{"id":689209,"date":"2022-09-27T08:33:12","date_gmt":"2022-09-27T12:33:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/affordable-midwest-and-east-coast-markets-are-holding-up-best-as-the-u-s-housing-market-cools\/"},"modified":"2022-09-27T08:33:12","modified_gmt":"2022-09-27T12:33:12","slug":"affordable-midwest-and-east-coast-markets-are-holding-up-best-as-the-u-s-housing-market-cools","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/affordable-midwest-and-east-coast-markets-are-holding-up-best-as-the-u-s-housing-market-cools\/","title":{"rendered":"Affordable Midwest and East Coast Markets Are Holding Up Best as the U.S. Housing Market Cools"},"content":{"rendered":"

<\/p>\n

Affordable Midwest and East Coast Markets Are Holding Up Best as the U.S. Housing Market Cools<\/b><\/p>\n

Redfin reports Chicago, Albany and Milwaukee are among the housing markets holding up better than others as the U.S. faces high mortgage rates and an uncertain economy<\/i><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\n(NASDAQ: RDFN) \u2014 Housing markets in relatively affordable Midwest and East Coast metro areas are holding up better than anywhere else in the country, according to a new report<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage.\n<\/p>\n

\nLake County, IL\u2014located about 45 miles north of Chicago\u2014is holding up better than any other metro in this analysis. It\u2019s followed by Albany, NY and Chicago. Rounding out the top 10 are New Haven, CT; Milwaukee; New Brunswick, NJ; Elgin, IL; Bridgeport, CT; Pittsburgh and El Paso, TX.\n<\/p>\n

\nNine of the 10 housing markets holding up best are located either in the Midwest or on the East Coast. The typical home in eight of the 10 markets costs less than the national median sale price of $407,000; New Brunswick ($480,000) and Bridgeport ($590,000) are the exceptions.\n<\/p>\n

\n\u201cHomes in places like Chicago and Milwaukee certainly got more expensive during the pandemic homebuying boom, but they\u2019re still affordable compared with the rest of the country,\u201d said Redfin Senior Economist Sheharyar Bokhari. \u201cThey\u2019re slow to feel the impacts of economic headwinds like inflation and the Fed raising interest rates because the relatively affordable home prices make them attractive to house hunters seeking deals, and homes are already priced low enough that there\u2019s not much room to fall. These markets don\u2019t have much volatility.\u201d\n<\/p>\n

\nThe lower the home price, the lower the dollar impact on monthly mortgage payments. With today\u2019s 6% mortgage rates, the typical monthly payment on a $310,000 home\u2014Chicago\u2019s median sale price\u2014is $2,000. That\u2019s up from about $1,600 with the 3% rates common at the beginning of the year\u2014a sizeable increase, but smaller than the $1,100 monthly-payment uptick on the typical home in Seattle, where the housing market is cooling quicker than any other U.S. metro.\n<\/p>\n

\nOn the other end of the spectrum, almost all of the housing markets cooling fastest<\/i> are West Coast metros that have long been expensive or pandemic migration hotspots that went from affordable to not-so-affordable over the last two years.\n<\/p>\n

In places like Illinois and upstate New York, homebuyer demand is almost as strong as earlier in the year<\/b><\/p>\n

\nMeasures of homebuyer demand and competition are nearly as strong as they were in the beginning of the year in the housing markets cooling slowest.\n<\/p>\n

\nIn Lake County, where the typical home sells for about $315,000, about 36% fewer homes sold within two weeks in August than a year earlier, similar to the 43% year-over-year decline in February. The median price per square foot was up 9% from a year earlier in August, smaller than the 16% annual gain in February but still significant. Those numbers indicate that homebuyers are in a similar position as they were earlier in the year, with homes selling at a similar pace and prices holding relatively steady.\n<\/p>\n

\nIn neighboring Chicago, roughly 40% fewer homes sold within two weeks in August than a year earlier, about the same as the year-over-year decline in February. And there were about 6% fewer price drops in August than a year earlier, with 23% of home sellers dropping their price in August, down from 29% a year earlier. That\u2019s similar to the 7% year-over-year decline in February (8% of sellers dropped their price that month, down from 15% a year earlier).\n<\/p>\n

