$350/sq-ft, I’m assuming you’re referring to those smaller 1100 sq-ft SFR that’s fully remodeled. That’s definitely at the peak of price/sq-ft in MM. You can easily get low $200/sq-ft right now. You just have to settle for 80s interior and a larger home. The majority of the cost is the land. Also, people flock to the fully remodeled ones, so your competition is much higher there.
Also, like others have said, it really depends on why the rates went up. historically, when rate rises (by a lot), price also rises, due to inflation. Only time will tell. However, at this point in time, those low $200/sq-ft houses I’m talking about, PITI for those houses should be around $2100/month, while rent on those should be around $2400-2500. Also the ROI is not as good as a 1/1, it’s still cheaper to buy vs rent. This is before taking tax deduction into consideration.
