suburban home.Getty Images

And that sales price is typically higher than the original asking price.

Couple talking to financial advisor.Getty Images

Despite high prices, the typical home will likely have an accepted offer within one week of hitting the market.

Realtor talking to a family.Getty Images

After pandemic-era near-zero rate, the interest on the mortgage you'll need to buy the typical home is about to go up.

The Federal Reserve building.Getty Images

The typical homes for sale in the US are increasingly out of reach for the middle class.

A young couple looking at a home.Getty Images

Buying a home is typically a major decision, but because of rushed timelines and heated competition, first-time millennial homebuyers are likely to regret it.

Frustrated Millennial homebuyer.Getty Images.

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