Top 10 Cities where Home Prices will Crash in 2023 (SELL NOW!)
These are the 10 Cities where Home Prices will decline the most in 2023. Some of these cities could even be facing a 40% drop in home prices when all is said and done.
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10. NASHVILLE, TN: inventory in the Nashville Housing Market has skyrocketed over the last year as fewer pandemic homebuyers are moving in. Meanwhile, the market is 34% overvalued according to data from the Reventure App. Prices in Nashville could decline by a lot in in the coming years.
09. DALLAS, TX: inventory in the Dallas Housing Market has tripled over the last year. While the sky-high property taxes are keeping many would-be homebuyers locked out of the market. I expect DFW home prices to decline by 20-30% over the next several years.
08. SAN FRANCISCO, CA: home prices in the Bay Area Housing Market are already down 15% YoY. And they could decline further in coming months due to the collapse of the tech sector. Companies such as Meta, Google, and DocuSign are doing big layoffs.
07. BOISE, ID: Boise benefitted from tech remote workers moving in during the pandemic. But now those remote workers are getting laid off and called back into the office. Creating a big pileup of inventory and declining home prices.
06. TAMPA, FL: remote buyers were a big reason Tampa’s Housing Market spiked during the pandemic. But the locals in Tampa only earn about $64k per year. Meaning that today’s Housing Bubble in Tampa is not sustainable. Prices could decline by 20-30%.
05. JACKSONVILLE, FL: this is a real estate market that investors love. But now that rents are going down, investors are bailing on Jacksonville. Which is resulting in a surge in sellers cutting the price. This Housing Market is 30% overvalued based on the historical relationship of home prices to median income.
04. PHOENIX, AZ: Phoenix is a very boom/bust Housing Market. And the bust has started. Prices are already down 10% from peak and could decline another 25% based on how overvalued the prices still are today. Especially at Mortgage Rates north of 6%.
03. SALT LAKE CITY, UT: Utah is a Housing Market exposed to layoffs, lots of home building, and where the house prices grew way above local incomes in the last several years. That’s a recipe for a big Housing Crash. One that has already started in cities like Salt Lake City and Provo.
02. LAS VEGAS, NV: Las Vegas is an economy and housing market based off tourism and and investor demand. Not a great combination for an imminent recession. These risk factors have already caused inventory in Las Vegas to explode while prices are already down 10%. They could go down another 25%.
01. AUSTIN, TX: what a reversal of fortunes. Just a year ago Austin’s Housing Market was deemed as “untouchable” and the fastest growing in America. Now it’s mired in the first year of what will likely be a multi-year housing downturn that sees prices decline by as much as 40% in total. High property taxes, layoffs, lots of homebuilding – Austin has all the headwinds one would expect for a crashing Housing Market.
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