Home price fluctuations are constant for real estate markets, as there are different factors that affect the price in different situations.
In recent times, some cities are experiencing significant reductions in home prices, which is affecting both buyers and sellers. In this article, we will explore the cities that are showing significant price reductions, and delve into the reasons behind them.
Reasons Why Home Prices are Going Downwards in These Cities
The major factors behind the price reductions include economic slowdown, lack of employment opportunities, etc. have affected people’s affordability and dampened the housing demand in some of these cities. In some other cities, the oversupply of homes has created intense competition among the sellers, and those sellers are reducing their asking price in order to attract buyers. Changing buyer preferences and migration to other places for a better lifestyle are some other factors that are contributing to the price reduction.
These are the Cities with Significant Home Price Reductions!
Home Price Changes in 1st Quarter of 2023
Source: The Orange Country Register
i) Winthrop, MA
Median home list price: $525,000
Change since January: -19.4%
Change since April 2022: -18.2%
While some people are moving from Winthrop to other places in search of better weather and a better lifestyle, it is eventually freeing up the inventory and making things better for the ones who want to live here! The price is going downward, allowing you access to lucrative properties at an affordable price.
ii) Cape Coral, FL
Median home list price: $408,450
Change since January: +1.05%
Change since April 2022: -7.6%
Home prices in Cape Coral have decreased by 7.6% since the last year, but since last January the price is going upwards again. This makes it a great time to invest in this real estate market, as home prices are likely to go even higher.
iii) Hawthorne, NY
Median home list price: $670,000
Change since January:-1.04%
Change since April 2022: +8.4%
Thanks to the sufficient supply of inventory and the large number of people moving to Miami and Philadelphia, the real estate market in Hawthorne has turned into a buyer’s market. As home prices have gone significantly downwards over the past year, you can now afford homes at a reasonable price here.
iv) Indianapolis, IN
Median home list price: $232,000
Change since January: +1.07%
Change since April 2022: -1.03%
Indianapolis showed some decrease in home prices as many people started moving to Chicago and Sarasota in search of a better lifestyle. However, the scenario has changed now and the prices have started to rise once again. This makes Indianapolis an excellent place to buy or invest in homes.
V) San Antonio, TX
Median home list price: $274,749
Change since January: +1.07
Change since April 2022: -3.6%
This is another place where home prices had been falling for a year but rising once again now. However, the competition is still mild in this real estate market, and the median price is quite affordable.
We tried our best to find out the cities in which prices are going significantly downwards lately. These cities can be smart options for both buying and investing, as they are not only affordable but also likely to increase in price again in the very near future.
This content is part of the HWM Partnership.
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