If you could predict the real estate market, you would be the richest person on planet earth. The same would also be true if you could predict what the stock market is going to do.
Here’s the truth, no human being will ever be able to predict the real estate market. Ever. So how do we know where the prices of real estate are dropping? For starters, we need to wait for the data to start coming in to have an educated guess as to where prices are dropping.
I’m sure you’re well aware of how hot the real estate market has been for nearly two years. This is especially true if you have been in the market to buy a home/sell your home.
This red hot market has been a country wide phenomenon. So where exactly are real estate prices dropping currently?
From the research that I did, Florida appeared to have the most locations where prices were dropping out of the top 50 locations with the biggest drops. With that said, states including Maryland and south of Maryland, seemed to be the states with the most locations of falling real estate prices.
Illinois had a few in the midwest, and then out west had a few. But the south is where real estate price drops are the most visible.
Interestingly enough, the northeast only had a few locations that fit the bill for this question and Connecticut had them all. Cities such as Bridgeport CT, Stamford CT, and Waterbury CT.
Prices are dropping…in some locations more than others.
Is this the case for your area? Are you seeing real estate prices drop in your area? Make sure you keep an eye on this, especially if you’re selling or buying anytime soon.