- Home prices are dropping in some of America’s most popular cities.
- Metros in Florida, Texas, and other states are seeing prices fall by as much as 12%, per Realtor.com.
- Demand is easing in some cities that saw a surge in demand during the pandemic.
Home prices are tumbling in a handful of pandemic boomtowns, thanks to a buildup of inventory that’s beginning to exceed the level of demand.
Home prices have dropped as much as 12% in metros throughout the US, according to data from Realtor.com. That’s a steeper decline compared to the rest of the country, with the national median home price falling just 1% year-over-year in September, the real estate listings site said in a report.
Demand in some pandemic boomtowns has fallen over the past year, as states like Florida and Texas see issues like a rising cost of living, weather events, and tense political climates that have caused some residents to sour on the state.
Here are the top 10 cities where home prices are falling the most, according to Realtor.com.
1. Miami, Florida
Median list price: $525,000
Change from last year: -12.4%
2. Cincinnati, Ohio
Median list price: $337,000
Change from last year: -9.5%
3. San Francisco, California
Median list price: $997,500
Change from last year: -8.9%
4. Kansas City, Missouri
Median list price: $389,500
Change from last year: -8.4%
5. Austin, Texas
Median list price: $520,000
Change from last year: -6.6%
6. Jacksonville, Florida
Median list price: $399,000
Change from last year: -6.1%
7. Denver, Colorado
Median list price: $610,250
Change from last year: -6%
8. Orlando, Florida
Median list price: $429,950
Change from last year: -5.6%
9. Tampa, Florida
Median list price: $414,948
Change from last year: -5.5%
10. Nashville, Tennessee
Median list price: $547,865
Change from last year: -5.4%
