Many prospective homebuyers have been discouraged the past year because of the challenging real estate market which has been plagued by high prices, high mortgage rates, and low supply.
After the past years of frustration for those shopping for homes, there appears to be a reprieve coming in a couple of months or so, as experts predict that particular areas will see real estate prices declining before the year ends.
These are the 10 real estate markets that will decline the most by the end of 2024 according to experts
According to personal finance website GOBankingRates, the markets that are most likely to see the biggest drop in prices as we wrap up the year are mostly those that historically have had some of the most expensive real estate in the country.
These steep prices are exactly what have been turning off buyers, eventually leading to a lack of demand and a subsequent drop in price tags.
Here are the cities where home values are forecast to plunge the most, according to GOBankingRates.
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San Francisco, California
This expensive city could see prices go down by 5% to 10% this year, due to outmigration. People have been leaving the city because of the high cost of living and the option to work remotely.
New York, New York
The high cost of living in the Big Apple and the flexibility of remote working have also caused a weak demand for residential property.
Honolulu, Hawaii
Home prices could go down by 4% to 6% by the end of the year because the island’s tourism industry has not yet gotten back on track since the pandemic.
Miami, Florida
Given the recent natural disasters the state has experienced recently, environmental factors are causing prices to drop in the city. Rising sea levels and insurance concerns are also scaring away property investors.
Las Vegas, Nevada
Prices of residences are likely to drop by 4% to 7% as the city highly dependent on tourism and entertainment continues to recover from the pandemic.
Chicago, Illinois
Crime rates and high property taxes are the culprits in the decline in the Windy City’s housing market, which could see prices sliding by 2% to 4%.
Seattle, Washington
The high cost of living and the possibility of working from home have driven people to move out of the city. Home prices could go down by 3% to 5%.
Austin, Texas
In the case of Austin, new construction projects and increased inventory are the reasons home values could dip by the end of the year.
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St. Louis, Missouri
Home prices in St. Louis have been going down since last year, and are likely to continue to do so by the end…
Read More: These are the 10 real estate markets that will decline the most by the end
