25 hot housing markets that are finally starting to cool


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25 hot housing markets that are finally starting to cool

An aerial view of Florida homes near the water and surrounded by palm trees.

If you’ve wanted to buy a home but have been priced out of the housing market, the pendulum between the seller’s and buyer’s market may be swinging in your favor.

The real estate market has had a turbulent few years since 2020. At the beginning of the pandemic, sales fell sharply, as uncertainty related to COVID-19 scared people. But in June 2020, people jumped back into the market, looking for big yards and houses in the suburbs, which were better suited to ride out the pandemic. Existing inventory has run out, and new home construction has been limited as supply chain issues and labor shortages mean builders can’t keep up with demand. Prices have soared across the country since the fall of 2020 — breaking historic records along the way — but now the once-hot markets are finally showing signs of slowing.

Agent Advice analyzed September listing data from Realtor.com to see which major metro areas are seeing the biggest share of price reductions. This analysis was limited to the 250 largest metropolitan areas, including the main city and surrounding towns and suburbs. Price reductions are the number of listings that have had their listing price reduced in that area during the month of September. The decline is a sign that sellers are waiting too long for their properties, especially as the Fed’s interest rate hikes have begun to pressure buyers.

The median list price for a home in the United States was $427,000 in September 2022, according to Realtor.com listing data, down slightly from a record high of $450,000 in June of the same year. However, home prices are still up double-digits from the same time a year ago.

Many of the metro areas on this list are areas in the western US that have seen rapid price growth due to the COVID-19 pandemic, as people in work-from-home situations have opted to move to smaller, cheaper cities in densely populated metros. and keep the prices wide. In Austin, for example, a Texas-sized slowdown may be ahead. While median home prices are still rising — up 17.4 percent from last year to $546,000 in the second quarter — pending sales are down 12%, and homes are staying on the market a few days longer. Inventories are also reaching levels not seen since November 2019.

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#25. Lakeland, Florida

In Lakeland, Florida, a beautiful stone terrace surrounded by gardens and water.

– September active listings: 2,749
– Percentage of active listings with reduced prices: 58.9%
– Median list price in August: $359,995



Droning California // Shutterstock

#24. Vallejo, California

Sunset over Vallejo casts an orange glow over the tranquil Napa River framed by a drawbridge and yacht club.

– September active lists: 787
– Percentage of active listings with reduced prices: 59.0%
– Median list price in August: $623,450



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#23. Olympia, Washington

Purple sun over Olympia, Washington.

– September active lists: 534
– Percentage of active listings with reduced prices: 59.2%
– Median list price in August: $542,495



Jacob Boomsma // Shutterstock

#22. Greeley, Colorado

Greeley, Colorado from above in the Fall.

– September active lists: 930
– Percentage of active listings with reduced prices: 60.2%
– Median list price in August: $522,500



Sean Pavone // Shutterstock

#21. Durham, North Carolina

Durham, North Carolina skyline at sunset.

– September active listings: 1,224
– Percentage of active listings with reduced prices: 60.5%
– Median list price in August: $460,000



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#20. Spokane, Washington

Spokane, Washington aerial view of downtown.

– September active listings: 1,389
– Percentage of active listings with reduced prices: 60.6%
– Median list price in August: $475,000



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#19. Charlotte, North Carolina

In downtown Charlotte, North Carolina houses and skyline on a sunny day.

– September active listings: 5,424
– Percentage of active listings with reduced prices: 60.8%
– Median list price in August: $419,950

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#18. Knoxville, Tennessee

The Great Smoky Mountains dominate the skyline of Knoxville, Tennessee.

– September active listings: 1,667
– Percentage of active listings with reduced prices: 61.2%
– Median list price in August: $422,450



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#17. Reno, Nevada

Reno, Nevada houses and downtown in a mountainous landscape.

– September active listings: 1,613
– Percentage of active listings with reduced prices: 61.8%
– Median list price in August: $622,225



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#16. Charleston, South Carolina

Beautiful Charleston, South Carolina waterfront homes.

– September active listings: 2,247
– Percentage of active listings with reduced prices: 62.0%
– Median listing price in August: $500,000



Kristi Blokhin // Shutterstock

#15. Palm Bay, Florida

A signposted road leading to Palm Bay, Florida.

– September active listings: 2,049
– Percentage of active listings with reduced prices: 62.2%
– Median list price in August: $379,995



Trong Nguyen // Shutterstock

#14. Dallas, Texas

In the Dallas, Texas area, the city is spreading from above.

– September active listings: 16,529
– Percentage of active listings with reduced prices: 62.7%
– Median list price in August: $453,530



Emmy Bersa // Shutterstock

#13. Sacramento, California

Three-story row houses from the street.

– September active listings: 4,477
– Percentage of active listings with reduced prices: 62.7%
– Median list price in August: $600,000



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#12. Indianapolis, Indiana

Indianapolis, Indiana city and waterfront apartments.

– September active listings: 3,621
– Percentage of active listings with reduced prices: 62.8%
– Median list price in August: $299,996



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#11. Tucson, Arizona

Tucson, Arizona skyline with mountains in the background.

– September active listings: 2,367
– Percentage of active listings with reduced prices: 63.9%
– Median list price in August: $382,483



Lynne Neuman // Shutterstock

#10. Jacksonville, Florida

Long beach houses with balconies.

– September active listings: 5,595
– Percentage of active listings with reduced prices: 65.1%
– Median list price in August: $407,500



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#9. Tampa, Florida

Long rows of beach houses with the Tampa, Florida skyline in the background.

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– September active listings: 10,090
– Percentage of active listings with reduced prices: 67.9%
– Median list price in August: $429,450



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#8. Provo, Utah

The city of Provo, Utah is in a low valley surrounded by mountains.

– September active listings: 2,366
– Percentage of active listings with reduced prices: 70.3%
– Median list price in August: $555,000



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#7. Colorado Springs, Colorado

Colorado City Sprints, Colorado in feet.

– September active listings: 2,431
– Percentage of active listings with reduced prices: 70.9%
– Median list price in August: $504,475



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#6. Austin, Texas

An aerial view of large houses surrounded by greenery.

– September active listings: 8,506
– Percentage of active listings with reduced prices: 71.8%
– Median list price in August: $558,275



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#5. Ogden, Utah

In the evening, a historic main street with a backdrop of mountains.

– September active listings: 1,888
– Percentage of active listings with reduced prices: 73.4%
– Median list price in August: $532,500



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#4. Salt Lake City, Utah

Expansive Salt Lake City, Utah at sunset.

– September active listings: 2,729
– Percentage of active listings with reduced prices: 75.1%
– Median list price in August: $579,999



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#3. Denver, Colorado

Homes in the hills with a backdrop of Denver, downtown Colorado.

– September active listings: 6,512
– Percentage of active listings with reduced prices: 75.3%
– Median list price in August: $625,000



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#2. Boise, Idaho

Boise City, Idaho aerial view of downtown.

– September active listings: 4,063
– Percentage of active listings with reduced prices: 76.8%
– Median list price in August: $549,900



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#1. Phoenix, Arizona

Camelback Mountain with Phoenix, Arizona homes in front.

– September active listings: 16,778
– Percentage of active listings with reduced prices: 86.3%
– Median list price in August: $493,500

This story originally appeared on Agent Advice and was produced by
distributed in collaboration with Stacker Studio.


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