The acceleration of the rising prices for residential real estate has started to slow. In some cities, more and more sellers have begun to cut prices. As the market softens, a few cities will still have robust home markets. At the top of the list is Hartford, Connecticut, one of America’s old financial centers, which has lost much of the industry that made it prosper.
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In its recent The 10 Real Estate Markets That Will Dominate in 2023, Realtor.com looked at metro areas where home prices will rise next year and, at the same time, home unit sales will rise.
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All the cities on the list are midsized, and most have their best days, economically, behind them.
In contrast to the cities on the new Realtor.com list, its national forecast shows that home prices will drop 5.4% nationwide and unit sales will collapse by 14.1%. Realtor.com Chief Economist Danielle Hale commented: “They are very affordable markets. These are areas where your housing dollars really stretch further.”
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In Hartford, unit sales growth should increase by 6.5% and prices should rise by 8.5%, for a combined growth rate of 15%. Other older American business centers on the list include Worcester, Massachusetts, with a growth rate of 13.1%; Buffalo, New York, (12.3%); Grand Rapids, Michigan, (11.6%): and Toledo, Ohio, (10.9%).
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Some cities listed have been beaten up for decades as the major corporation engines of their economic successes have faded. Most of these were part of the industrial age that ran from early last century into the 1980s and 1990s. The home markets may be attractive, but the health of the cities will not recover much.
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