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The US is in a very strange limbo regarding the housing market. While new homes are getting cheaper, and existing homes perhaps should be getting cheaper, prices are actually rising in an era of low demand. Even as mortgage rates have risen and buyers have felt the squeeze of inflation, sellers have not given up any ground. The standoff has continued for years, freezing the housing market and putting many realtors and mortgage brokers out of jobs.
The new home price report from the National Association of Realtors confirms that over 80% of metro areas saw year over year price gains as of Q1 2025, with over 10% seeing double digit price gains. In this post we'll conveniently list the few metros in the report where prices went down more than 1%.
The below table lists the ten metro areas with the biggest drops in price, as well as the median home price of each metro area.
| Metro Area | Median Home Price | Percentage Decline, Yr/Yr |
|---|---|---|
| Punta Gorda, FL | $354,000 | -7% |
| Boulder, CO | $773,000 | -6% |
| St. George, UT | $524,000 | -6% |
| Abilene, TX | $247,000 | -5% |
| Florence, SC | $216,000 | -3% |
| New Bern, NC | $286,000 | -3% |
| Joplin, MO | $197,000 | -2% |
| Kingston, NY | $403,000 | -2% |
| Bloomington, IL | $230,000 | -2% |
| Burlington, NC & Gainesville, FL (tie) | $317,000/$395,000 | -1% |
To get personalized recommendations for what city to live in based on home price as well as many other factors, take our quiz! You may even run into a few cities from this list!