Source: Business Wire —
SEATTLE–(BUSINESS WIRE)–(NASDAQ: RDFN) — 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—located about 45 miles north of Chicago—is holding up better than any other metro in this analysis. It’s 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.
Nine 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.
“Homes in places like Chicago and Milwaukee certainly got more expensive during the pandemic homebuying boom, but they’re still affordable compared with the rest of the country,” said Redfin Senior Economist Sheharyar Bokhari. “They’re 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’s not much room to fall. These markets don’t have much volatility.”
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