National averages are standard fare for housing market analysis, but the market-level data show widely varying conditions that can’t be captured in overall numbers.
To illustrate Redfin’s expectations for the 2015 housing market, we decided to get a bit more local, and have a little fun. In the infographic below, Redfin identifies six different housing personas that we think will characterize the market this year.
In other words, here’s what we think the housing market will look like in 2015:
Stalwarts: Strong economies, lots of millennial buyers, yet still affordable. Chicago, Houston and Dallas fall into this category.
Topping Out: Sky-high prices that will peak, and even dip into negative territory. Extreme wealth, unaffordable. San Francisco, San Jose and Washington, DC are topping out.
Tech Magnets: Tech-driven economies, young wealth; getting more expensive, and growth limited by zoning or geography. These include Boston, Seattle and Denver.
Comeback Kids: Markets hit hard by the financial crisis that will see a pickup in sales in 2015. Redfin named Miami, Atlanta and Orlando to this list.
Sleepers: Not in the news much, but mid-priced cities with good economies and job opportunities. Think Baltimore, Philadelphia and Raleigh.
Down but not Out: Hit hardest by housing crisis, fewer jobs, still working through foreclosures. Las Vegas, Phoenix and Tampa are labeled as such.
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