As we approach the end of 2024, several housing markets across the United States are poised for a significant home price drops. Experts predict that these cities will see substantial declines in home values, impacting homeowners and prospective buyers alike. Here are the top 10 markets expected to experience the most notable home price drops.
Discover which housing markets are predicted to experience a home price drop by the end of 2024 and how it might affect you.
Cities Facing Home Price Drops by the End of 2024
San Francisco
San Francisco, long known for its exorbitant cost of living, is seeing a trend reversal. The high cost of living combined with outmigration and the shift to remote work for many tech employees is causing a home price drop. Experts forecast a 5%-10% decrease in home values by year-end.
New York
Similarly, New York City is experiencing a home price drop due to the flexible work-from-home lifestyle and high living costs. The rental market is also softening, contributing to an estimated 5%-8% drop in home prices.
Honolulu
Honolulu’s housing market is cooling down, partly due to the sluggish tourism industry, a key economic driver. Home prices, currently averaging $794,253, are expected to dip by 4%-6%.
Miami
Environmental factors, including rising sea levels and overvaluation concerns, are leading to a predicted home price drop of 3%-5% in Miami. The current average home price stands at $579,125.
Las Vegas
Las Vegas, heavily reliant on tourism and entertainment, is facing a downturn in home values. The average home price, now $422,880, is expected to decrease by 4%-7% by the end of the year.
Chicago
High property taxes, crime rates, and stagnant population growth are driving down home prices in Chicago. Experts predict a 2%-4% decline in the average home price, currently at $298,397.
Seattle
The high cost of living and remote work trends in the tech sector are cooling Seattle’s housing market. Home prices could drop by 3%-5%, with the current average at $884,828.
Austin, Texas
Austin is experiencing a market correction due to increased inventory and new construction projects. The median sale price, currently $567,000, could fall closer to $550,000 by year-end.
St. Louis
Rising taxes and an affordability crisis are contributing to a projected home price drop in St. Louis. The median home price, now $221,000, may decrease to $200,000.
Washington, DC
Washington, DC, faces a predicted 10.2% decline in home prices in 2024, driven by high mortgage rates and economic issues. The median home price is expected to drop another 3%-5%, from the current $602,000.
These housing markets are expected to see a significant home price drop by the end of 2024. Whether you’re a homeowner or a potential buyer, staying informed about these trends can help you make better real estate decisions in the coming months.
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