7 Locations Where Housing Prices Are Plummeting Post-Pandemic

04/05/2024

Home prices go down

The COVID-19 pandemic created new migration trends, leading many Americans to leave big cities. So-called Zoom towns — named after the pandemic communication platform and symbol of that era — were cities that saw a tremendous growth due to people moving there to work remotely.

Check Out: Here’s the Salary a Single Person Needs To Live Comfortably in Hawaii

A few years post-pandemic, though, have led to some of these previously-booming locations to see their housing prices plummet.

“Nationally, the housing market remains overvalued, with prices exceeding their estimated fundamental value by more than 12% in February,” Matthew Walsh, Moody’s Analytics economist said in a recent report, adding however, that this is the lowest level of overvaluation since the spring of 2021. “House prices decreased in 17 states in February, and from a year ago, the strongest performance has been concentrated in the Midwest, where house prices are relatively more affordable.”

Here are some of the cities where housing prices are decreasing.

Sponsored: Protect Your Wealth With A Gold IRA. Take advantage of the timeless appeal of gold in a Gold IRA recommended by Sean Hannity.

1. Miami, Florida

Once a pandemic hotspot, Miami saw its housing prices skyrocket, but now prices are starting to cool down.

The median listing home price in Miami is $635,000, according to Realtor.com, down -2.3% year-over-year.

2. Provo, Utah

According to Business Insider, citing Moody’s data, the projected annualized home price appreciation through August 2026 is -6.11%.

The median listing home price in Provo is $495,000, according to Realtor.com.

3. Lake Havasu City, Arizona

The projected annualized home price appreciation through August 2026 is -6.15%, according to Moody’s.

The median listing home price in Lake Havasu City is $550,000 trending up 5.9% year-over-year, yet, Moody’s placed it on its list of cities where home prices will decline the most over the next three years, according to Business Insider.

4. Oklahoma City, Oklahoma

The median listing home price in Oklahoma is $299,000, trending down -6% year-over-year, according to Realtor.com.

5. San Antonio, Texas

The median listing home price in San Antonio is $300,000, according to Realtor.com.

6. San Jose, Calif.

The median listing home price in San Jose is $1.3 million.

7. Pocatello, Idaho.

The median listing home price in Pocatello is $377,400, trending down -3%, according to Realtor.com.

Learn More: I’m a Real Estate Agent: 5 Places I’d Buy a Vacation Home If I Had $500,000

The projected annualized home price appreciation through August 2026 is -7.85%, according to Business Insider, citing Moody’s data.