Olde Hornet
Well-Known Member
These top 5 housing markets are expected to crash first — do you live in one of these fast-growing cities?
The hardest hit areas might not be the ones you expect.
finance.yahoo.com
Austin, Texas
According to Consumer Affairs’ poll, of the 50 most populated cities in the country, 33% of survey respondents believe Austin will be the first American market to crash.As of 2021, the city’s population was 964,177, with a median resident age of about 34 years old. The estimated pre-pandemic household income was $46,217, and per capita income was estimated at $54,414.
The median home price on listings in Austin for July was $650,000 at $364 per square foot, up 18.2% year over year. But homes have been selling at nearly double that amount, with the median home sale price at $1.3 million, with homes being picked up after a median 41 days on the market.
A 15% drop in home prices would lower the median listing price to $552,500 — a drop of $97,500.
Atlanta
Atlanta takes the runner-up prize for the most likely city to see a housing crash, with 26% of respondents expecting its prices to fall shortly.Georgia’s State Capitol was home to 496,461 people as of 2021, with a median resident age of 33 years old. The estimated pre-pandemic household income was $66,657, and median household income as of 2020 was $64,179.
As of July, the median listing home price in Atlanta was $435,000 at $267 per square foot, up 8.7% year-over-year. The median home sold price was $395,000, with homes selling after a median 40 days on the market.
A 15% drop in home prices would lower the median listing price to $369,750 — a drop of $65,250.