Did you expect to see any housing market drops this year?

When it comes to investments, some of the most volatile markets have always been the housing market! While it is more stable than other types of investments and stocks, it is still connected to many other industries, and inflation can easily make or break it!

Towards the end of last year, there has been an expected continuation of the rising of prices from one year to another when it comes to home prices.

However, as the end of the year drew near, property analytics and valuation firms observed a price slip from one month to another!

While the general trend is to see price increases for most of the homes, the history of the market shows us that from January 2023 to January 2024, the prices have risen, up to 5.8% nationwide. There has been one different month.

From December 2023 to January 2024, prices have seen a 0.1% decrease. In the grand scheme of things, it is not a substantial decrease, but when you look at the history and analysis of home pricing, it can end up showing a pattern waiting to emerge.

There has not been extensive research done yet, and as we await more prices and evidence and for experts to draw up their reports, there are speculations in the housing market that may hold truth!

Many of the housing markets across the country are set to be relatively steady and similar to the ones from last year. Yet, there are some key markets where a lot of firms are expecting to see prices drop, especially in some of the key metropolitan areas over the next 12 months!

If you are ready to see which housing markets are expected to see significant price drops (even up to 70% possibility according to their number) and why, keep on reading!

Would you relocate if you could take advantage of a price drop in the housing market? Let us know your answer and why you would or would not in the comments!

Ogden-Clearfield, Utah.

According to housing market experts, you can expect to see this location have a price decline in the next 12 months.

This is also said with a probability that it is more than 70% on their part, but only time will tell if this prediction ends up being true or not!

What makes this location really interesting is that it has been evaluated by a number of experts, and it has ended up on quite a few ill-fated lists over the course of the last couple of years.

Odgen Clearfield has been on the list of cities that have seen an increase in rent over the pandemic of over 40%, and its housing market has not fared very well either; expects have deemed it to be overvalued by more than 50%!

For those who are already residents of the area, if the prediction turns out to be true, it is a great piece of news!

Not to mention, if you had your eyes on the state of Utah, then this may just be one of the locations that is worth looking into getting some property towards the end of the year!

Ocala, Florida.

If your eyes on the Sunshine State have been set for a while, we recommend you sit tight before you make the move just yet.

This is because experts are pretty sure that we are very likely going to see the prices in Ocala decline by a significant amount until late 2024.

Back at the end of 2022, this city was already on the list of cities where we were going to see prices go down. And while they have been rising previously, it has been seen that they have started to drop.

If Ocala, Florida, has been on your radar, then you should keep an eye on the housing market. The prediction is that prices may end up dropping by as much as 9.3%!

While for some it may not be enough of a decrease, it will still leave the housing market cheaper than it was in the same period the previous year, so it could be time for an investment on your part.

Salt Lake City, Utah.

Yes, you read that right! Salt Lake City, which is the most populous of the state and the capital of Beehive State, is most likely going to see a plummet when it comes to the housing market!

The momentum that this city has has not changed, but the price drop has been catching up with it. It has been featured on a lot of expert lists as one of the big cities where prices are going down, and this trend seems to be following it this year.

If you have been dreaming of retiring somewhere where you will be able to make most of the ski slopes and also catch all the latest movies, know that Salt Lake City is the best location for both adventure enthusiasts and cinephiles (do not miss out on the Sundance Film Festival early in January if you move here).

Spokane-Spokane Valley, Washington.

Quite close to Salt Lake, but very far away from sunny Florida, you can also expect to see the housing market take a hit when it comes to its prices in Spokane, Washington.

Some people love being by the water (hence why Florida is so popular), but if you are a fan of the mountains and prefer something else than the snowy slopes of Utah, why not set your eyes on the Evergreen State?

The price decline is seemingly very probable (with over a 70% chance of it happening), and you can make the most of the location that Spokane Valley can offer you if you choose to relocate here.

Nestled between the Selkirk Mountains and the North Cascade Range, you will never be away from an amazing hiking trail. Not to mention, you will be able to make the most of the cultural scene of Spokane, as it is known for its numerous art, cultural, and historical exhibitions!

Palm Bay-Melbourne-Titusville, Florida.

Let’s be honest: while things have been changing and there are other states that have been competing, there is a special relationship between Florida and retirees! And we cannot blame them!

The Sunshine State may be just what the doctor ordered when it comes to moderate sun exposure and making the most of the warm weather.

What’s more, there are numerous affordable housing options for retirees, and with the predicted housing market drop, you may just be looking at a new area that could be opening up.

Not only are Melbourne and Palm Bay considered some of the most affordable places to live in Florida, but all of these locations are part of a metro area. You will be able to make the most of a bigger city and its amenities while also getting the most out of Florida.

We say this could be a match made in heaven! Keep an eye on the housing market this year, and you may end up being surprised!

If you are curious to explore and learn more about the housing market, how it has changed, and how affordability looks in the 21st century, we recommend you give this book a read!
Downsizing may not be for everyone, but with the potential housing market drop in certain parts of the country, it may be the perfect time to make the most of it! You can relocate to another state and make the situation work in your favor. If you want to see what the perks of selling your home and relocating to other parts of the country are, make sure you read this article!