What’s in The Shaker today:

• Home Prices Rise Amid Rate Drop 📈

• Rust Belt Cities Heat Up in 2024 🔥

• West Village: NYC's Priciest 💰

• Vermont: The New Mover's Haven 👀

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Home Prices Rise Amid Rate Drop 🏴‍☠️

U.S. home prices have surged by 5.2% year-over-year in November, driven by falling mortgage rates and a persistent shortage in housing supply, highlighting the ongoing affordability crunch in the housing market.

• CoreLogic data shows a 5.2% increase in home prices nationwide, with a further 2.5% rise expected over the next 12 months.

• The average 30-year fixed-rate mortgage has decreased from 7.9% to 6.6%, boosting demand and contributing to higher house prices.

• The U.S. faces a significant housing shortage, estimated to be between 1.5 million and 5.5 million homes, exacerbating the price increase.

Rust Belt Cities Heat Up in 2024 🔥

Zillow's 2024 forecast shines a spotlight on the Rust Belt, predicting that cities like Buffalo, Cincinnati, and Cleveland will be among the hottest housing markets, marking a shift from coastal dominance to heartland appeal.

• The Rust Belt's resurgence is driven by affordability, with these areas outshining the rest of the U.S. in the housing market.

• Columbus, Indianapolis, Providence, Atlanta, Charlotte, Orlando, and Tampa also top Zillow's list, while New Orleans, San Antonio, Denver, Houston, and Minneapolis lag behind.

• Texas markets, once real estate hotspots, are expected to cool down, with Dallas, Austin, Houston, and San Antonio slipping in rankings due to increased inventory and still-high home prices.

West Village: NYC's Priciest 💰

The West Village in New York City has emerged as the city's most expensive neighborhood in terms of residential real estate, with a median price per square foot of $2,366.

• The 10014 ZIP Code of the West Village boasts the highest median price per square foot in NYC, reflecting the area's old New York charm and high demand.

• The neighborhood's high cost is partly due to its location in a historic district, limiting new construction and keeping housing supply low.

• The strict oversight by the Landmarks Preservation Commission on demolition and new construction contributes to the scarcity and exclusivity of properties in this area.

Vermont: The New Mover's Haven 👀

Vermont has become the most sought-after state for movers in 2023, marking the third consecutive year it's topped the list, with its natural landscape and sense of security drawing people in.

• United Van Lines' National Movers Study shows 65% of inbound movers to Vermont, driven by desires for family proximity and lifestyle changes.

• Vermont's appeal includes its ranking as one of the safest states in the U.S., with low violent and property crime rates, and its small-town charm fostering close-knit communities.

• The state's lower population density, combined with the rise of remote work, makes it an attractive destination for those seeking a relaxed environment away from urban centers.

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