For many, buying a home has felt like it might be out of reach due to the soaring costs of mortgages, interest rates, and insurance. But, according to Zillow, we may be looking at some significant price drops in several major cities between now and November 2024. This forecast is established by Zillow’s Home Value Index which represents the “typical home value for a region.” While there are many causes that influence the market, Zillow attributes this potential decline to the lack of demand, or willing buyers. Let’s take a look at a few cities predicted to see a decline in home value.
Las Vegas, Nevada
While Las Vegas is revered for its world-class entertainment, sunny weather, and vibrant nightlife, the city has far more to offer. Las Vegas is a cultural hub with plenty of museums and galleries, year-round festivals and diverse cuisine. You’ll also find plenty of nature and outdoor activities just outside of the city’s perimeter.
Percent drop forecasted: -1.3
Zillow’s home value as of November 2023: $405,754
Zillow’s projected home value for November 2024: $400,476
Seattle, Washington
Seattle, the tech hub, is home to some of the world’s largest and most innovative companies like Amazon, Microsoft, and Starbucks. Just beyond the walls of the city is some of the most beautiful natural scenery where residents can escape for a bike ride, hike, or fish. There is no shortage of breweries and wineries as well, making this a city where residents work hard, and play harder.
Percent drop forecasted: -1.6
Zillow’s home value as of November 2023: $698,864
Zillow’s projected home value for November 2024: $687,682
Los Angeles, California
Fine arts, eclectic dining, pristine beaches, and beautiful weather year-round, that’s what comes to mind when people think of Los Angeles. Foodies, artists, aspiring business owners, and entertainers alike flock to this city and add to its eccentric, diverse, and progressive population. Los Angeles offers a little something to everyone.
Percent drop forecasted: -2.2
Zillow’s home value as of November 2023: $903,521
Zillow’s projected home value for November 2024: $883,644
Sacramento, California
Sacramento, California’s capitol, has become a hub for healthcare, hospitality, and tourism. You’ll find a nice mixture of vibrant and bustling city life downtown and a quaint, laid-back suburbia filled with green spaces and top-ranked schools, making this a great city for just about anyone.
Percent drop forecasted: -2.4
Zillow’s home value as of November 2023: $559,123
Zillow’s projected home value for November 2024: $545,704
Portland, Oregon
Portland is an incredibly vibrant and unique city offering direct access to serene nature, plenty of outdoor recreation and a diverse cultural environment. This hip and progressive city is welcoming of all walks of life, and is particularly attractive to those looking for walkability and bike-friendly transportation, Green initiatives, fabulous food and beer, and live entertainment.
Percent drop forecasted: -2.5
Zillow’s home value as of November 2023: $531,528
Zillow’s projected home value for November 2024: $518,240
San Francisco, California
San Francisco celebrates inclusivity, diversity and art. The city’s commitment to progressive values makes for an incredibly tight-knit and warm community where residents take advantage of its beautiful views, vibrant entertainment, and ever-changing food scene.
Percent drop forecasted: -4.8
Zillow’s home value as of November 2023: $1,108,117
Zillow’s projected home value for November 2024: $1,054,927