Home prices are falling in housing markets around the country after surging during the pandemic. But where you live makes a huge difference.
What’s the situation in your neighborhood? Enter your Zip code and keep scrolling to see how home prices have changed in your community and rest of the nation.
Of the hundreds of counties nationwide where prices fell in the year ending in March, 77 percent were in the West. Prices in these counties grew faster than in the rest of the country during 2021 and 2022 as buyers flocked to pandemic boomtowns in search of more space, a change of scenery and more affordable housing. This year, prices have cooled significantly in every large Western metro and suburban county.
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“The western U.S. was hit the hardest last year,” said Ali Wolf, chief economist at Zonda, a housing data and consulting firm — especially as interest rates rose.
King County, home to Seattle, saw the largest price drop, with home values falling 12 percent year over year. Of the 10 counties where home values fell most dramatically, half are in California.
But falling prices weren’t isolated in the West. In Austin and surrounding Travis Country, home prices have fallen 12 percent over the past year — the second largest drop in the country — due in part to economic troubles in the tech industry.
Markets in the Northeast and the Southeast have largely held their ground because houses there are not overvalued, said Nicholas Gerli, founder and chief executive of Reventure Consulting. Inventory, meanwhile, is “scary low,” he said. In Hartford, Conn., for instance, home prices have risen 8 percent since last year.
Home prices in large metro areas have fallen faster than in smaller cities and towns as rising interest rates have put mortgages out of reach for buyers struggling to find affordable housing.
Percent of counties, by change in home value
from March to March
Percent of counties, by change in home value from
March to March
Percent of counties, by change in home value from March to March
Home prices have fallen in four of ten counties in large metro areas over the past year compared to just one in ten rural counties. One of the worst performing markets was San Francisco, where average home prices have fallen nearly 11 percent compared to last year.
Because they tend to be more affordable, smaller markets have been able to hold their value — and even increase prices — despite rising mortgage rates, said Lawrence Yun, chief economist at the National Association of Realtors. Of the ten housing markets where prices rose the most over the past year, the average home value in seven of them is less than $300,000.