Except for Yale University and pizza, New Haven often flies below the radar. People think of it as an exurb of New York, a halfway point to Boston or the Cape, or--even worse--a decaying Northeastern post-industrial city. Now, however, we have gotten some great press.
Top Five for 2023
Redfin's spokesperson noted that real estate investment in the upcoming year should be moving away from Austin and Las Vegas. His top five for 2023? Albany, Milwaukee, Chicago, Lake County in Illinois, and New Haven! He felt that Northeast and Midwest real estate would maintain prices better than, well, pricier markets.
median value will appreciate
Also, in more good news for first-time homebuyers, he said that homes below the median value for a region would appreciate more. That's just common sense, because they have further to rise, and the percentage increase for the same dollar rise in value would be higher. However, it does help those lucky buyers, who may be following more generic real estate wisdom, which is to buy the least expensive house on the block. The principle there is the same, of course. Since younger people often have less money to spend on a house, they can take pride in the fact that what they must do is also seen as the current best thing to do.
a solid, tangible investment
While we don't know what will happen in the future, either to real estate, the job market, the inflation rate, or the political situation, we do know that real estate remains a solid, tangible investment, that can be enjoyed and used--unlike a T-bill or a stock. It's important to mention that there is no time to lose. New Haven, thanks to universities and hospitals, which traditionally hire for July 1st start dates, has an earlier peak market than other places. Usually, we have found that the City of New Haven has the most sales in March.
That means that sellers need to be getting ready to list soon, and buyers should begin their searches now. A more balanced market does not translate into so much inventory that lookers can take their time. They should be ready to pounce on a home that meets their criteria. Happily, experts now believe that they will be making an even better investment than usual!