Home Prices Are Forecast to Fall in These 34 Cities

9 Gennaio 2024 Rassegna Stampa

^{This article originally appeared on Business Insider.}

Many potential homebuyers hope homes will get less expensive this year — and their wishes might come true.

Zillow predicts home prices will fall in 34 of the 50 largest US cities from November 2023 to November 2024. The forecast is based on Zillow’s Home Value Index, which Zillow says represents the “typical home value for a region.”

Home prices fall for a variety of reasons. While there is a low supply on the market due to factors like interest rates, the main issue in the US is a lack of demand — or willing buyers. This is starting to push prices down as sellers lower their asking prices to offload their homes.

Relatively high mortgage rates have sidelined people who don’t have enough money to buy — as well as those who just don’t want to spend the higher amounts required to purchase a home these days. For their part, homeowners who might ordinarily list their homes for sale are reluctant to do so — because they’d then have to find new ones, becoming buyers in a tough environment with high prices and higher rates.

Experts are split on housing market forecasts for 2024

Top firms have weighed in with various other predictions for the housing market in 2024.

Zillow forecasts that home prices nationwide will on average stay level. Fannie Mae expects home prices to rise by the end of the year.

Fannie Mae also predicts that mortgage rates will fall to 6.7% in 2024, and even lower to 6.2% in 2025. The lower rates — which are still relatively high compared to sub-3% rates borrowers got in and around 2020 — may encourage more buyers to make offers. However, LendingTree predicts that because home prices will still remain relatively high, sales will be sluggish.

People from regular homebuyers to big investors track home prices with great interest. Read on for the 34 US cities Zillow said are likely to see home-value declines in 2024, listed in order from least to most.

34. Buffalo, New York

^{Cheektowaga is a suburban area located in an inner-ring suburb of Buffalo, New York. Getty Images via BI}

Percent drop forecasted: -0.2
Zillow’s home value in November 2023: $246,677
Zillow’s projected home value for November 2024: $246,184

33. Cincinnati, Ohio

^{The skyline of Cincinnati, Ohio. Getty Images via BI}

Percent drop forecasted: -0.2
Zillow’s home value November in 2023: $269,669
Zillow’s projected home value for November 2024: $269,130

32. Oklahoma City, Oklahoma

^{Oklahoma City, Oklahoma. Sean Pavone/Shutterstock via BI}

Percent drop forecasted: -0.3
Zillow’s home value in November 2023: $225,977
Zillow’s projected home value for November 2024: $225,299

31. Nashville, Tennessee

^{Nashville, nicknamed “Music City,” is recognized as the country music capital of the world. Michael Warren/Getty Images via BI}

Percent drop forecasted: -0.3
Zillow’s home value in November 2023: $429,071
Zillow’s projected home value for November 2024: $427,784

30. Richmond, Virginia

^{Richmond, Virginia. Sean Pavone/shutterstock}

Percent drop forecasted: -0.4
Zillow’s home value in November 2023: $349,661
Zillow’s projected home value for November 2024: $348,262

29. Cleveland, Ohio

^{Yuanshuai Si/Getty Images via BI}

Percent drop forecasted: -0.4
Zillow’s home value in November 2023: $214,136
Zillow’s projected home value for November 2024: $213,279

28. Kansas City, Missouri

^{Kansas City, Missouri. Mihai_Andritoiu/Shutterstock via BI}

Percent drop forecasted: -0.4
Zillow’s home value in November 2023: $288,301
Zillow’s projected home value for November 2024: $287,148

27. Riverside, California

^{Riverside, California Jon Bilous/Shutterstock via BI}

Percent drop forecasted: -0.4
Zillow’s home value in November 2023: $555,039
Zillow’s projected home value for November 2024: $552,819

26. Philadelphia, Pennsylvania

^{Philadelphia, Pennsylvania joe daniel price/Getty Images via BI}

Percent drop forecasted: -0.7
Zillow’s home value in November 2023: $344,731
Zillow’s projected home value for November 2024: $342,318

25. Milwaukee, Wisconsin

^{Murat Taner/Getty Images via bI}

Percent drop forecasted: -0.8
Zillow’s home value in November 2023: $324,778
Zillow’s projected home value for November 2024: $322,180

24. Dallas, Texas

^{Dallas, Texas. f11photo/Shutterstock via BI}

Percent drop forecasted: -0.8
Zillow’s home value in November 2023: $366,326
Zillow’s projected home value for November 2024: $363,395

23. Virginia Beach, Virginia

^{Aerial view of the Virginia Beach oceanfront. Kyle J Little/Shutterstock via BI}

Percent drop forecasted: -1.1
Zillow’s home value in November 2023: $334,034
Zillow’s projected home value for November 2024: $330,360

