Nationally, home prices are going up. However, there are a few metro areas in the US where home prices are dropping. To identify these areas, we conducted an analysis of home prices in the major metro areas of the US. Our analysis compared home prices from April 2022 to March 2023 with those from April 2023 to March 2024. Based on this comparison, we have compiled a list of the metropolitan areas where home prices have gone down.
Biggest Losers in the US Real Estate Market Right Now
The Texas real estate market has been hit hard. It has the highest number of metro areas where home prices have dropped. Out of the 11 metro areas on the list below, five are in Texas.
Interestingly, the top three metro areas that have suffered the greatest drop in home prices are all located in Texas. Austin has suffered the largest percentage loss followed by San Antonio.
To put it in dollars, if we take a homeowner who purchased a home in Austin in the first quarter of 2023, they would have had a net loss of approximately $37,694, while a San Antonio homeowner would have experienced a net loss of $11,127.
Most of the metros listed below are in the southern states with the exception of 2 in California.
It’s important to point out that the real estate markets in Northeast metro areas are still going strong and are not experiencing the same drop in home prices as those in the South right now.
US Metro Areas with the Biggest Drop in Home Prices
1. Austin, TX metro area
- Median Home Price (April 2022 to March 2023): $489,303
- Median Home Price (April 2023 to March 2024): $451,609
- Percentage Change: -8.35%
- Net Loss: -$37,694
The biggest losers are the homeowners in the Austin metro area. Home prices plummeted a little over 8% translating to a net loss of $37,694.
2. San Antonio, TX metro area
- Median Home Price (April 2022 to March 2023): $321,277
- Median Home Price (April 2023 to March 2024): $310,150
- Percentage Change: -3.59%
- Net Loss: -$11,127
The San Antonio metro area comes in second, experiencing a 3.59% drop in home prices, which equates to a net loss of $11,127.
3. Fort Worth, TX metro area
- Median Home Price (April 2022 to March 2023): $363,466
- Median Home Price (April 2023 to March 2024): $355,230
- Percentage Change: -2.32%
- Net Loss: -$8,235
Fort Worth metro area comes in third, with a 2.32% drop in home prices from a median of $363,466 to $355,230.
4. Oakland, CA metro area
- Median Home Price (April 2022 to March 2023): $926,896
- Median Home Price (April 2023 to March 2024): $915,021
- Percentage Change: -1.30%
- Net Loss: -$11,875
Oakland metro area home prices are also dropping, with a 1.3% drop in home prices from a median of $926,896 to $915,021.
5. New Orleans, LA metro area
- Median Home Price (April 2022 to March 2023): $281,052
- Median Home Price (April 2023 to March 2024): $277,654
- Percentage Change: -1.22%
- Net Loss: -$3,397
The New Orleans metro area is also experiencing a slowdown, with a 1.22% drop in home prices from a median of $281,052 to $277,654.
6. Dallas, TX metro area
- Median Home Price (April 2022 to March 2023): $424,663
- Median Home Price (April 2023 to March 2024): $421,371
- Percentage Change: -0.78%
- Net Loss: -$3,292
Although Dallas is doing better than Fort Worth, San Antonio and Austin, it is still experiencing a slowdown, with a mild 0.78% drop in home prices from a median of $424,663 to $421,371.
7. Phoenix, AZ metro area
- Median Home Price (April 2022 to March 2023): $451,203
- Median Home Price (April 2023 to March 2024): $448,196
- Percentage Change: -0.67%
- Net Loss: -$3,007
The Phoenix metro area is also experiencing a slowdown, with a 0.67% drop in home prices from a median of $451,203 to $448,196.
8. San Francisco, CA metro area
- Median Home Price (April 2022 to March 2023): $1,463,833
- Median Home Price (April 2023 to March 2024): $1,455,167
- Percentage Change: -0.60%
- Net Loss: -$8,667
The San Francisco metro area real estate market is slowing down, with a 0.60% drop in home prices from a median of $1,463,833 to $1,455,167.
9. Houston, TX metro area
- Median Home Price (April 2022 to March 2023): $334,683
- Median Home Price (April 2023 to March 2024): $332,722
- Percentage Change: -0.59%
- Net Loss: -$1,961
Compared to the other major metros in Texas, Houston is experiencing the smallest decline in home prices. Its median home price dropped by mild 0.59% from $334,683 to $332,722.
10. Memphis, TN metro area
- Median Home Price (April 2022 to March 2023): $278,833
- Median Home Price (April 2023 to March 2024): $277,387
- Percentage Change: -0.52%
- Net Loss: -$1,446
The Memphis metro area real estate market is slowing down, with a 0.52% drop in home prices from a median of $278,833 to $277,387.
11. Las Vegas, NV metro area
- Median Home Price (April 2022 to March 2023): $418,542
- Median Home Price (April 2023 to March 2024): $417,625
- Percentage Change: -0.22%
- Net Loss: -$917
The Las Vegas metro area is also experiencing a slowdown, with a 0.22% drop in home prices from a median of $418,542 to $417,625.
20 Most Affordable Beach Towns in Florida
11 Biggest Losers in the Florida Condo Market Right Now (Losing $149/day)
5 Places in Florida Where Home Prices Doubled in Just 5 Years
11 Most Affordable Places to Buy a House in Florida Right Now
5 Places in the US Where Home Prices Doubled in Just 7 Years (Florida Takes the Lead)