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5 At-Risk Home Types to Avoid in 2024’s Shifting Housing Market

By Jake Beardslee · March 5, 2024

As the real estate industry continues to shift, certain types of homes may see declining property values this year. Understanding these dynamics can help both homeowners and prospective buyers make educated real estate decisions. Let's break down the five home types that experts predict will drop in value in 2024.  CHUTTERSNAP/Unsplash

Coastal Communities at Climate Risk: Higher Storms, Higher Prices

Homes located in disaster-prone coastal areas are facing increasing insurance costs and diminished demand as climate change makes these regions riskier. Without coverage or buyers, these properties' values will naturally decrease.  Brian McGowan/Unsplash

Outdated Digs Lose Their Appeal

Dated properties without renovated kitchens or energy-efficient upgrades struggle to attract buyers looking for move-in ready homes. As preferences evolve, the value gap between updated and outdated homes will only grow.  Tomoko Deguchi/Unsplash

Urban Luxury Blues

Once highly coveted for their downtown status, luxury condos are now seeing less demand as remote work takes hold. With fewer amenities to justify high prices, these properties' values will taper off.  Chalo Garcia/Unsplash

Live Near Pollution, Pay the Price

Exposure to environmental hazards like industrial air pollution or traffic lowers home desirability, hitting values in these already vulnerable neighborhoods. Health and safety concerns steer buyers elsewhere.  Aleksandr Popov/Unsplash

Too Many Oversized Homes

Baby boomers and retirees constructed sizable, lavish dream homes across the Sunbelt region over the past decades. However, these properties now have limited appeal among potential buyers, as the market's preferences have shifted away from such oversized residences in recent years.  Nick Romanov/Unsplash

In conclusion, a variety of trends are poised to impact local housing markets and individual home values in 2024. Staying informed on these types of dynamics can lead to smarter real estate investing and purchasing choices in the coming year. With careful consideration and research, homeowners and buyers alike stand to make well-informed decisions.  Maria Ziegler/Unsplash