Areas with extremely low inventory and sky-high price growth are risky places to buy in the 2022 Housing Market. Low inventory means it is difficult for you as a buyer to find a house that you like. Meanwhile, sky-high inflation-adjusted prices mean you’re likely overpaying based on intrinsic value.
Realtor.com Inventory Data: https://www.realtor.com/research/data/
Zillow Home Value Data: https://www.zillow.com/research/data/
During the pandemic there was a big exodus from big cities such as New York, Washington DC, Boston, and San Francisco into the suburbs. For instance, inventory levels in Manhattan are up significantly since 2019 while they’re way down in Long Island and Northern New Jersey.
But how long will this trend continue to last? Especially now that the pandemic could be turning into an endemic and that interest rates are rising. Are some of the suburban and rural Housing Markets that did so well in 2020-21 poised to do poorly in 2022-23?
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