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Home prices are falling in some formerly hot markets
Price reductions. Sparsely attended open houses. Homes languishing on the market as the weeks turn to months.
While continues to achieve new price records at the national level, some formerly hot corners of the country have experienced slowdowns over the past couple of years. In Florida, the Tampa Bay market is the only one of the 20 largest metro areas to consistently report year-over-year price declines, including a 1.5% drop from February 2024 to February 2025, according to the .
Just south of Tampa, in the North Port-Bradenton-Sarasota metro area, home prices fell 13% from the first two months of 2024 to the first two months of 2025, according to Redfin.
And the price declines are happening in Texas, too. In Austin, a pandemic boomtown, prices are down 4.5% in the past year, according to the Zillow Home Value Index released in mid-April.
While the Sun Belt states boast strong job markets and continued population growth, home prices are cooling. “Some markets in Texas and some markets in Florida are seeing decline,” said Lawrence Yun, chief economist at the National Association of Realtors.
These formerly frenzied markets are experiencing a shift in momentum that’s forcing sellers to come back to…
