In this article, we will be covering the 20 worst performing housing markets in the US. If you wish to skip our detailed analysis, you can move directly to the 5 Worst Performing Housing Markets in the US.
What’s Happening in the US Real Estate Market?
With existing home sales reaching a 4.38 million seasonally adjusted annual rate in February, the US real estate activity has improved. As reported by the National Association of REALTORS, February witnessed an increase in existing home sales by 9.5% thereby recording the highest monthly increase since February 2023. While the sales did not change in the Northeast, the West, South, and Midwest saw a rise in sales. However, the year-over-year sales dropped across the country. As of February, 1.07 million units of housing inventory were recorded, up 10.3% year-over-year.
While the Northeast underperformed in February home sales as a result of constraints in inventory, the region performed well in home prices. According to the regional patterns related to home prices, all regions in the US experienced an increase in February. In the Northeast, the median price was recorded at $420,600 which increased by 11.5% since 2023. The Midwest registered a 6.8% year-over-year gain in median prices. At the same time, prices went up by 9.1% in the West and 4.1% in the South.
Comparison Across Local Housing Markets
As reported by the real-estate platform Realtor, the 2024 real estate market tends to move in the direction of recovery with…
