PHILADELPHIA (CBS) – Pennsylvania’s two largest metropolitan areas are poised to be among the top 10 hottest major real estate markets in all of America, according to a Zillow forecast.
Among America’s 50 largest markets, Zillow projects Pittsburgh to 3rd and Philadelphia to 10th, based on company metrics. The list marks a change from recent years, when Western markets like Denver, San Francisco and San Jose were often among the hottest.
In this ranking, no city west of Dallas was in the top 10. Some Western markets already know or prediction of price drops.
In a statement announcing the ranking, Zillow said most markets are weaker as interest rates rise. But the markets that have jumped the most are now experiencing outsized weakness.
“We’ve had a very strong market over the past three years, but we haven’t had the astronomical price increases like some of the other cities that are currently experiencing price declines,” said Wendell Hoover of Iron Valley Real. Estate of Central Pennsylvania, who is also president of the Greater Harrisburg Association of Realtors.
Some markets, like San Jose in the heart of Silicon Valley, are particularly hard hit as tech companies lay off tens of thousands of workers as interest rates rise, reducing the purchasing power of buyers around the world. .
But in Pennsylvania?
“We still have multiple offer situations,” Hoover said. “Maybe not 10 offers on a property, but we can always get two or three if the price is right.”
Zillow projects that San Jose, Sacramento, Minneapolis and Denver will be the coolest major housing markets in 2023.
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