\n\u201cThere are still plenty of buyers looking for homes; many of them are people who didn\u2019t stand a chance in last year\u2019s competitive market but are relieved to see lower prices and fewer bidding wars,\u201d said Chicago Redfin agent Ashley Arzer. \u201cThey\u2019re willing to purchase a home despite rising rates because they finally have a window of opportunity to get an offer accepted. There are also a fair amount of sellers who want to list their home before a potential economic downturn.\u201d\n<\/p>\n

\n\u201cStill, deals are more likely to fall through than last year,\u201d Arzer continued. \u201cSome sellers expect to sell their home for the same price that their neighbor got in the spring, and they may not accept lower offers. And buyers are more willing to walk away if they run into a problem during the inspection period because their financial commitment is bigger due to high rates.\u201d\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

U.S. Housing Markets Cooling Slowest, August 2022<\/b><\/p>\n

The rankings in this report are based on changes in year-over-year housing-market stats from February 2022 to August 2022. The markets ranked here are those that cooled slowest during that time period.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

Rank<\/b><\/p>\n<\/td>\n

\n

U.S. metro
\n
Area<\/b><\/p>\n<\/td>\n

\n

Median
\n
sale price<\/b><\/p>\n<\/td>\n

\n

Change in
\n
PPSF, YoY<\/b><\/p>\n<\/td>\n

\n

Change in<\/b><\/p>\n

inventory, YoY<\/b><\/p>\n<\/td>\n

\n

Change in
\n
price drops, YoY<\/b><\/p>\n<\/td>\n

\n

Change in
\n
pending sales, YoY<\/b><\/p>\n<\/td>\n

\n

Change in
\n
sale-to-list ratio, YoY<\/b><\/p>\n<\/td>\n

\n

Change in
\n
share of homes
\n
off market in two weeks, YoY<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n1\n<\/p>\n<\/td>\n

