Summary
The U.S. housing market is predicted to slowly recover next year with more affordable options, according to Redfin. Areas like the New York City suburbs and the Midwest are expected to become more attractive to buyers due to lower costs and fewer natural disasters.
Key Facts
- Redfin predicts a gradual recovery in the U.S. housing market due to increased affordability.
- The recovery is expected to be slow but necessary after years of high home prices and costs.
- The New York City suburbs, Midwest, and Great Lakes regions are anticipated to see increased homebuying activity.
- Affordability and convenience are key factors driving interest in these regions.
- These regions are considered safer from natural disasters, which helps keep insurance costs lower.
- Markets that were hot during the pandemic, like Austin and Nashville, are expected to cool down.
- High insurance costs and a return to office work have reduced demand in parts of Florida and Texas.
- As demand falls and supply increases in these areas, home prices may decrease.
