Posted 3/8/2024, 8:08:00 PM
Real Estate Prices Drop in Formerly Hot Markets As Supply Rises and Tech Industry Shifts
- Prices fell most in Miami (-8.2%) due to influx of buyers from NY and CA over past few years leading to overinflated prices
- Affordable Midwest cities like Oklahoma City, Cincinnati, and Kansas City saw declines due to more affordable listings hitting the market
- Expensive West Coast cities like San Jose (-2.3%) and San Francisco (-1.3%) declined due to tech industry layoffs and shifts
- Insurance costs and post-Surfside condo collapse factors reduced prices in coastal Miami
- Supply rising faster than demand levels in these markets, giving buyers more negotiating power