10 Cities Could See Tough Housing Market in Near Future

Key Highlights

• New study by GoBankingRates looked at top 50 cities likely to see poor housing markets sooner rather than later
• Economic disruptions from pandemic differ widely across country
• Some areas seeing high demand and others seeing dramatic home value drops

GoBankingRates just released a study of the top 50 cities in the country most likely to experience poor housing markets as the COVID pandemic drags on and the economy falls deeper into recession. GoBankingRates focused on foreclosure rates and home value changes over the last 12-month and 24-month periods as its researchers developed its analysis.

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Joel Anderson, author of the GoBankingRates study, said, “Housing markets can run hot and cold, with a particular area seeing demand change over time…If you have to move for a job or your family, discovering that the housing market has gone down the tubes and you’re facing a long wait to sell at a lower price than you would like can seriously hurt your plans.”

Here are the top 10 cities that could see stormy housing markets sooner rather than later:

1. Jackson MI
   1. Hard hit housing market even prior to pandemic but with pandemic, market even worse
   2. Home prices down nearly -10% from 2 years ago, down -8.92% compared to one year ago
   3. Average home sells for $40,024
   4. High foreclosure rate could become higher with pandemic-fueled instability
2. Longview TX
   9. Home value of $155,139, drop of -9.9% compared to one year ago
   10. Foreclosure rate higher than national average
   11. Home to aging population
   12. Far from urban centers of Austin and Houston
3. Redwood City CA
   1. Home values appear to be reversing despite eye popping home price of $1,677,126
   2. Home prices fell -1.04% in one year and -5.2% in two years
   3. Victim of sky-high price growth
4. San Mateo CA
   1. Median home price +$1.5M
   2. Home values reversed over -6% in last 24 months
   3. Victim of sky-high price growth
5. Fremont CA
   1. Median home value well +$1M
   2. Home values slipped -4.79% since 2018 and -1.09% since one year ago
   3. Home price now $1,139,622
6. Laredo TX
   1. Average home price $159,321
   2. Job market badly hurting
      4. Down -4.31% since last July and -1.79% since July 2018
   3. Santa Rosa CA
      1. Average home value $608,752
      2. Serious foreclosure crisis – 1 in every 3,893 homes foreclosed
      3. Home values down -4.82% in two years
   4. Lake Charles LA
      1. Average home value $179,930
      2. Home values down -1.23% in one year and -1.74% in two years
      3. Often hit by hurricanes, natural disasters
      4. One of most likely cities to be hit hard by recession
   5. Stamford CT
      1. Average home price $579,939
      2. Home values -0.67% from last year and -1.18% two years ago
      3. Makes list of cities with poor economic outlook because housing market disproportionate with entire population as it’s weighted with high-paid tech professionals
   6. Albany GA
      1. Hasn’t yet recovered from manufacturing closures during 2008-2009 financial crisis
      2. Average home worth $88,190
      3. Home values dropped -1.38% in last year
      4. Foreclosure rate is triple national average

Thanks to GoBankingRates.

Also read: Urban Exodus & Lower Prices?, Home Prices in Arizona and Florida Expected to Drop, Podcast: 2021 Housing Market Predictions | Corelogic Home Value Report | Tim and Julie Harris