10 Housing Markets Where Prices are Crashing Through the Floor

Even when interest rates are still around 7%, real estate prices don’t generally seem to be dropping nationwide.

Low supply is keeping demand high, and the U.S. housing supply is 4.5 million houses short. That’s leaving many would-be homeowners wondering when it’ll be their time to strike.

Luckily, there are some markets where housing prices appear to be cooling. In some areas, it’s dropping off by nearly 10%.

If you’re looking to cash in on an area where you won’t have to find ways to pay the mortgage , here are 10 markets that showed the strongest decline in the past year and by how much.

10. Portland, Oregon: 1.2%

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Portland has dealt with bad press in the past few years, and that appears to be impacting home prices.

While it’s still a high cost of living area, median home prices are down 1.2% in 2024 from 2023.

9. San Francisco, California: 1.3%

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When remote work became the norm, tech workers left the Bay City for less expensive mid-size cities, which has led to continuously declining prices in San Francisco.

Median home prices are down 1.3% year over year.

8. San Antonio, Texas: 1.5%

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Texas also saw big moves during the past few years, which drove up prices rapidly in many cities across the Lone Star State.

Those housing prices have started to level out, and in San Antonio, median home prices are down 1.5% year-over-year.

7. Raleigh, North Carolina: 2.2%

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While Raleigh continues to have a strong housing market, particularly as big city workers look for more affordable, liveable mid-size cities, the median price is down year-over-year.

It’s the only East Coast city to make the top ten, and prices are down 2.2% year over year.

6. San Jose, California: 2.3%

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While San Jose prices used to be sky-high due to a booming tech industry, they’ve begun to feel the impact of tech turbulence on home prices.

The median price is down 2.3% year-over-year in San Jose.

5. Denver, Colorado: 3.6%

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The Mile High City is another place where prices soared during the pandemic, as big city dwellers escaped their apartments for regions with outdoor activities and mountain views.

But that rush has cooled slightly, and prices are down in Denver by 3.6% year-over-year.

4. Kansas City, Missouri: 5%

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Kansas City, Missouri, has actually seen an increase in listings of affordable homes, which has driven the median price down by roughly 5%.

If you’re looking for somewhere to find a home at a reasonable price, then this barbecue capital is a place to consider.

3. Cincinnati, Ohio: 6.4%

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Another midwestern city that’s seeing prices drop is Cincinnati. This major city in the Buckeye State is seeing prices decrease by over 6%.

If you’re looking for a deal in a state with arts, sports, and history, then this could be it.

2. Oklahoma City, Oklahoma: 7.4%

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Oklahoma City has always been an affordable place to buy a home, but, like other midwestern cities, this capital city is seeing prices drop in 2024.

You can get a house for 7.4% less than you could last year.

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1. Miami, Florida: 8%

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Miami saw a huge influx of tech workers during the pandemic. From 2019 to 2022, they saw a 60% increase in people moving to the area. That drove housing costs up as new residents looked to find their slice of the Sunshine State.

But, in part due to rising insurance rates, the area is seeing prices begin to cool to the tune of an 8% year-over-year decrease.

Bottom line

Median home values only tell part of the story. The difference in one point on a mortgage rate could make the difference between a monthly payment that’s in your budget and one that’s hundreds of dollars over what you can comfortably afford.

One of the best homeowner money moves you can make is to monitor anticipated changes in mortgage rates and factor those into your budget when you’re looking at homes.

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