\n

\nLake County, IL\n<\/p>\n<\/td>\n

\n

\n$315,000\n<\/p>\n<\/td>\n

\n

\n-6.8 pts.\n<\/p>\n<\/td>\n

\n

\n-29.7 pts.\n<\/p>\n<\/td>\n

\n

\n-3.3 pts.\n<\/p>\n<\/td>\n

\n

\n30.8 pts.\n<\/p>\n<\/td>\n

\n

\n-0.8 pts.\n<\/p>\n<\/td>\n

\n

\n6.8 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n2\n<\/p>\n<\/td>\n

\n

\nAlbany, NY\n<\/p>\n<\/td>\n

\n

\n$305,000\n<\/p>\n<\/td>\n

\n

\n16.3 pts.\n<\/p>\n<\/td>\n

\n

\n0 pts.\n<\/p>\n<\/td>\n

\n

\n4.6 pts.\n<\/p>\n<\/td>\n

\n

\n5.3 pts.\n<\/p>\n<\/td>\n

\n

\n-1.1 pts.\n<\/p>\n<\/td>\n

\n

\n-5.3 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n3\n<\/p>\n<\/td>\n

\n

\nChicago, IL\n<\/p>\n<\/td>\n

\n

\n$310,000\n<\/p>\n<\/td>\n

\n

\n-6.2 pts.\n<\/p>\n<\/td>\n

\n

\n-28.6 pts.\n<\/p>\n<\/td>\n

\n

\n1.2 pts.\n<\/p>\n<\/td>\n

\n

\n33.4 pts.\n<\/p>\n<\/td>\n

\n

\n-1.3 pts.\n<\/p>\n<\/td>\n

\n

\n-1.9 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n4\n<\/p>\n<\/td>\n

\n

\nNew Haven, CT\n<\/p>\n<\/td>\n

\n

\n$320,000\n<\/p>\n<\/td>\n

\n

\n-2.2 pts.\n<\/p>\n<\/td>\n

\n

\n0.7 pts.\n<\/p>\n<\/td>\n

\n

\n3.5 pts.\n<\/p>\n<\/td>\n

\n

\n0.3 pts.\n<\/p>\n<\/td>\n

\n

\n-1.1 pts.\n<\/p>\n<\/td>\n

\n

\n-7.2 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n5\n<\/p>\n<\/td>\n

\n

\nMilwaukee, WI\n<\/p>\n<\/td>\n

\n

\n$289,900\n<\/p>\n<\/td>\n

\n

\n-2.5 pts.\n<\/p>\n<\/td>\n

\n

\n-30.3 pts.\n<\/p>\n<\/td>\n

\n

\n-8.3 pts.\n<\/p>\n<\/td>\n

\n

\n-21.2 pts.\n<\/p>\n<\/td>\n

\n

\n-1.1 pts.\n<\/p>\n<\/td>\n

\n

\n0.8 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n6 (tie)\n<\/p>\n<\/td>\n

\n

\nNew Brunswick, NJ\n<\/p>\n<\/td>\n

\n

\n$479,750\n<\/p>\n<\/td>\n

\n

\n-2.9 pts.\n<\/p>\n<\/td>\n

\n

\n-9.4 pts.\n<\/p>\n<\/td>\n

\n

\n5 pts.\n<\/p>\n<\/td>\n

\n

\n4.7 pts.\n<\/p>\n<\/td>\n

\n

\n-2.3 pts.\n<\/p>\n<\/td>\n

\n

\n-1.6 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n6 (tie)\n<\/p>\n<\/td>\n

\n

\nElgin, IL\n<\/p>\n<\/td>\n

\n

\n$309,950\n<\/p>\n<\/td>\n

\n

\n-3.9 pts.\n<\/p>\n<\/td>\n

\n

\n-55.4 pts.\n<\/p>\n<\/td>\n

\n

\n3.8 pts.\n<\/p>\n<\/td>\n

\n

\n28.9 pts.\n<\/p>\n<\/td>\n

\n

\n-2.3 pts.\n<\/p>\n<\/td>\n

\n

\n-7.9 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n8\n<\/p>\n<\/td>\n

\n

\nBridgeport, CT\n<\/p>\n<\/td>\n

\n

\n$590,000\n<\/p>\n<\/td>\n

\n

\n7 pts.\n<\/p>\n<\/td>\n

\n

\n3.3 pts.\n<\/p>\n<\/td>\n

\n

\n5.5 pts.\n<\/p>\n<\/td>\n

\n

\n-9.5 pts.\n<\/p>\n<\/td>\n

\n

\n-0.5 pts.\n<\/p>\n<\/td>\n

\n

\n-10.3 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n9\n<\/p>\n<\/td>\n

\n

\nPittsburgh, PA\n<\/p>\n<\/td>\n

\n

\n$225,250\n<\/p>\n<\/td>\n

\n

\n-0.3 pts.\n<\/p>\n<\/td>\n

\n

\n-4.9 pts.\n<\/p>\n<\/td>\n

\n

\n3.7 pts.\n<\/p>\n<\/td>\n

\n

\n-26.2 pts.\n<\/p>\n<\/td>\n

\n

\n-1.3 pts.\n<\/p>\n<\/td>\n

\n

\n2.4 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n10\n<\/p>\n<\/td>\n

\n

\nEl Paso, TX\n<\/p>\n<\/td>\n

\n

\n$240,000\n<\/p>\n<\/td>\n

\n

\n-0.6 pts.\n<\/p>\n<\/td>\n

\n

\n32.9 pts.\n<\/p>\n<\/td>\n

\n

\n7.7 pts.\n<\/p>\n<\/td>\n

\n

\n10.9 pts.\n<\/p>\n<\/td>\n

\n

\n-1.4 pts.\n<\/p>\n<\/td>\n

\n

\n-4.6 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n11\n<\/p>\n<\/td>\n

\n

\nRochester, NY\n<\/p>\n<\/td>\n

\n

\n$215,000\n<\/p>\n<\/td>\n

\n

\n-2.6 pts.\n<\/p>\n<\/td>\n

\n

\n-0.7 pts.\n<\/p>\n<\/td>\n

\n

\n5.7 pts.\n<\/p>\n<\/td>\n

\n

\n-11.9 pts.\n<\/p>\n<\/td>\n

\n

\n-2 pts.\n<\/p>\n<\/td>\n

\n

\n0.4 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n12 (tie)\n<\/p>\n<\/td>\n

