10 Housing Markets Where Home Prices Have Skyrocketed—and 10 Where Equity Has Been Decimated
In a turbulent real estate landscape, homeowners have witnessed significant fluctuations in property values. Among the 300 largest housing markets, certain metros have experienced remarkable price increases since their 2022 peak, while others have seen devastating declines. Here are the top 10 markets where home prices have surged and the 10 markets that have suffered the most significant drops.
Trenton, NJ
Home prices in Trenton have surged by 13.3% since their 2022 peak, reflecting the city’s ongoing revitalization efforts and its appeal as a commuter hub for New York City.
Hartford, CT
Hartford has seen a 12.9% increase in home prices, driven by a combination of economic growth and an influx of new residents attracted to its historic charm and job opportunities.
Atlantic City, NJ
Atlantic City experienced a 12.8% rise in home prices, bolstered by casino industry investments and a growing interest in coastal living.
Rockford, IL
With an 11.8% increase in home prices, Rockford benefits from affordable living costs and proximity to Chicago, attracting families and businesses alike.
Savannah, GA
Savannah’s home prices have climbed by 11.6%, thanks to its vibrant cultural scene, historic architecture, and tourism-driven economy.
New Haven, CT
Home prices in New Haven rose by 11.4%, fueled by the presence of Yale University and the city’s burgeoning tech and healthcare sectors. Unlike some other markets, New Haven’s supply of new homes has remained limited, which helps maintain high demand and rising prices.
Syracuse, NY
Syracuse has seen an 11.4% increase in home prices, benefiting from its status as an educational and healthcare hub in central New York.
Vineland, NJ
With a 10.9% increase in home prices, Vineland’s agricultural economy and close-knit community make it an attractive option for new homeowners.
Norwich, CT
Norwich experienced a 10.9% rise in home prices, supported by its historic character and convenient location between Boston and New York City.
Torrington, CT
Home prices in Torrington have gone up by 10.7%, with the town’s scenic landscapes and small-town charm drawing in new residents.
Markets Where Home Prices Have Decreased the Most Since 2022
A drop in home prices results in an immediate loss in home equity. If the down payment was 20%, a price drop of 17% results in the equity being wiped out considering home closing costs, leaving home owners grappling with financial uncertainty.
Austin, TX
Austin has seen a staggering 18.7% decline in home prices, as the tech boom cools and the market corrects from its previous highs. The demand drop has been sharper than in most markets due to 2020 migration inflating prices excessively. With interest rates spiking and migration slowing, affordability slipped beyond local incomes. Moreover, a surge in new construction added to the supply, balancing out the decrease in resale listings.
New Orleans, LA
New Orleans experienced a 13.7% drop in home prices, impacted by economic challenges and recovery efforts post-Hurricane Ida.
Lake Charles, LA
Lake Charles has seen an 11.7% decrease in home prices, reflecting ongoing struggles to rebuild after severe storm damage in recent years.
Boise, ID
Home prices in Boise fell by 10.4%, as the once-hot market cools and buyers seek more affordable alternatives.
Idaho Falls, ID
Idaho Falls has seen a 9.7% decline in home prices, a correction following a rapid surge in demand during the 2020 boom.
Chico, CA
Chico experienced an 8.8% drop in home prices, influenced by recovery from wildfire damage and market stabilization.
San Francisco, CA
San Francisco’s home prices decreased by 8.2%, as high costs and tech sector volatility impact buyer interest.
Provo, UT
Home prices in Provo fell by 8.0%, reflecting a market correction after significant growth during the last 4 years.
Punta Gorda, FL
Punta Gorda saw a 7.8% decline in home prices, as the real estate market adjusts following the migration surge.
Phoenix, AZ
Phoenix experienced a 7.3% drop in home prices, with the market cooling after rapid growth during the housing fueled boom.
National Overview
National home prices, as measured by the Zillow Home Value Index, are up 1.3% above the 2022 peak as of April 2024. However, the map shows significant variation across the country. In markets like Austin, where migration inflated prices excessively, the recent price corrections have been more severe as per the latest report from ResiClub. Meanwhile, in Northeast markets like New Haven, where supply and demand are more balanced, prices continue to rise, maintaining the sellers’ advantage in negotiations.
This diverse range of market conditions highlights the importance of local factors in real estate trends and underscores the challenges and opportunities facing homeowners across the United States.
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John Dealbreuin came from a third world country to the US with only $1,000 not knowing anyone; guided by an immigrant dream. In 12 years, he achieved his retirement number.
He started Financial Freedom Countdown to help everyone think differently about their financial challenges and live their best lives. John resides in the San Francisco Bay Area enjoying nature trails and weight training.
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