10 Housing Markets Plummeting and 5 Areas Housing is Rising in the USA
Hooray! Several housing markets are falling from their pedestal to semi-affordable ranges, at least more affordable than in the past few years. This fluctuating market points to lower demand and higher house production. Overproduction of houses takes up extra land and property in an area, which may aggravate residents, though cost-efficient housing options are a bonus.
On the other side of this ebbing market, we have burgeoning hotspots for homeowners – places where home prices continue to rise. Houses that were once affordable inflate because of heightened demand. This drives up the prices, benefiting the economy by creating jobs and bringing in extra money while increasing the income gap between the wealthy and the low/middle class.
1. Tampa, Florida
A Florida haven between beaches and just under two hours away from Orlando’s theme parks faced a heavy boom over the past few years. Compared to 2023, the demand and price for one-bed, two-bed, and five-bedroom houses in Tampa dwindled between 2 and 5%, as the demand and increase for three and four-bed houses increased between 1 and 3%. The number of homes for sale also depreciated between July and August.
2. Austin, Texas
This musical Mecca invites arts and music festivals to the Texan town each year. Maybe now is the time to make the move to Texas’s capital, granted the home prices decreased by 1.6% from June to July and 2.39% since last year’s reported rates.
3. Raleigh, North Carolina
Raleigh displays a mix of mountainous terrain and bustling city life. Now, it appeals to more people due to the drop in housing prices. The Raleigh News & Observer found that Raleigh’s one-bedroom apartments decreased 9.8% from last year, and two-bedroom apartments are down 2.5% from 2023.
4. Memphis, Tennessee
Tennessee’s musical city for blues and rock n’ roll welcomes depreciating house costs, too. Memphis’ housing stock stopped 8.7% or ($18,114) since last year. Two-bedroom houses noticed the highest drop in value, 11.8%, from August of last year. Three, four, and five-bedroom houses followed with consecutive declines of 10.2%, 9.8%, and 9.3%.
5. Cape Coral, Florida
A one-percent drop might not seem exponential in terms of ebb and flow, but a 1.6% decrease in the value of a multi-million dollar home can knock thousands of dollars off its selling price. Cape Coral saw a 1.6% fall in home value between last year and this year.
6. Jackson, Mississippi
A home in southern Jackson, Mississippi, sold for a median price of $135,000, down 2.2% from last year’s median price of $137,700. Studies show that many homeowners purchase their houses below the listing price, with many homes selling for 5% below their marked price.
7. Denver, Colorado
“I think my life might be better if I lived in Colorado,” pop star Reneé Rapp sings in her song titled after the western state. HousingWire.com blames the drop in demand in Denver on the heavy out-of-state migration. Since droves of people decide to leave Colorado, the remaining residents want lowered housing prices. Paired with the high cost of living, Denver residents want the housing prices to drop, knowing they will if they stake out long enough to annoy realtors.
8. Oklahoma City, Oklahoma
Head to the capital of Oklahoma for an unparalleled Midwestern life. Last year, homeowners snatched up Oklahoma City homes in 17 days. This year, the residents take their time, waiting an average of 23 days before finalizing the deal. The market deflated 6.9% in median home value compared to last year.
9. Orlando, Florida
Orlando, Florida, enters the list as another U.S. city saluting slashed home sales. Perhaps the city with the gravest impact on housing, Orlando’s housing market plummeted 16.6% between July 2023 and July 2024. Plenty of homes sell below the asking price in about two months.
10. Eureka, California
Are you surprised to see a California city on this list? Don’t worry – we have a Californian city with increasing housing markets, too. In Eureka, California, housing rates fell 4.7% from this time last year. The forecast for the next few years predicts Eureka’s market will rise again.
Rising Markets
Here are some of the markets that have been rising recently.
1. Buffalo, New York
A few miles outside of Niagara Falls and the Canadian border, we have Buffalo, New York. The Beef on Weck’s origin place notes a drastic jump in housing prices compared to 2023. After 12 days on the market, the median home sells for $235,000.
2. Madison, Wisconsin
Madison, Wisconsin’s housing prices increased by 6.3% between July of last year and this year. The median sale price for houses climbed to $425,000 per home, with an average period of 36 days on the market.
3. Wichita, Kansas
New homes in Wichita, Kansas, or the aviation epicenter, last about two weeks on the market. Wichita’s website projects growth in the Wichita region to hit 870,000 in 2035, up from the current population of 790,000. Therefore, a 2.8% in home value materialized from last year.
4. San Diego, California
What can beat a sea breeze matched with serene surroundings and moderate year-round weather? San Diego’s housing market expanded 10% from last year’s, making the median home price $993,000. Houses sold quicker last year, with 12 days on the market, compared to this year’s 18 days.
5. Washington D.C.
D.C. doubles as a historical centerfold and the president’s landing pad. Future homeowners will see a significant increase in home value, up 9.8% from last year. The median sale price for a home in D.C. is $675,000. Houses here last about 48 days on the market, compared to 42 days in 2023, emphasizing the ballooning market price.
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