dszc / Getty Images
Our Pledge to Our Readers
GOBankingRates’ editorial team dedicates itself to providing impartial reviews and insights. Our team uses data-driven techniques to assess financial products and services, ensuring advertisers have no sway over our reviews and ratings. For more insights on our editorial standards and evaluation techniques, explore our editorial guidelines.
20 Years
Helping You Live Richer
Trusted by
Millions of Readers
In an unexpected turn, the housing market in 2024 witnessed unique trends, notably in some major U.S. cities where home prices took a dip. Specifically, some locations that boomed during the pandemic, such as areas in Texas and Florida, experienced a decline, as revealed by the Redfin Home Price Index.
Here’s a closer look at four significant U.S. cities where home prices saw a decline in 2024.
Additionally, discover predictions for home prices in 2025.
Austin, Texas: Housing Market Trends
- Housing Price Index Change: -3.72%
Austin, once a hot relocation destination, is now experiencing a cooling in its housing market. The median property value, which soared to $667,000 in 2022, has receded to around $550,000. Even though it shows a significant decline, it remains above the national average by 6%, with standard apartment rentals costing about $1,611.
Understanding Tampa, Florida’s Home Price Decline
- Housing Price Index Change: -3.52%
In Tampa, homes have become more affordable while the cost of living remains relatively low, 3% below the national average. The average home price is about $450,000, and renting a property costs approximately $1,455 monthly, marking this city as a cost-effective beachside choice.
San Antonio: A Shift in Housing Prices
- Housing Price Index Change: -3.03%
With a 3.03% decline, San Antonio continues to be an attractive option due to its affordability. The cost of living here is 9% lower than the national average. The median house price stands at $269,900, while rent typically costs around $1,204. Additionally, residents benefit from lower grocery and utility costs.
Fort Lauderdale, Florida: Real Estate Insights
- Housing Price Index Change: -1.55%
Although there’s a drop in prices, Fort Lauderdale is still notably expensive. Living here costs 20% more than the national average, with housing expenses rising to 61% above average, and median home prices at $524,950.
Exploring the Reasons Behind the Price Drops
Despite overall national trends showing a price increase of 5.4%, these cities have cooled. Why the drop? Popularity during the pandemic led to overbuilding, meeting current housing demands even as the influx of new residents slowed. Consequently, cities like Austin, San Antonio, and Fort Lauderdale now have more than 60% of homes on the market for two months or longer. This results in a stagnation of prices.
Thank You!
Editor’s note: The median housing prices were sourced from Redfin. Cost-of-living data was obtained from Payscale. All data is accurate as of Jan. 15, 2025.
Considering the ever-evolving real estate landscape? Click Here For More Personal Finance tips and strategies.
Discover more from Make Money Online and Work From Anywhere
Subscribe to get the latest posts sent to your email.
