Are Home Prices Dropping? In a Fractured National Market, It Depends on Where You Live

33 of the top 50 metros experienced year-over-year price declines

The national market is cooling overall, but the pace and severity of the slowdown varies widely across regions, according to the latestRealtor.com®July Housing Trends Report. The South and West are shifting decisively in favor of buyers, with rising inventory, deeper price cuts, and longer time on market. In contrast, conditions in the Northeast and Midwest remain much tighter. Nationally, active listings rose for the 21st straight month, homes took 7 days longer to sell than last year, and 33 of the 50 largest metros posted year-over-year price declines-including Austin (-4.9%), Miami (-4.7%), and Chicago (-4.4%) and more than one in five sellers cut their asking price.

“The housing market has cooled modestly in 2025, prompting our lowered outlook for home sales and price growth. But the extent and persistence of rebalancing really varies across the country, and, regionally, homebuyers and sellers are likely to experience a very different market,” said Danielle Hale, Chief Economist at Realtor.com®. “In the South and West, we're seeing clear signs of a shift toward buyer-friendly conditions-more price cuts, rising delistings, and homes sitting longer on the market-which has led to sometimes sizable price adjustments since 2022. Meanwhile, the Midwest and Northeast remain relatively tight, with less inventory relief and stronger pricing power for sellers. This widening divide underscores how local market dynamics are driving very different experiences for buyers and sellers.”

Region Active Listing Median Listing Median Listing Median Listing Median Days Price-Reduced Count YoY Price YoY Price vs. 2022 Price Per SF YoY on Market Y-Y Share Y-Y (Days) (Percentage Points)Midwest 15.5% 0.2% 14.6% 4.1% 2 0.6Northeast 25.4% -0.6% -1.1% -0.7% 8 0.4South 18.1% -0.3% 9.8% 1.2% 3 1.9West 32.5% -0.8% -0.1% -0.7% 10 2.3National Average 24.8% 0.5% -1.0% 0.5% 7 1.1

Southern and Western Markets Lead Price Declines While some metros continue to hold onto post-pandemic price gains, others, most notably in the South and West have started to reverse course. In July, 33 of the 50 largest metros posted year-over-year price declines. Miami, Austin, Chicago, and Los Angeles led the way in terms of largest year-over-year median list price declines, however, where prices are declining most right now is not necessarily where they have declined the most since the peak of the market in 2022.

“We're seeing a reset take hold in markets across the country such as Nashville. List prices are softening, homes are spending more time on the market, and buyers are finding more room to negotiate,” said Gary Ashton, founder of The Ashton Real Estate Group of RE/MAX Advantage. “After years of intense competition, it's starting to feel more balanced – especially in the South and West. It's not a buyer's market yet, but we're headed in that direction.”

Miami's median list price is now 17.8% lower than its July 2022 peak. Meanwhile, Los Angeles saw prices 18% higher than in July 2022 – a stark contrast from Austin, where prices declined 4.9% since last year and prices are now 14.8% below 2022 levels.

Only 19 of the 50 largest U.S. metros currently have prices below July 2022, and all are located in the South and West. Furthermore, each of these 19 has seen prices decline further in the last year-except for Seattle, which has eked out 0.8% year-over-year growth.

Price Cuts Still Elevated Especially in the South and West, but Dip Modestly in July Price cuts continue to be a key feature of this summer's market, even if median list prices have shown little movement overall. In July 20.6% of home listings had price reductions-up a modest 1.1 percentage points from last year, but down from 20.7% last month. This marks the first time in 6 months that price cuts have declined nationally.

Regionally, price cuts were far more common in the South and West (23%) than in the Northeast (12.7%). Metros with the most listings with price cuts, often linked to slower demand, included: Denver (32.9% of listings), Portland (31.3%), and Austin (31.2%).

Metro Median List Change Median No. of Days Price Pct. Pt. Price since… Days on Difference Reduced Difference Market Since… Share Since… July 2025 2024 2022 July 2025 2024 2022 July 2025 2024 20221 Austin 510,950 -4.9% -14.8% 65.5 8 36 31.2% -0.9 -9.32 Miami 509,950 -4.7% -17.8% 88 16 48 17.7% -0.3 2.93 Chicago 377,000 -4.4% 7.7% 35.5 3 4 15.4% 1.9 -0.54 Los Angeles 1,148,483 -4.2% 18.4% 50.5 8 18 17.6% 3.8 -1.55 Denver 600,000 -4.0% -7.7% 52 11 29 32.9% 0.1 2.56 Phoenix 505,000 -3.8% -3.8% 69.5 16 40 30.8% 2.0 -10.97 Sacramento 625,000 -3.8% -0.8% 49.25 10 17 23.7% 3.3 -7.08 Nashville 544,950 -3.5% -0.9% 55 20 34 24.3% -1.3 -1.29 Minneapolis 435,000 -3.2% 2.4% 38 1 6 17.3% 2.2 3.510 Cincinnati 349,950 -3.1% 9.7% 36.5 5 12 19.2% 3.1 6.4 US Overall 439,450 0.5% -1.0% 58 7 24 20.6% 1.1 1.5

Delistings Surge as Sellers Retreat Sellers who couldn't find buyers at their desired price continued to pull listings from the market. Delistings in June (reported with a one-month lag) rose 48% year-over-year and 38% year-to-date. The delisting-to-new listing ratio climbed to 0.21 in June, up from 0.13 in May-meaning that for every 100 new listings, 21 were removed without a sale. The metros with the highest delisting ratios in June were Miami (59 per 100 new listings), Phoenix (37), and Riverside, Calif. (30).