\n

\nDetroit, MI\n<\/p>\n<\/td>\n

\n

\n$188,000\n<\/p>\n<\/td>\n

\n

\n-2.4 pts.\n<\/p>\n<\/td>\n

\n

\n-2.4 pts.\n<\/p>\n<\/td>\n

\n

\n6.7 pts.\n<\/p>\n<\/td>\n

\n

\n5.2 pts.\n<\/p>\n<\/td>\n

\n

\n-2.2 pts.\n<\/p>\n<\/td>\n

\n

\n-13 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n12 (tie)\n<\/p>\n<\/td>\n

\n

\nNewark, NJ\n<\/p>\n<\/td>\n

\n

\n$526,635\n<\/p>\n<\/td>\n

\n

\n1.9 pts.\n<\/p>\n<\/td>\n

\n

\n4.8 pts.\n<\/p>\n<\/td>\n

\n

\n1.6 pts.\n<\/p>\n<\/td>\n

\n

\n-16.5 pts.\n<\/p>\n<\/td>\n

\n

\n-0.9 pts.\n<\/p>\n<\/td>\n

\n

\n-13.2 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n12 (tie)\n<\/p>\n<\/td>\n

\n

\nCincinnati, OH\n<\/p>\n<\/td>\n

\n

\n$260,600\n<\/p>\n<\/td>\n

\n

\n-1.8 pts.\n<\/p>\n<\/td>\n

\n

\n-0.9 pts.\n<\/p>\n<\/td>\n

\n

\n6 pts.\n<\/p>\n<\/td>\n

\n

\n-12 pts.\n<\/p>\n<\/td>\n

\n

\n-2.3 pts.\n<\/p>\n<\/td>\n

\n

\n-3.1 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n15\n<\/p>\n<\/td>\n

\n

\nCamden, NJ\n<\/p>\n<\/td>\n

\n

\n$305,000\n<\/p>\n<\/td>\n

\n

\n-5.4 pts.\n<\/p>\n<\/td>\n

\n

\n-7.3 pts.\n<\/p>\n<\/td>\n

\n

\n11.3 pts.\n<\/p>\n<\/td>\n

\n

\n-4.3 pts.\n<\/p>\n<\/td>\n

\n

\n-1.4 pts.\n<\/p>\n<\/td>\n

\n

\n-5.8 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n16\n<\/p>\n<\/td>\n

\n

\nAkron, OH\n<\/p>\n<\/td>\n

\n

\n$210,000\n<\/p>\n<\/td>\n

\n

\n1.2 pts.\n<\/p>\n<\/td>\n

\n

\n-5.3 pts.\n<\/p>\n<\/td>\n

\n

\n11.2 pts.\n<\/p>\n<\/td>\n

\n

\n-1.4 pts.\n<\/p>\n<\/td>\n

\n

\n-2.3 pts.\n<\/p>\n<\/td>\n

\n

\n-10.4 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n17\n<\/p>\n<\/td>\n

