Source: Yahoo! Finance —
The housing market has been running red hot in recent years as more Americans buy homes while the supply has decreased.
But there are some signs that the housing market is finally starting to cool down in some areas. In fact, housing demand is showing signs of cratering in some cities in the U.S.
So whether you want to buy your first home or are interested in becoming a real estate developer, here are the top 10 cities you may want to consider as demand declines, according to real estate website Zillow.
1. North Port-Sarasota, Florida
Located on the Gulf Coast, North Port and Sarasota may be good destinations for retirees who want to live somewhere warmer. And a 50.1% annual decline in demand may make the area more appealing to potential homebuyers. Many other cities in Florida continue to see rising costs in housing.
2. Austin, Texas
Austin may be considered a cool town in Texas, but the local housing market is entering a cooling-off period lately. From October 2021 to 2022, Austin saw a demand decrease of 52.7%, with 694 homes sold versus 1,167 sold in October 2021. A home spent a median of 53 days on the market, which is the highest number of days sitting for sale in more than five years, according to real estate site Redfin.
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