Are you considering a move or looking to find a more affordable cost of living? It might be helpful to know which housing markets are about to experience a substantial drop in prices. According to experts, there are 10 places in the United States where housing prices are likely to plummet before the end of 2024.
San Francisco, a city known for its high cost of living, is expected to see a drop in home values. With the ability for tech workers to work remotely and outmigration, real estate prices in San Francisco could fall by 5%-10% by the close of the year.
New York City is also predicted to have a decline in home values due to the pandemic-induced work lifestyle changes and high living costs. The average home price in New York is $742,930 and could drop by 5%-8% by the end of the year.
Honolulu, Miami, Las Vegas, Chicago, Seattle, Austin, St. Louis, and Washington, DC are all areas where experts anticipate a decrease in housing prices for various reasons such as overvaluation, environmental factors, high property taxes, and lack of population growth.
If you're looking to buy a home or invest in real estate, these predictions could guide your decision-making process. Keep an eye on these markets to see how the trends unfold and consider taking advantage of potential price drops in the near future. Stay informed and be prepared for changes in these housing markets to make the most of your investment opportunities.