US Real Estate Market: Northeast and Midwest Regions Remain Hotspots for Price Growth



Explore the continued surge in price growth and buyer activity in the Northeast and Midwest markets, amidst a national slowdown due to increasing supply.

A recent pair of reports on home price growth and buyer activity have shed light on the current state of the US real estate market, particularly in the Northeast and Midwest regions. The findings from CoreLogic and Realtor.com indicate that while home prices are still on the rise, the rate of growth is beginning to slow down.


US Real Estate Market: Northeast and Midwest Regions Remain Hotspots for Price Growth

According to CoreLogic, the national average for single-family home prices increased by 5.5% between February 2023 and February 2024. However, as housing supply becomes more abundant, the pace of growth is expected to decrease to 3.1% over the next year. The Northeast region led the way in price growth, with states like New Jersey, Rhode Island, Maine, and Connecticut all experiencing double-digit increases. South Dakota topped the list with a 13.8% annual growth rate.

On a metro level, cities like Miami, San Diego, and Chicago saw the highest price growth over the past year. However, some markets in Florida, such as Melbourne, Daytona Beach, and Sarasota, were identified as being at risk of price drops. Additionally, cities like Denver, Houston, Las Vegas, and Phoenix were deemed to be "overvalued" by CoreLogic.

Meanwhile, Realtor.com's report focused on the cities with the most buyer interest, based on listing views and the number of days listings were active. Interestingly, all of the top 20 "hottest" housing markets were located in the Northeast or Midwest, with Ohio being the most represented state on the list.

Industry professionals and market watchers have been keeping a close eye on the US’s Midwest and Northeast regions, as they have consistently been identified as some of the US hottest housing markets. Supply and affordability are cited as key factors driving increased buyer interest in these areas.

While the rate of price growth in these hot markets continues to outpace the national average, there are signs that the market may be starting to balance out. Demand is beginning to taper off, which could lead to more moderate price growth in the future.

The US real estate market in the Northeast and Midwest regions continues to show strength, with home prices on the rise but growth rates beginning to slow down. Industry experts are optimistic about the future of these markets, as supply and affordability remain key drivers of buyer interest.

US Real Estate Market: Northeast and Midwest Regions Remain Hotspots for Price Growth

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


Dutch Home Prices to Rise 14% by End 2026; De Nederlandsche Bank Predicts No Recession

De Nederlandsche Bank forecasts a 6% increase in Dutch home prices this year, with a steady 4% rise in the next two years. No more fear of recession for the Dutch economy.

De Nederlandsche Bank forecasts a 6% increase in Dutch home prices this year, with a steady 4% rise in the next two years. No more fear of recession for the Dutch economy.

Read more

Discover Why Costa Blanca Still a Top Choice for Foreign House Buyers in Spain

Discover why ALICANTE province, particularly the Costa Blanca, remains a top destination for foreign investors looking to invest in real estate in Spain, with 44% of property transactions in 2023 carried out by non-Spaniards.

Discover why ALICANTE province, particularly the Costa Blanca, remains a top destination for foreign investors looking to invest in real estate in Spain, with 44% of property transactions in 2023 carried out by non-Spaniards.

Read more

America's Rental Market: Regions with Climbing and Falling Rents

Discover the latest data on rental market trends in America, including regions where rents are on the rise and where they are falling.

Discover the latest data on rental market trends in America, including regions where rents are on the rise and where they are falling.

Read more

Purpose-Built Rentals: The Future of Commercial Real Estate?

Discover the future of commercial real estate with purpose-built rentals as highlighted in the latest Re/Max report. Explore how landlords are shifting towards this trend for increased density and profitability.

Discover the future of commercial real estate with purpose-built rentals as highlighted in the latest Re/Max report. Explore how landlords are shifting towards this trend for increased density and profitability.

Read more

US Homeowners Experience Near-Record Highs in Home Equity Growth

Discover the latest CoreLogic report findings showing US homeowners gaining an average of $28,000 in home equity over the past year.

Discover the latest CoreLogic report findings showing US homeowners gaining an average of $28,000 in home equity over the past year.

Read more

Rare Low-Rise City Centre Homes Portfolio Hits UK Residential Real Estate Market

Explore the latest update on the UK residential real estate market with the launch of a unique portfolio of 262 single-family houses in city centres, designed for institutional ownership in the UK rental real estate market.

Explore the latest update on the UK residential real estate market with the launch of a unique portfolio of 262 single-family houses in city centres, designed for institutional ownership in the UK rental real estate market.

Read more

Rise in Landlords Investing in Semi-Commercial Real Estate

Discover why investors are flocking to semi-commercial real estate, with applications doubling in 2024. Learn more in our latest blog post.

Discover why investors are flocking to semi-commercial real estate, with applications doubling in 2024. Learn more in our latest blog post.

Read more

Nearly Half of Landlords Planning to Buy More Properties | Landbay Survey

Landbay's latest survey shows strong landlord demand, with nearly half looking to purchase more properties in the next year.

Landbay\'s latest survey shows strong landlord demand, with nearly half looking to purchase more properties in the next year.

Read more

Canada: Montreal Home Sales Increase as Prices Surge

The Montreal real estate market sees a rise in home sales, with prices on the upswing. Find out more about the latest trends in the region.

The Montreal real estate market sees a rise in home sales, with prices on the upswing. Find out more about the latest trends in the region.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.