When buying a home — be it to live in or to rent out to generate passive income — it’s important to know your local housing market conditions. Is it strong, stable and growing? Are mortgage rates decent? Or is it in an irreversible slump?
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GOBankingRates determined the 50 worst housing markets in the U.S. for growth. To do this, we looked at the 200 largest metro statistical areas (MSAs) according to the real estate market and found the one-year percentage change in home value, the two-year percentage change in home value, the mean days from pending to close, the share of listings with a price cut and the mean price cut.
Here are some key findings:
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Austin ranks as the worst housing market in America. Most notably, two-year home values have dropped nearly 18%.
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The second-worst housing market for growth is New Orleans.
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Other Texas markets are also struggling, including, but not limited to, Longview, Laredo and Dallas.
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Five of the 10 worst housing markets are in Florida. Among these are North Port, Cape Coral and Crestview.
Read on for details on the 50 U.S. housing markets that are the worst for growth.
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June 2024 home value: $844,402
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One-year home value change (percentage): 6%
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Two-year home value change (percentage): 1.6%
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Mean price cut:…
