Home Prices Are Down as Much as 12% in Boomtowns in Florida, Texas, and Other Popular States Here are the top 10 cities where home prices are falling the most, according to Realtor.com.
By Jennifer Sor
Key Takeaways
- 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%.
- Demand is easing in some cities that saw a surge in demand during the pandemic.
This article originally appeared on Business Insider.
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
Pedro Portal/Miami Herald/Tribune News Service via Getty Images via BI
Median list price: $525,000
Change from last year: -12.4%
2. Cincinnati, Ohio
Swapan Jha/Getty Images via BI
Median list price: $337,000
Change from last year: -9.5%
3. San Francisco, California
Nicholas Klein/Getty Images via BI
Median list price: $997,500
Change from last year: -8.9%
4. Kansas City, Missouri
Edwin Remsberg/Getty Images via BI
Median list price: $389,500
Change from last year: -8.4%
5. Austin, Texas
RYAN KYTE/Getty Images via BI
Median list price: $520,000
Change from last year: -6.6%
6. Jacksonville, Florida
Dan Reynolds Photography/Getty Images via BI
Median list price: $399,000
Change from last year: -6.1%
7. Denver, Colorado
f11photo/Getty Images via BI
Median list price: $610,250
Change from last year: -6%
8. Orlando, Florida
Smithlandia Media/Getty Images via BI
Median list price: $429,950
Change from last year: -5.6%
9. Tampa, Florida
John Coletti/Getty Images via BI
Median list price: $414,948
Change from last year: -5.5%
10. Nashville, Tennessee
John Coletti/Getty Images via BI
Median list price: $547,865
Change from last year: -5.4%