Veros Real Estate Solutions’ (Veros®) Q3 2023 VeroFORECAST projects a 2.2% average increase in home prices over the next 12 months, indicating a steady market. The housing market faces challenges such as a shortage of available homes and high mortgage rates.
Despite these challenges, demand remains resilient, with millennials influencing the market, often receiving financial support from baby boomer parents. Smaller cities are emerging as affordable alternatives, with nine of the top-performing markets boasting median sale prices below $350,000. Rochester, NY, leads the list, with other strong performers in Ohio, North Carolina, Kansas, and New Hampshire. Major metros like San Francisco and New York, known for high living costs, are among the least-performing markets.
The report highlights the impact of remote work and a desire for a balanced lifestyle on housing choices. The methodology is based on data from 311 Metropolitan Statistical Areas, covering various geographic and economic variables.
Click here to read the full report which provides detailed insights into market trends and projections.
