10 Housing Markets Where Demand is Crashing Through the Floor

The housing market has been simmering in recent years as more Americans buy homes while supply shrinks.

But there are some signs that the housing market is finally starting to cool down in some areas. In fact, housing demand is showing signs of slowing down in some US cities

So, whether you want to buy your first home or are interested in becoming a real estate developer, here are the top 10 cities you can consider as demand drops, according to the website. Zillow real estate.

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1. North Port-Sarasota, Florida

Located on the Gulf Coast, North Port and Sarasota can be good destinations for retirees looking to live somewhere warmer. And a 50.1% year-on-year drop in demand could make the area more attractive to potential homebuyers. Many other Florida cities continue to see rising housing costs.

2. Austin, Texas

Austin may be considered a great town in Texas, but the local housing market has recently entered a cooling phase. From October 2021 to 2022, Austin saw a 52.7% drop in demand, with 694 homes sold compared with 1,167 homes sold in October 2021. The average home is for sale per month. market for 53 days, which is the most days for sale in more than five years, according to real estate website Redfin.

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3. Boise, Idaho

Boise is seeing housing demand fall 54.7% from a year earlier, according to Zillow. That decline could help transplants from other West Coast states like California or Washington.

Pro tip: It can be a good idea to find ways to save on rent now so you can afford to pay for a home later.

4. Wichita, Kansas

Wichita has seen housing demand drop by 54.8% over the past year. Wichita home prices are the highest in more than five years, with a median home price of about $217,000. With such high prices, there may not be enough buyers who can afford to enter the market.

5. Las Vegas, Nevada

Las Vegas was a housing boom town in the early 2000s and a growing city in the desert since recovering. But that growth could slow as demand for homes declines. Demand has fallen 55.4% over the past year. In fact, 44.2% of homes listed in Las Vegas have dropped in price.

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6. Phoenix, Arizona

Phoenix has become one of the fastest-growing cities in the country over the past year or so, but that popularity may be dwindling. Demand for housing there has fallen 60.5% over the past year, and 52.9% of homes on the market in September have fallen in price.

7. Stockton, California

Demand for Stockton homes has fallen 60.7% over the past year, which is reflected in current housing costs. In September, a home in Stockton had an average buyer price of $410,000, down 3.5% from a year earlier.

8. Albany, New York

Albany may be overheating, making it harder for people to buy into the market. In September, 57.1% of homes sold above list price. That may be why demand from conventional homebuyers has dropped 62.7% over the past year.

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9. Winston-Salem, North Carolina

Winston-Salem has seen a drop in home sales, which could be a sign that demand for housing in the area is falling. There were 340 homes sold in September, down 23.1% over the past year. That shift may be contributing to a 65.6% drop in housing demand.

10. Greensboro, North Carolina

Greensboro, near Winston-Salem, is also experiencing a drop in demand with a 67.6% decline over the past year. The median sale price in the region was $263,500 in September, 16.9% higher than a year ago. But only 362 homes were sold in September, down from 508 in 2021.

bottom line

There are several declining housing markets that could be a good opportunity for you if you’re willing to buy into the market. Work with your budget to find the best price for you to give a home today, considering higher mortgage rates. And don’t forget to factor in other costs like utilities and homeowners insurance.

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This article 10 Housing markets where demand is plummeting through the floor originally appeared on FinanceBuzz.


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