Home Price Forecasts: What Your Home Will Be Worth Next Year
Home prices are expected to decline in 75 of the top 100 U.S. markets over the next 12 months. Some estimates predict prices will fall by an average of 10 percent. Check out this forecast to see how much your home will be worth next year.
BY BAILEY HARRIS
There are a lot of different predictions out there about how far home prices will fall. The U.S. Treasury estimates that prices will fall another 10 to 15 percent before hitting bottom. Optimists, such as the National Association or Realtors, are predicting single-digit declines.
The Money Magazine Forecast
Money Magazine recently put out a city-by-city home price forecast as well. Using data from Fiserv Lending Solutions, First American CoreLogic, city and county assessors, and realtors, the magazine determined that U.S. home prices will fall an average of 9.7 percent.
Miami is expected to see the most lost equity. Money Magazine is predicting a 24.9 percent drop. Cities in Texas and New York are expected to fare the best.
| Metro Area | Median Home Price | Forecast May 09 (% chg) |
|---|---|---|
| Albuquerque, NM | $174,000 | -10.5% |
| Atlanta, GA | $205,000 | -2.3% |
| Baltimore, MD | $264,000 | -12.5% |
| Boston, MA | $363,000 | -10.5% |
| Chicago, IL | $279,000 | -6.8% |
| Cleveland, OH | $145,000 | -4.3% |
| Denver, CO | $254,000 | -10.8% |
| Detroit, MI | $120,000 | 8.6% |
| Edison, NJ | $358,000 | -15.8% |
| Fort Lauderdale, FL | $309,000 | -22.2% |
| Honolulu, HI | $625,000 | -16.2% |
| Houston, TX | $150,000 | 1.2% |
| Jacksonville, FL | $197,000 | -9.6% |
| Kansas City, KS | $148,000 | -0.6% |
| Las Vegas, NV | $277,000 | -18.3% |
| Los Angeles, CA | $528,000 | -16.8% |
| McAllen, Texas | $109,000 | 4.0% |
| Miami, FL | $329,000 | -24.9% |
| New Orleans, LA | $158,000 | 2.2% |
| New York City, NY | $471,000 | -13.2% |
| Philadelphia, PA | $200,000 | -11.1% |
| Phoenix, AZ | $237,000 | -18.3% |
| Portland, OR | $306,000 | -14.7% |
| Riverside, CA | $340,000 | -16.9% |
| Rochester, NY | $121,000 | 2.7% |
| Sacramento, CA | $330,000 | -8.9% |
| Salt Lake City, UT | $229,000 | -9.8% |
| San Diego, CA | $522,000 | -9.7% |
| San Francisco, CA | $840,000 | -10.1% |
| San Jose, CA | $750,000 | -12.5% |
| Seattle, WA | $430,000 | -9.0% |
| Springfield, MA | $195,000 | -9.5% |
| Stamford, CT | $562,000 | -13.9% |
| Stockton, CA | $341,000 | -16.8% |
| Syracuse, NY | $126,000 | 2.6% |
| Washington D.C. | $408,000 | -13.2% |
| Wilmington, DE | $259,000 | -10.3% |
Source: Money Magazine
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