\n

\nBaltimore, MD\n<\/p>\n<\/td>\n

\n

\n$365,000\n<\/p>\n<\/td>\n

\n

\n-3.3 pts.\n<\/p>\n<\/td>\n

\n

\n-10.3 pts.\n<\/p>\n<\/td>\n

\n

\n6.2 pts.\n<\/p>\n<\/td>\n

\n

\n-17.4 pts.\n<\/p>\n<\/td>\n

\n

\n-1.3 pts.\n<\/p>\n<\/td>\n

\n

\n-9.3 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n18\n<\/p>\n<\/td>\n

\n

\nHartford, CT\n<\/p>\n<\/td>\n

\n

\n$310,000\n<\/p>\n<\/td>\n

\n

\n-3.9 pts.\n<\/p>\n<\/td>\n

\n

\n-1 pts.\n<\/p>\n<\/td>\n

\n

\n3.9 pts.\n<\/p>\n<\/td>\n

\n

\n-17.6 pts.\n<\/p>\n<\/td>\n

\n

\n-1.6 pts.\n<\/p>\n<\/td>\n

\n

\n-7.2 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n19\n<\/p>\n<\/td>\n

\n

\nVirginia Beach, VA\n<\/p>\n<\/td>\n

\n

\n$312,559\n<\/p>\n<\/td>\n

\n

\n-2.7 pts.\n<\/p>\n<\/td>\n

\n

\n3.3 pts.\n<\/p>\n<\/td>\n

\n

\n-3.1 pts.\n<\/p>\n<\/td>\n

\n

\n-18.2 pts.\n<\/p>\n<\/td>\n

\n

\n-1.9 pts.\n<\/p>\n<\/td>\n

\n

\n-9.3 pts.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n20\n<\/p>\n<\/td>\n

\n

\nBuffalo, NY\n<\/p>\n<\/td>\n

\n

\n$240,000\n<\/p>\n<\/td>\n

\n

\n-8 pts.\n<\/p>\n<\/td>\n

\n

\n3.6 pts.\n<\/p>\n<\/td>\n

\n

\n8 pts.\n<\/p>\n<\/td>\n

\n

\n5.4 pts.\n<\/p>\n<\/td>\n

\n

\n-2 pts.\n<\/p>\n<\/td>\n

\n

\n-3.4 pts.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nTo view the full report, including methodology, please visit: https:\/\/www.redfin.com\/news\/housing-markets-holding-up-best-2022<\/a><\/p>\n

About Redfin<\/b><\/p>\n

\nRedfin (www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.\n<\/p>\n

\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a>. To view Redfin’s press center, click here<\/a>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20220927005422\/en\/<\/a><\/span><\/p>\n

Redfin Journalist Services:
\n<\/b>
Ally Braun, 206-588-6863
\n
press@redfin.com<\/a><\/p>\n

KEYWORDS:<\/b> Washington United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Residential Building & Real Estate Banking Construction & Property Professional Services Women Public Relations\/Investor Relations Communications Men Family Fintech Consumer<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Affordable Midwest and East Coast Markets Are Holding Up Best as the U.S. Housing Market Cools Redfin reports Chicago, Albany and Milwaukee are among the housing markets holding up better than others as the U.S. faces high mortgage rates and an uncertain economy SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 Housing markets in relatively affordable Midwest and East Coast metro areas are holding up better than anywhere else in the country, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Lake County, IL\u2014located about 45 miles north of Chicago\u2014is holding up better than any other metro in this analysis. It\u2019s followed by Albany, NY and Chicago. Rounding out the top 10 are New Haven, CT; Milwaukee; New Brunswick, … <\/p>\n

Continue reading “Affordable Midwest and East Coast Markets Are Holding Up Best as the U.S. Housing Market Cools”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-689209","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nAffordable Midwest and East Coast Markets Are Holding Up Best as the U.S. Housing Market Cools - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/affordable-midwest-and-east-coast-markets-are-holding-up-best-as-the-u-s-housing-market-cools\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Affordable Midwest and East Coast Markets Are Holding Up Best as the U.S. Housing Market Cools - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Affordable Midwest and East Coast Markets Are Holding Up Best as the U.S. Housing Market Cools Redfin reports Chicago, Albany and Milwaukee are among the housing markets holding up better than others as the U.S. faces high mortgage rates and an uncertain economy SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 Housing markets in relatively affordable Midwest and East Coast metro areas are holding up better than anywhere else in the country, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Lake County, IL\u2014located about 45 miles north of Chicago\u2014is holding up better than any other metro in this analysis. It\u2019s followed by Albany, NY and Chicago. 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Lake County, IL\u2014located about 45 miles north of Chicago\u2014is holding up better than any other metro in this analysis. It\u2019s followed by Albany, NY and Chicago. 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