22. Detroit, Michigan

^{Detroit, Michigan skyline. Sean Pavone/Shutterstock via BI}

Percent drop forecasted: -1.1
Zillow’s home value in November 2023: $238,284
Zillow’s projected home value for November 2024: $235,663

21. Louisville, Kentucky

^{Home to the annual horse racing tournament the Kentucky Derby, Louisville is located along the Ohio River and is one of the Midwest’s largest cities. Getty Images via BI}

Percent drop forecasted: -1.3
Zillow’s home value in November 2023: $245,237
Zillow’s projected home value for November 2024: $242,049

20. Las Vegas, Nevada

^{Las Vegas, Nevada. Sean Pavone/Shutterstock via BI}

Percent drop forecasted: -1.3
Zillow’s home value November in 2023: $405,754
Zillow’s projected home value for November 2024: $400,479

19. Boston, Massachusetts

^{Boston, Massachusetts skyline at dusk. Sean Pavone/Shutterstock via BI}

Percent drop forecasted: -1.3
Zillow’s home value in November 2023: $652,944
Zillow’s projected home value for November 2024: $644,456

18. St. Louis, Missouri

^{St. Louis, Missouri. joe daniel price/Getty Images via BI}

Percent drop forecasted: -1.4
Zillow’s home value in November 2023: $239,310
Zillow’s projected home value for November 2024: $235,960

17. Seattle, Washington

^{Seattle, Washington downtown skyline. Sean Pavone/Shutterstock via BI}

Percent drop forecasted: -1.6
Zillow’s home value in November 2023: $698,864
Zillow’s projected home value for November 2024: $687,682

16. Denver, Colorado

^{Denver, Colorado. f11photo/Shutterstock via BI}

Percent drop forecasted: -1.8
Zillow’s home value in November 2023: $566,690
Zillow’s projected home value for November 2024: $556,490

15. Houston, Texas

^{The skyline of Houston, Texas, at sunset. Art Wager/Getty Images via BI}

Percent drop forecasted: -2
Zillow’s home value in November 2023: $300,667
Zillow’s projected home value for November 2024: $294,654

14. Austin, Texas

^{Austin, Texas Brandon Bell via BI}

Percent drop forecasted: -2.1
Median price in November 2023: $455,424
Median price projected for November 2024: $445,866

13. Pittsburgh, Pennsylvania

^{Pittsburgh, Pennsylvania. Sean Pavone/Shutterstock via BI}

Percent drop forecasted: -2.1
Zillow’s home value in November 2023: $203,260
Zillow’s projected home value for November 2024: $198,992

12. San Antonio, Texas

^{f11photo/Shutterstock via BI}

Percent drop forecasted: -2.1
Zillow’s home value in November 2023: $284,292
Zillow’s projected home value for November 2024: $278,322

11. Chicago, Illinois

^{Bob Krist/Getty Images via BI}

Percent drop forecasted: -2.2
Zillow’s home value in November 2023: $303,291
Zillow’s projected home value for November 2024: $296,619

10. Los Angeles, California

^{Los Angeles, California. Neal Pritchard Photography via BI}

Percent drop forecasted: -2.2
Zillow’s home value in November 2023: $903,521
Zillow’s projected home value for November 2024: $883,644

9. Sacramento, California

^{Sacramento, California. Merge Digital Media LLC/Shutterstock via BI}

Percent drop forecasted: -2.4
Zillow’s home value in November 2023: $559,123
Zillow’s projected home value for November 2024: $545,704

8. Portland, Oregon

^{Portland, Oregon, has grown its licensed cannabis industry since recreational marijuana was legalized in 2015. Shutterstock/Sean Pavone via BI}

Percent drop forecasted: -2.5
Zillow’s home value in November 2023: $531,528
Zillow’s projected home value for November 2024: $518,240

7. Washington, District of Columbia

^{Washington, DC, cityscape with Washington Monument and Jefferson Memorial. ESB Professional/Shutterstock via BI}

Percent drop forecasted: -2.6
Zillow’s home value in November 2023: $540,101
Zillow’s projected home value for November 2024: $526,058

6. Baltimore, Maryland

^{Baltimore, Maryland. Sean Pavone/Shutterstock via BI}

Percent drop forecasted: -2.9
Zillow’s home value in November 2023: $370,023
Zillow’s projected home value for November 2024: $359,292

5. New York, New York

^{Alexander Spatari/Getty Images via BI}

Percent drop forecasted: -2.9
Zillow’s home value in November 2023: $624,788
Zillow’s projected home value for November 2024: $606,669

4. Minneapolis, Minnesota

^{Claire Gentile/Getty Images via BI}

Percent drop forecasted: -3
Zillow’s home value in November 2023: $362,971
Zillow’s projected home value for November 2024: $352,083

3. San Francisco, California