10 Places in the US Where Home Prices are Dropping Fast

Home prices in the U.S. have been soaring for the past year, reaching record highs in many markets. However, not all metro areas are experiencing the same level of growth. Some are seeing a slowdown or even a decline in home prices, according to the latest data from Redfin.

Here are the top 10 U.S. metro areas where home prices are dropping fastest.

Places in the US Where Home Prices are Dropping Fast

1. Austin, TX

The median home price in Austin declined by 1.1% month over month, the largest drop in the nation. The year-over-year growth rate also turned negative, falling by 4.8%, the lowest in the nation. 

The decline in home prices may be a result of the market correction, the oversupply of new construction, and the reduced demand from tech workers and remote buyers.

2. Oakland, CA

The median home price in Oakland fell by 0.9% month over month, the second largest drop among the 50 metro areas. The year-over-year growth rate also slowed down to 2.9%. 

3. Sacramento, CA

The median home price in Sacramento decreased by 0.8% month over month, the third-largest drop in the nation. The year-over-year growth rate is at a slow 2.5%. 

4. Miami, FL

Home prices in Miami are going down. The median home price in Miami decreased by 0.6% month over month. The year-over-year growth rate is at 10.0%. 

5. Nashville, TN

Nashville is also experiencing a decrease in home prices. The median home price in Nashville decreased by 0.6% month over month. The year-over-year growth rate also slowed down to 3.3%.

6. Montgomery County, PA

The median home price in Montgomery County also fell by 0.6% month over month. The year-over-year growth rate is at 6.9%.

7. San Antonio, TX

San Antonio home prices have gone down. The median home price in San Antonio declined by 0.6% month over month. The year-over-year growth rate also turned negative, falling by 2.4%.

8. New Brunswick, NJ

The median home price in New Brunswick fell by 0.5% month over month. The year-over-year growth rate is at 10.7%.

Take a Peek Inside the Most Expensive Home Sold in Bergen County NJ

9. West Palm Beach, FL

West Palm Beach home prices are going down. The median home price in West Palm Beach decreased by 0.5% month over month. The year-over-year growth rate is at 10.5%.

10. Portland, OR

The median home price in Portland declined by 0.5% month over month. The year-over-year growth rate is at 3.1%.

Take Peek Inside the Most Expensive Penthouse Sold in Manhattan

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