Now is a great time to buy a house.
I would recommend it over renting if you know you are going to be in that area for at least 5 years. You will lose money if you move out in 5 years. Potentially a great deal of it depending on where the market goes ultimately.
But if you think you will be in that area for years to come then by all means, make the investment. But make certain you check the following items:
Taxes where you want to buy
Homeowners association - what can you do with the property like additions and such
utilities / cable / Internet
schools - you may be single now, but if you are there for 10 years you may be married with kid(s) and schools become important.
Crime - see above
Insurance - get quotes make certain where you live is not high risk for them
If you are going to be in the area for a while look at places you may be working (if there are industrial parks and such where most of your job types are located) and then determine your possible routes to work - no one wants to have to deal with tons of traffic if they can avoid it.
Take your time and look for a home that will suit your needs now, as well as 10 years from now. Do not think you have tons of time for a fixer upper unless you already have time for that...cause you could ultimately cost you more money with delays and such in repairs because you did not manager your time or have the money to get someone in to cover it.
Plan on needing a few thousand extra dollars to cover the stuff you don't have that you will need for the house....lawn mower, etc.
Go for it.