MIDWEST may take center stage in the real estate market in 2023 according to:?

The “Zoom towns” — cities that attracted many pandemic buyers who had shifted to

remote work and were looking for more affordable housing — are the metros most likely

to see home prices fall significantly, a trend that has already started this year. However,

there will be markets, particularly in the South and Midwest, that remain very much in

demand and could see home prices increasing throughout the year.?

Having available houses to choose from is another key component of a healthy market,

and the Midwest stands out – inventory isn’t in a massive hole compared to pre-pandemic

times, and declines in new listings are smaller than the national average, encouraged by

the more consistent demand from buyers.?

The Midwest could be 2023's hottest housing market because it's affordable, one Zillow

economist said. Buyers who are expecting a big equity gain within a few years may be

disappointed, but those who simply want to own a home and are ready and willing will

find that they have options across the midwestern US.?

Data from Redfin suggests that many homebuyers are already starting to look for a more

affordable market to buy in. More than 24% of homebuyers were looking to buy in a metro

area outside of where they lived during the third quarter of 2022, up from 19% during Q3

2019.?

Zillow economists predict that consumers will have to continue shifting along with the

market as housing costs remain high and that new markets — such as the affordable

Midwest — will emerge as new hotspots as Americans seek to make their dollars go

further. And more Americans will become first-time landlords as the demand for rentals

grows stronger than the demand for mortgages in some markets.?