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Heres a look at 10 places where experts say are about to experience asubstantial drop in housing prices.
The rental market also gets softer, following [weaker] demand for residential property.
The average home price in New York right now is $742,930.
Johnson said that could drop 5%-8% by the end of the year.
Miami
Miamis average home price is $579,125, up 8.7% since last year.
Further increased insurance lodging and proceedings fees because of climate change is making homes unaffordable.
Right now, the average home price sits at $422,880.
Johnson said thats expected to drop by 4%-7% by the end of the year.
Chicagos housing market may see a decline as population growth stagnates and the city faces fiscal challenges.
The average cost of a home in Chicago is $298,397.
By the end of 2024, Johnson said that could fall 2%-4%.
Home values could drop by 3%-5% as more people choose not to live in the city.
For reference, Seattles average home price right now is $884,828.
This trend should continue for the remainder of the year, especially with mortgage rates increasing.
Home builders in Austin predict a greater number of home sales resulting from the state of the housing market.
St. Louis
Preston said St. Louis home prices have dropped 2.2% since last year.
A lack of buyers due to mortgage rates and economic issues are the main culprits.
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