Some of the wealthiest states will see home values drop this year

Experts believe that prices in America's housing market are about to fall over the next year, with 309 metros pinpointed. Currently, new figures from the real estate company Zillow show that national home prices are expected to go nowhere until next March, indicating the housing boom following the pandemic is coming to an end.

Out of the 894 housing markets Zillow tracks, 309 of them areset to fall in price, while it will remain flat in just 14 and rise in 572. This means more than one in three markets are already facing a drop.

Some of the worst declines are seen in parts of the Sun Belt and the Gulf Coast. Meanwhile, in Greenville, Mississippi, which has a population of 27,000, Zillow foresees the biggest price decline, with prices plunging 12.2 percent over the next year. To put that in context, this would chop $7,500 off the typical price of a Greenville home, according to Zillow's local home value of around $61,000.

Over in Louisiana's bayou and Gulf Coast country, the next steepest falls are expected to take effect. For example, in Houma, a Cajun city about an hour southwest of New Orleans, prices are set to fall 7 percent.

Additionally, property values in the city of Lake Charles, which has suffered years of hurricane damage and rebuilding, are forecast to plummet 5.6 percent, and those in the famous city of New Orleans are forecast to fall 4.4 percent.

In the Texas capital of Austin, which thrived under the so-called pandemic boom, house prices are expected to fall 4.6 percent over the next year. According to Zillow, the average Austin home is valued at about $508,500, so with an additional 4.6 percent drop, it would take over $23,000 off a typical home in the city.

Many housing markets will favor buyers over sellers

However, in Rockford, Illinois, homes are expected to rise by 4.5 percent. This city still offers homes at prices middle-class buyers can afford, and the real estate company estimates the average home value is around $177,000; therefore, a 4.5 percent gain would add a healthy $8,000 to each home.

Also set to increase by the same amount are homes in Atlantic City, New Jersey, where the average property will gain $9,700 on a typical $215,500 home. Meanwhile, over in New York, the cities of Rochester and Utica are among the top five gainers.

Source: Drudge Report