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25 Hot Real Estate Markets That Are Finally Starting To Cool Down
An aerial view of Florida homes near the water and surrounded by palm trees.
If you wanted to buy a house, but the real estate market price has been discounted, the pendulum between the seller’s market and the buyer’s market may swing in your favor.
The real estate market has had a tumultuous few years since 2020. At the start of the pandemic, sales fell sharply as the uncertainty related to COVID-19 scared people away. But in June 2020, people returned to the market, looking for yards and larger homes in the suburbs better suited to weather the pandemic. Existing inventory plummeted and new home construction was limited as supply chain issues and labor shortages prevented builders from meeting demand. Prices have soared across the country since the fall of 2020 – breaking all-time highs along the way – but now once-hot markets are finally showing signs of slowing down.
Agent Advice looked at 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 correspond to the number of listings whose list price decreased in this zone during the month of September. The discounts are a sign that sellers may be expecting too much for their properties, especially as the Fed’s interest rate hike has begun to put pressure on buyers.
The median list price of a home in the United States was $427,000 in September 2022, down slightly from a record high of $450,000 in June of the same year, according to listing data from Realtor.com. . However, home prices are still up double digits from the same period a year ago.
Many metro areas on this list are parts of the western United States that have seen rapid price growth spurred by the COVID-19 pandemic as people in work-from-home situations opt out of metros. densely populated and relatively expensive for smaller, more affordable cities. In Austin, for example, a Texas-sized downturn could be in sight. As median home prices continue to rise — up 17.4% from a year earlier in the second quarter to $546,000 — pending sales are down 12% and homes remain on the market a few more days. Stocks are also rising to levels not seen since November 2019.
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#25. Lakeland, Florida
A beautiful stone patio surrounded by gardens and water in Lakeland, Florida.
– Active registrations in September: 2,749
– Percentage of discounted active listings: 58.9%
– Median list price in August: $359,995
California Dronage // Shutterstock
#24. Vallejo, California
Sunset over Vallejo casting orange light on the calm Napa River punctuated by a drawbridge and yacht club.
– Active registrations in September: 787
– Percentage of discounted active listings: 59.0%
– Median list price in August: $623,450
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#23. Olympia, Washington
Purple sunset over Olympia, Washington.
– Active registrations in September: 534
– Percentage of active listings at discounted prices: 59.2%
– Median list price in August: $542,495
Jacob Boomsma // Shutterstock
#22. Greley, Colorado
Greeley, Colorado from above in the fall.
– Active registrations in September: 930
– Percentage of active listings at discounted prices: 60.2%
– Median list price in August: $522,500
Sean Pavone // Shutterstock
#21. Durham, North Carolina
Skyline of Durham, North Carolina at sunset.
– Active registrations in September: 1,224
– Percentage of active listings at discounted prices: 60.5%
– Median list price in August: $460,000
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#20. Spokane, Washington
Spokane, Washington downtown aerial view.
– Active registrations in September: 1,389
– Percentage of active listings at discounted prices: 60.6%
– Median list price in August: $475,000
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#19. Charlotte, North Carolina
Downtown Charlotte, North Carolina homes and skyline on a sunny day.
– Active registrations in September: 5,424
– Percentage of active listings at discounted prices: 60.8%
– Median list price in August: $419,950
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#18. Knoxville, TN
The Great Smoky Mountains with the skyline of Knoxville, Tennessee in the foreground.
– Active registrations in September: 1,667
– Percentage of active listings at discounted prices: 61.2%
– Median list price in August: $422,450
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#17. Reno, Nevada
Reno, Nevada homes and downtown in a mountainous landscape.
– Active registrations in September: 1,613
– Percentage of active listings at discounted prices: 61.8%
– Median list price in August: $622,225
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#16. Charleston, South Carolina
Beautiful Charleston, SC homes on the water.
– Active registrations in September: 2,247
– Percentage of active listings at discounted prices: 62.0%
– Median list price in August: $500,000
Kristi Blokhin // Shutterstock
#15. Palm Bay, Florida
A highway with a sign leading to Palm Bay, Florida.
– Active registrations in September: 2,049
– Percentage of active listings at discounted prices: 62.2%
– Median list price in August: $379,995
To Nguyen // Shutterstock
#14. Dallas, TX
Urban sprawl from above in Dallas, Texas.
– Active registrations in September: 16,529
– Percentage of active listings at discounted prices: 62.7%
– Median list price in August: $453,530
Emmy Bersa // Shutterstock
#13. Sacramento, California
Three-storey townhouses from the street.
– Active registrations in September: 4,477
– Percentage of active listings at discounted prices: 62.7%
– Median list price in August: $600,000
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#12. Indianapolis, Indiana
Indianapolis, Indiana cityscape and waterfront condos.
– Active registrations in September: 3,621
– Percentage of active listings at discounted prices: 62.8%
– Median list price in August: $299,996
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#11. Tucson, Arizona
Skyline of Tucson, Arizona with mountains in the background.
– Active registrations in September: 2,367
– Percentage of active listings at discounted prices: 63.9%
– Median list price in August: $382,483
Lynne Neuman // Shutterstock
#ten. Jacksonville, Florida
Large beach houses with porches.
– Active registrations in September: 5,595
– Percentage of active listings at discounted 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.
– Active registrations in September: 10,090
– Percentage of active listings at discounted prices: 67.9%
– Median list price in August: $429,450
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#8. Provo, UT
The city of Provo, Utah in a low valley surrounded by mountains.
– Active registrations in September: 2,366
– Percentage of active listings at discounted prices: 70.3%
– Median list price in August: $555,000
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#seven. Colorado Springs, Colorado
The town of Colorado Sprints, Colorado in the foothills.
– Active registrations in September: 2,431
– Percentage of active listings at discounted prices: 70.9%
– Median list price in August: $504,475
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#6. Austin, TX
An aerial view of large houses surrounded by greenery.
– Active registrations in September: 8,506
– Percentage of active listings at discounted prices: 71.8%
– Median list price in August: $558,275
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#5. Oden, UT
A historic looking main street in the evening with mountains in the background.
– Active registrations in September: 1,888
– Percentage of active listings at discounted prices: 73.4%
– Median list price in August: $532,500
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#4. Salt Lake City, UT
The sprawling Salt Lake City, Utah at sunset.
– Active registrations in September: 2,729
– Percentage of active listings at discounted prices: 75.1%
– Median list price in August: $579,999
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#3. Denver, Colorado
Homes in the foothills with downtown Denver, Colorado in the background.
– Active registrations in September: 6,512
– Percentage of active listings at discounted prices: 75.3%
– Median list price in August: $625,000
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#2. Boise, Idaho
Aerial view of downtown Boise City, Idaho.
– Active registrations in September: 4,063
– Percentage of active listings at discounted prices: 76.8%
– Median list price in August: $549,900
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#1. Phoenix, Arizona
Camelback Mountain with the homes of Phoenix, Arizona in the foreground.
– Active registrations in September: 16,778
– Percentage of active listings at discounted prices: 86.3%
– Median list price in August: $493,500
This story originally appeared on Agent Advice and was produced and
distributed in partnership with Stacker Studio.
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