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December 30, 2022

RE expert’s advice for 2023: Invest in New Haven, not Austin

PHOTO | ANDY DEAN PHOTOGRAPHY, SHUTTERSTOCK.COM
By Liese Klein

An expert on national real estate trends offered Fox Business readers some advice this week: Move to New Haven ‒ not Austin or Las Vegas ‒ in the new year.

Daryl Fairweather, chief economist at online brokerage Redfin, singled out five locations nationwide as home to the best housing investments for 2023: New Haven, Lake County, Ill.;  Albany, N.Y., Milwaukee and Chicago.

Real estate investments in the Midwest and the Northeast are more likely to retain their value in 2023, the economist said. Buyers who want to hedge their bets should look for homes priced below the median for the market, she added.

Homes in balmy locales like Austin, Phoenix and Las Vegas are likely to decline in value in the coming year as the real estate market cools, according to Fairweather. 

“If you want to avoid a situation where you buy a home, and then it goes down in value over the next couple of months, I would avoid the Sun Belt,” Fairweather said.  

Contact Liese Klein at lklein@newhavenbiz.com.

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