House prices are set to plummet across the country, say experts
The Mirror US • • business
Key Points:
- Zillow forecasts that home prices in 309 out of 894 U.S. housing markets will decline over the next year, signaling the end of the pandemic-driven housing boom.
- Significant price drops are expected in Sun Belt and Gulf Coast areas, with Greenville, Mississippi, facing the steepest decline of 12.2%, reducing typical home values by about $7,500.
- Other notable declines include a 7% drop in Houma, Louisiana, 5.6% in Lake Charles, 4.4% in New Orleans, and 4.6% in Austin, Texas, where homes could lose over $23,000 in value.
- Conversely, some markets like Rockford, Illinois, and Atlantic City, New Jersey, are projected to see home price increases of around 4.5%, benefiting from affordability and local investments.
- Experts highlight that falling prices occur where sellers outnumber buyers, making it a buyer's market and suggesting that markets correcting from rapid price increases are stabilizing while affordable areas gain momentum.