5 Cities Where Home Prices Are Falling Now

In this article, we will discuss the 5 cities where home prices are falling now. If you want to read our discussion on the US housing market, you can go directly to the 25 Cities Where Home Prices Are Falling Now.

5. Cape Coral, Florida

YoY Change in Median Home Price: -3.6%

Cape Coral’s housing market is undergoing a transition towards a buyer’s market. This is evidenced by the increased inventory and extended days on the market for homes. These factors collectively contribute to a scenario where buyers have more negotiating power and opportunities to secure good deals.

4. Shreveport, Louisiana

YoY Change in Median Home Price: -4.6%

Shreveport experienced a 4.6% YoY decline in median home price during Q3 2023. The increase in inventory levels played a role in reducing housing prices. Moreover, sales volume in the city also decreased in November 2023 compared to the previous year.

3. Jackson, Mississippi

YoY Change in Median Home Price: -4.8%

During the period between 2021-2022, the housing market in Jackson observed a boom. However, in October 2023, there was a significant decline in home prices compared to the previous year. The slowdown in sales has resulted in increased house inventory levels and extended periods during which houses remain on the market.

2. Honolulu, Hawaii

YoY Change in Median Home Price: -5.8%

According to the Honolulu Board of Realtors, the housing market witnessed lower-than-expected sales volume in October 2023. There was also a decline in the number of homes selling at their listed price during the same month, coupled with a rise in inventory levels.

1. Austin, Texas

YoY Change in Median Home Price: -10.3%

Home prices in Austin, Texas, are currently on a decline after experiencing a rise during the pandemic. While prices have not yet returned to pre-pandemic levels, there is a noticeable slowing down of the upward trend. There has also been a surge in active home listings in Austin, Texas.