5 New York Housing Markets That Will Plummet in Value by the End of 2025

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Utica is a city in the Mohawk Valley and the county seat of Oneida County, New York, United States.

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But as we enter the mid-2020s, several New Yorkhousing marketsare showing signs of potential decline.

Here are five New York housing markets thatwill plummet in value by the end of 2025.

Dave Flanders fromHomeVisors Collectivepointed out a troubling trend in Binghamton.

With fewer jobs available its harder for people to buy homes and that makes home values go down.

This combination ofjob losses and population declinecreates a perfect storm for falling home prices.

Utica is another city facing potential housing market challenges.

When fewer people want to live in an area houses take longer to sell which lowers their value.

The stagnant economy coupled with a shrinking population is a recipe for declining home values.

Watertowns housing market faces a unique challenge due to its dependence on military jobs.

Fewer military personnel means fewer homebuyers which can make home values go down.

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This reliance on a single sector makes Watertowns housing market potentially vulnerable.

Any large cut could mean the demand for housing will plummet, and property values will decline quickly.

Elmiras economic struggles are putting pressure on its housing market.

Without enough jobs, fewer people are able to buy houses which pushes home values lower.

As fewer residents can afford to purchase homes, demand decreases, leading to potential price plummets.

Thomas J. Brock, CFA, CPA forRetireGuide, provided insight into this niche market.

Manhattan has experienced notable oversupply in recent years, and it has grown more apparent since the COVID-19 pandemic.

Now, luxury condo developers and banks are sitting on a costly glut.

This could result in a dramatic price correction in 2025.