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Housing Market Prediction 2021: The Best and Worst Cities for Home Value After Coronavirus

Housing Market Prediction 2021: The Best and Worst Cities for Home Value After Coronavirus

Should you be worried about your hometown?

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Although many states across the country are easing social distancing restrictions, COVID-19 continues to threaten lives as well as America's economic outlook. Along with causing massive unemployment and taking a huge mental health toll on many Americans, the coronavirus pandemic will also affect the housing market. According to data from software company Veros Real Estate Solutions, here are the 10 cities that will see the biggest jump in value and the 10 cities that will see market prices plummet.

The 10 strongest housing markets

The 10 strongest housing markets

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A dramatic drop in house prices in the long-term shouldn't be expected, according to Veros Real Estate Solutions. However, in the next 12 months, the company does predict that in certain cities, prices will increase much more rapidly than in other markets due to very low housing supply.

10. Eugene, Oregon

10. Eugene, Oregon

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The metropolitan area of Eugene, Oregon, known for its craft breweries and natural beauty, is expected to see a housing market appreciation rate of 4.8% between the first quarter of 2020 and the first quarter of 2021.

9. Yakima, Washington

9. Yakima, Washington

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Another idyllic town in the Pacific Northwest, Yakima, Washington has bountiful seasonal produce and wineries and gets 300 days of sunshine a year, guaranteeing some breathtaking sunsets over the nearby Cascade Mountains. Its housing market is expected to see an appreciation of 4.8% as well.

8. Longview, Washington

8. Longview, Washington

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Further west than Yakima is Longview, Washington, which is predicted to see a 4.9% increase in house prices through the beginning of 2021. Longview has a charming downtown area, including the Columbia Theatre, a historic landmark that was almost demolished.

7. Colorado Springs, Colorado

7. Colorado Springs, Colorado

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One of the hottest housing markets in the country, Colorado Springs, Colorado, will see a 4.9% increase in home prices even after the effects of the coronavirus pandemic.

6. Phoenix-Mesa-Glendale, Arizona

6. Phoenix-Mesa-Glendale, Arizona

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The housing market around the coveted warm-weather Arizona metropolitan areas of Phoenix, Mesa and Glendale is predicted to see a 5.3% increase in home prices heading into 2021.

5. Olympia, Washington

5. Olympia, Washington

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The small town of Olympia is home to the popular tourist landmark the Washington State Capitol as well as a resilient housing market that is expected to increase by 5.6% in the next year.

4. Sierra Vista, Arizona

4. Sierra Vista, Arizona

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Residents of Sierra Vista, Arizona, should be pleased with their financial future as housing prices will increase there by 5.8%.

3. Idaho Falls, Idaho

3. Idaho Falls, Idaho

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The city of Idaho Falls, Idaho, lives up to its name with the beautiful waterfalls along the River Walk as well as the nearby Upper and Lower Mesa Falls. This Idaho city is expected to see a 6.3% increase in housing prices.

2. Spokane, Washington

2. Spokane, Washington

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According to Veros Real Estate Solutions, the housing market in Spokane, Washington, had a previous appreciation average of 10.1%. Although that number has dropped, the city has one of the strongest markets in the country with an expected 6.4% price increase.

1. Boise-Nampa, Idaho

1. Boise-Nampa, Idaho

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The Idaho metro areas of Boise and Nampa are predicted to have the strongest housing market in the country heading into the first quarter of 2021, with an increase rate of 7.6%. Boise is an underrated American city but many people have caught on to its appeal.

The 10 weakest markets

The 10 weakest markets

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Veros Real Estate Solutions predicts that over the next 12 months, 10% of all markets will depreciate in home value. The weakest of those 10 will see an average drop in price of 1.3%, however, this isn't as devastating as what Americans saw during the 2008 Great Recession. Here are the housing markets that will be hit hardest.

10. New Haven, Connecticut

10. New Haven, Connecticut

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Despite being home to one of the most beautiful college campuses in America, New Haven, Connecticut, is expected to experience a 0.8% drop in home values heading into the first quarter of 2021.

9. Peoria, Illinois

9. Peoria, Illinois

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It might be one of the most beautiful lake towns in America, but Peoria, Illinois, is projected to see a 0.9% depreciation in home values.

8. Wheeling, West Virginia

8. Wheeling, West Virginia

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Wheeling, West Virginia, might be a great destination for outdoor lovers with its miles of hiking trails, but its housing market is set to take a hit. Veros Real Estate Solutions predicts a 0.9% fall in housing prices here.

7. Hartford, Connecticut

7. Hartford, Connecticut

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With plenty of natural beauty, including one of the best gardens in America in nearby West Hartford, you would think there would be more demand for housing in Connecticut's capital. Unfortunately, the city will see a 0.9% drop heading into 2021.

6. Bloomington, Illinois

6. Bloomington, Illinois

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Not to be confused with Bloomington, Minnesota, home to the massive tourist destination the Mall of America, Bloomington, Illinois, located in the central part of the state, is set to experience a 1.0% drop in housing prices.

5. Springfield, Illinois

5. Springfield, Illinois

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Multiple Illinois cities are expected to take a hit to their housing markets between now and the first quarter of 2021, including the state capital, Springfield. Despite having many attractions history buffs will love, Springfield is expected to see a negative-1.0% effect on the housing market.

4. Champaign, Illinois

4. Champaign, Illinois

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Champaign, Illinois is home to the University of Illinois at Urbana–Champaign, a college with plenty of school spirit, but the town itself might not be in high spirits — the housing market is set to fall 1.5%.

3. Bridgeport-Stamford-Norwalk, Connecticut

3. Bridgeport-Stamford-Norwalk, Connecticut

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The greater Bridgeport metro area, which includes Bridgeport, Stamford and Norwalk, Connecticut, has many beautiful parks and coastal views, however, it's a low-demand area. Its housing market is expected to fall 1.5%.

2. Chicago, Illinois

2. Chicago, Illinois

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With more than 2 million residents, Chicago is by far the largest city on this list. The Midwestern hub is a major tourist destination famous for its architectural marvels. Unfortunately, the Second City will have the second-worst home value drop in the country post-coronavirus at an estimated 2.3%.

1. Baton Rouge, Louisiana

1. Baton Rouge, Louisiana

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Another capital city will take a housing market hit heading into 2021. Baton Rouge, Louisiana, is expected to see a housing market downturn of 2.3%, the worst in the nation, after the coronavirus pandemic. Thankfully, the Pelican State is not already among the U.S. states with the highest bankruptcy rates.

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