These 60 housing markets are seeing falling home prices

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National home prices rose +1.2% year-over-year between March 2024 and March 2025, according to the Zillow Home Value Index—a decelerated rate from the +4.6% year-over-year rate between March 2023 and March 2024.

Some metro area housing markets are seeing declines.

—> 31 of the nation’s 300 largest housing markets (i.e., 10% of major markets) had a falling year-over-year reading for the January 2024 to January 2025 window.

—> 42 of the nation’s 300 largest housing markets (i.e., 14% of major markets) had a falling year-over-year reading for the February 2024 to February 2025 window.

—> 60 of the nation’s 300 largest housing markets (i.e., 20% of major markets) had a falling year-over-year reading for the March 2024 to March 2025 window.

Only 20% of major U.S. housing markets currently have year-over-year home price declines. However, as shown above, that share is gradually ticking up as the supply-demand equilibrium shifts in favor of homebuyers in more markets the longer we remain in this affordability-constrained environment.

Home prices are still climbing in regions where active inventory remains well below pre-pandemic levels, such as much of the Northeast and Midwest. In contrast, some pockets in states like Arizona, Texas, Florida, and Louisiana—where active inventory exceeds pre-pandemic 2019 levels—are seeing modest home price corrections.

These year-over-year declines are evident in major metros such as Austin (-4.6%); Tampa (-4.5%); San Antonio (-2.7%); Phoenix (-2.5%); Dallas (-2.4%); Jacksonville, Florida (-2.3%); Orlando (-2.2%); New Orleans (-1.9%); Atlanta (-1.8%); and Miami (-1.5%).

The markets seeing the most softness, where homebuyers have gained the most leverage, are primarily located in Sun Belt regions, particularly the Gulf Coast and Mountain West. These areas saw major price surges during the Pandemic Housing Boom, with home price growth outpacing local income levels. As pandemic-driven migration slowed and mortgage rates rose, markets like Tampa and Austin faced challenges, relying on local income levels to support frothy home prices.

This softening trend is further compounded by an abundance of new home supply in the Sun Belt. Builders are often willing to lower prices or offer affordability incentives to maintain sales, which also has a cooling effect on the resale market. Some buyers, who would have previously considered existing homes, are now opting for new homes with more favorable deals.

Note: This particular Zillow Home Value Index, includes single-family homes and condos. It reflects the change in the typical value for homes in the 35th to 65th percentile range.

Fastest growing U.S. counties

Among America’s 1,500 most populated counties, the table below shows the 50 counties that saw the biggest per capita population jump between July 2023 and July 2024.

Keep in mind that the shifts below are from July to July (i.e., 2024 reflects the shift between July 2023 and July 2024), and that the 2020 data is a bit quirky due to the lockdowns.

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