10 Housing Markets Where Home Prices Have Skyrocketed—and 10 Where Equity Has Been Decimated

Hispanic couple outside home with sold sign

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

Aerial panorama of Trenton New Jersey skyline amd state capitol at sunset. Trenton is the capital city of the U.S. state of New Jersey and the county seat of Mercer County.
Depositphotos Photo by mandritoiu

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, Connecticut, USA downtown skyline
Depositphotos Photo by sepavone

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, NJ
Depositphotos Photo by mandritoiu

Atlantic City experienced a 12.8% rise in home prices, bolstered by casino industry investments and a growing interest in coastal living.

Rockford, IL

Rockford, IL
Depositphotos Photo by benkrut

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

Spring time Azaleas bloom on many of the houses that line the historic district in Savannah Georgia, USA, North America
Depositphotos Photo by dndavis

Savannah’s home prices have climbed by 11.6%, thanks to its vibrant cultural scene, historic architecture, and tourism-driven economy.

New Haven, CT

Yale New Haven, CT
Depositphotos Photo by f11photo

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, NY
Depositphotos Photo by KSponsler

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

 New Jersey sign
Depositphotos Photo by RexWholster

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

Connecticut, political map with capital Hartford. State of Connecticut, CT
Depositphotos Photo by Furian

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

The colorful trees of Autumn reflecting off of the waters in Burr State Park in Torrington, Connecticut on a sunny fall day.
Depositphotos Photo by Dhanscom

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

Real Estate
Depositphotos Photo by Funtap

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, Texas, USA downtown skyline.
Depositphotos Photo by sepavone

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, Louisiana at Jackson Square.
Depositphotos Photo by sepavone

New Orleans experienced a 13.7% drop in home prices, impacted by economic challenges and recovery efforts post-Hurricane Ida.

Lake Charles, LA

Louisiana state on the map of USA
Depositphotos Photo by aallm

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

Boise, Idaho, USA at Boise Depot on an autumn twilight.
Depositphotos Photo by sepavone

Home prices in Boise fell by 10.4%, as the once-hot market cools and buyers seek more affordable alternatives.

Idaho Falls, ID

Welcome to Idaho sign at the state border
Depositphotos Photo by AndreyKr

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. California. USA on a map
Depositphotos Photo by aliceinwonderland2020

Chico experienced an 8.8% drop in home prices, influenced by recovery from wildfire damage and market stabilization.

San Francisco, CA

Sunset view of the Golden Gate Bridge and fog from Battery Spencer, Golden Gate National Recreation Area, in San Francisco, California.
Depositphotos Photo by appalachianview

San Francisco’s home prices decreased by 8.2%, as high costs and tech sector volatility impact buyer interest.

Provo, UT

Provo, Utah, USA downtown on Center Street at dusk.
Depositphotos Photo by sepavone

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, Florida - May 2021: Colorful chairs at Tiki Bar
Depositphotos Photo by Anthony George Visuals

Punta Gorda saw a 7.8% decline in home prices, as the real estate market adjusts following the migration  surge.

Phoenix, AZ

Phoenix, Arizona, USA downtown
Depositphotos Photo by sepavone

Phoenix experienced a 7.3% drop in home prices, with the market cooling after rapid growth during the housing fueled boom.

National Overview

Map of USA
Depositphotos Photo by iqoncept

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.

Like Financial Freedom Countdown content? Be sure to follow us!


Discover Government Programs Offering Free Land for Affordable Homeownership from Colorado to Iowa

Spring time in beautiful agricultural landscape, green farm fields for animals and growing vegetables. Carpathian mountains, sunset light, blossom cherry trees.
Depositphotos Photo by [email protected]

Small towns across America are enticing new residents with free land for homebuilding and community participation. Amid soaring housing costs, these innovative programs aim to attract fresh faces and boost local economies. Stretching from the Midwest to the Mountain states, these offers provide not just affordable housing but also the chance to become part of a close-knit community and enjoy a new lifestyle.

Discover Government Programs Offering Free Land for Affordable Homeownership from Colorado to Iowa

20 Brilliant Strategies to Invest in Real Estate with Little to No Money

Dollar money bags and residential buildings figures. Investments in real estate and construction industry. Taxes. Bank offer of mortgage loan. Municipal budget. Rental business. Sale of housing. Buy
Depositphotos Photo by ilixe48

Reviewing the list of income-producing assets backed by collateral, real estate typically features high. In fact, real estate is one of the best ways to build generational wealth. However, investing in real estate usually requires money. Typically, you need at least a 25% down payment for buying a rental property. Often individuals wonder how to invest in real estate with little or no money.  Your lack of funds will have to be made up by sweat equity or adjustments in your lifestyle. After all, there is no free lunch. Let’s get started!

20 Brilliant Strategies to Invest in Real Estate with Little to No Money

Growing Concerns as Nearly Half of Boomers and 40% of Gen X Fear They May Never Retire

Shocked worried young couple reading documents, financial problems, using laptop, online banking service, checking mortgage or insurance contract terms, calculating domestic bills or taxes
Depositphotos Photo by fizkes

New data from the 2023 Employee Benefit Research Institute (EBRI) survey has set off alarm bells, revealing a sharp decline in American workers’ confidence about achieving a comfortable retirement—a level of concern not seen since the 2008 global financial crisis. An alarming 80% of workers now expect a recession within the next year, and 90% are haunted by the threat of prolonged high inflation. These fears highlight a deepening worry about securing financial stability as they approach their retirement years.

Growing Concerns as Nearly Half of Boomers and 40% of Gen X Fear They May Never Retire

Buy, Borrow, Die: The Controversial Tax Loophole the Rich Use to Build Generational Wealth

Retro rich couple against old car
Depositphotos Photo by nejron

The “Buy, Borrow, Die” strategy is a favorite among the affluent, who work with financial planners to sustain their lavish lifestyles while slashing their tax bills. Though it seems like a modern trend, Professor Ed McCaffery coined the term in the mid-1990s to explain how the wealthy legally avoid paying taxes.

Buy, Borrow, Die: The Controversial Tax Loophole the Rich Use to Build Generational Wealth

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *