Are home prices plunging yet in your city?
 

Home prices are down by more than $100,000 in Frisco, Plano and Irving, from their springtime highs, according to a city-by-city analysis. There have been significant variations in how much median home prices have fallen this year.

https://www.bizjournals.com/dallas/n...me-prices.html
(don't have full access)

Dallas-Fort Worth is now a buyer’s market for homes, index says

https://www.bizjournals.com/dallas/n...ket-knock.html
(don't have full access)

I'm not seeing "plunging" around me yet.

"softening" would be a better word.

what's most noticeable in my immediate area is that upper bracket stuff (7 figures) is both staying on the market longer, and thus witnessing more frequent price drops (or just getting de-listed as sellers re-evaluate).

i think the higher interest rate environment hits the $1.5M SFH a lot harder than the $350K condo.

I own two houses in adjacent neighborhoods. FWIW, per Zillow, one is worth $20k less than its peak in May 2022. The other is worth $5k more than May 2022.

I don't think there will be much "plunging" except in a few ridiculously overheated markets.

The economy is good, the markets have somewhat recovered and interest rates and inflation are moderating.

We own a house in Pittsburgh, havent seen house prices going down really at all yet. We bought our house for 230k in 2021, now (well a few months ago) its valued at 255k, which is insane.

Zillow says Piedmont is up 2.7% over last year, Oakland is down 0.6%

Volume of sales has definitely slowed in Chicago, but price-wise is mostly Chicago rising up the growth ranks by doing nothing except watching other cities taking the plunge.

September Info
https://www.chicagobusiness.com/resi...7-9d80881ce28f

https://finance.yahoo.com/news/fed-h...001953434.html

Plunging in my city? Not yet.

Per Redfin, South Pasadena's October 2022 home prices have risen 20.6% compared to last year: "In October 2022, South Pasadena home prices were up 20.6% compared to last year, selling for a median price of $1.7M. On average, homes in South Pasadena sell after 47 days on the market compared to 45 days last year. There were 14 homes sold in October this year, down from 17 last year."

Link: https://www.redfin.com/city/18661/CA...housing-market

My two sons bought a house in suburban South Shore Montreal and the prices are close to the pre-interest hike levels. The cost of building anything has gone up quite a bit during Covid. There shouldn't be a significant devaluation on real estate, save in certain markets. If folks are ready to dish out more money for used pick-ups, they will move on property without blinking.

:eek:
That's quite normal in CA and my triple wide went up 100k. Do other markets not have this phenomena?

Atlanta
 

Certainly not plunging in Atlanta, but home prices have backed off a bit from their peaks of a year or so ago. In my in-town neighborhood, homes in the low $800K's are now more like mid to high $700Ks. Homes that might have been in the low $500's are now high $400s, that kind of easing. Homes are staying on the market much longer too.

Austin asking prices seem much more realistic than those seen earlier in the year. I would guess prices have dropped by about 15% from the insane highs of March and April. There are more homes on the market, and the houses are staying on the market a good while longer. It is rare now to see existing homes sold pre-listing or within the first two weeks of going on MLS. Sales remain brisk. There are still a lot of cash buyers and new arrivals eager to purchase. That might begin to slacken, if a recession emerges or layoffs pile up around here.

fwiw we closed on our place in staten in feb and zillow and others ballpark estimate it to be up $40k since then.

i also read the inventory put up for sale around here, which as as 'real' america as nyc gets and given its 500k people and with all the sfh, is up 0.2% over last year as of this october and prices are up 5.3% for the island. median list is $630k and median sale is $638k. so definitely no dip and i think pretty healthy if not on fire or anything like that.

also its kind of funny as you might expect florida or something, but it seems by far most people that talk about moving or actually do move from here move nearby to nj. a nj house is always the dream beyond the dream lol.

Yeah, NYC prices did not noticeably drop as far as I can tell, including in my area of Brooklyn. Kind of surprising given the current mortgage rates to be honest. Not really sure how people can afford to finance at current rates.

NJ is always a good place to be. One can live in a respectable house, commute into the city, and get the full NYC experience without living in a shoe box and paying 5k a month. Although NJ is expensive and the property taxes are the way they are, its still a bargain considering the NYC job market and considering NYCs prices.

NJ also has a ton of jobs. A ton! High paying ones too! Your never really to far from the main action either.

^ yup, yup, yup -- so it seems to staten islanders that is for sure!


yeah we had to pay some money for a couple months to keep that golden era below 3% rate locked in until it was finalized. i have no idea how folks are doing it now with the mortgage rates way back up to more historically normal rates. likely same as us just paying most of it up front in cash if they can. :shrug:

That's cool, but remember to take all Zillow zestimates with a grain of salt.

Zillow currently claims our home's value is $235K above what we bought it for 5 years ago, which would be freaking amazing if it were true, but it's unfortunately straight-up loony toons.

I follow the local Lincoln Square market pretty closely as a hobby. I'm friends with a couple of real estate agents who work in my area. I have a pretty good handle on what 3 bed/3 bath duplex-down condos in Lincoln Square are going for right now, and while our home's value has certainly gone up over the course of the pandemic bubble, there's just no way that it's gone up anywhere close to that much. Not in a market like Chicago anyway. Zillow's zestimate is over-stating the value increase by roughly $125K.

^Highest estimate = my favorite real estate website :haha:.
For my place, Zillow is 50k more than Redfin.

Cue all the commenters from the sunbelt cities to say nothing to see here as prices are down 10+% from months ago, lol.

I've been stacking cash for the Miami crash for years.

Giddie up.

Interesting. Zillow consistently has my place low. Redfin currently about $50K higher and even that's low. I'm in a neighborhood that is rapidly transitioning and I don't think any of the national chains have a good handle on it. A smaller home a few doors down from me sold for more than either site currently has my place valued.