Inventory Growth Slows But Persists The number of homes actively for sale in July rose 25.1% compared to July of last year, marking the 21st consecutive month of year-over-year gains and there are now over 1.1 million homes for sale nationwide, the third consecutive month with over 1 million active listings. However, the pace of growth is slowing-down from 28.9% year-over-year in June and 31.5% in May. Inventory remains 13.4% below typical 2017-2019 levels, indicating that while buyers have more choices, supply is still constrained by historical standards.

Inventory increased in all four major U.S. regions in July, though the pace varied: West: +32.5%, South: +25.4%, Midwest: +18.1%, Northeast: +15.5%.

July 2025 Housing Metrics – National(*For metro stats, see Table table overview below)

Metric July 2025 Change over Change over Change over July June 2025 July 2024 2019 (MoM) (YoY)Median listing price $439,450 -0.3% 0.5% 37.6%Active listings 1,102,787 1.9% 24.8% -11.0%New listings 434,816 -3.9% 7.3% -15.3%Median days on market 58 +5 days +7 days +1 dayShare of active listings with price 20.6% -0.1 percentage +1.1 percentage +2.9 percentagereductions points points pointsMedian List Price Per Sq.Ft. $231 -0.9% 0.5% 52.4%

July 2025 Housing Overview of the 50 Largest Metros

Metro Active New Median List Median Median Median Median Price Listing Listing Price List Price, List Price List Days on Reduced Count Count, YoY vs. 2022 Price Market, Share, YoY YoY YoY Per SF, YoY (Percentage YoY (Days) Points)Atlanta-Sandy Springs-Roswell, GA 30.5% 1.9% $419,945 -1.2% -4.4% -1.4% 10 3.0Austin-Round Rock-San Marcos, TX 18.1% 8.1% $510,950 -4.9% -14.8% -4.0% 8 -0.9Baltimore-Columbia-Towson, MD 37.3% 0.1% $399,900 6.6% 11.4% 2.2% 0 0.7Birmingham, AL 11.6% 10.3% $309,500 2.7% 3.5% 1.7% 7 1.1Boston-Cambridge-Newton, MA-NH 25.0% 2.0% $841,950 -1.4% 13.8% 1.9% 2 2.8Buffalo-Cheektowaga, NY 13.0% 8.0% $299,450 7.0% 19.8% 7.2% -4 0.6Charlotte-Concord-Gastonia, NC-SC 42.6% 15.4% $449,433 2.4% 4.0% -0.8% 12 2.6Chicago-Naperville-Elgin, IL-IN 5.4% 2.2% $377,000 -4.4% 7.7% -0.4% 3 1.9Cincinnati, OH-KY-IN 26.5% 9.4% $349,950 -3.1% 9.7% 2.5% 5 3.1Cleveland, OH 25.2% 6.6% $268,825 1.4% 22.2% 4.2% 2 1.5Columbus, OH 13.7% N/A $392,450 N/A 13.1% 0.4% 4 7.4Dallas-Fort Worth-Arlington, TX 30.2% -1.3% $439,900 -2.2% -8.5% -1.5% 9 0.6Denver-Aurora-Centennial, CO 36.7% -2.9% $600,000 -4.0% -7.7% -3.3% 11 0.1Detroit-Warren-Dearborn, MI 22.2% 9.5% $280,000 0.0% 0.0% 0.1% 2 3.5Grand Rapids-Wyoming-Kentwood, MI 1.8% -1.3% $427,350 6.9% 14.0% 4.5% 6 0.0Hartford-West Hartford-East Hartford, CT 16.9% -4.6% $449,450 2.5% 16.7% -1.0% 3 2.4Houston-Pasadena-The Woodlands, TX 31.5% 15.7% $370,000 -0.5% -5.1% -0.9% 2 3.2Indianapolis-Carmel-Greenwood, IN 28.3% 1.5% $334,273 -1.5% 2.9% -0.2% 5 4.6Jacksonville, FL 16.5% -6.0% $408,495 -1.4% -4.3% -1.4% 15 0.6Kansas City, MO-KS 30.3% 1.9% $399,950 0.7% 1.3% 1.5% -3 1.2Las Vegas-Henderson-North Las Vegas, NV 65.7% 3.5% $475,000 -1.0% -2.1% -0.6% 14 4.8Los Angeles-Long Beach-Anaheim, CA 41.0% 2.6% $1,148,483 -4.2% 18.4% -2.3% 8 3.8Louisville/Jefferson County, KY-IN 24.6% 14.7% $324,950 -0.6% 8.4% 2.4% 2 1.0Memphis, TN-MS-AR 18.9% 3.5% $339,950 -0.5% 6.3% 2.2% 10 -3.7Miami-Fort Lauderdale-West Palm Beach, FL 30.0% -5.0% $509,950 -4.7% -17.8% -3.6% 16 -0.3Milwaukee-Waukesha, WI 9.9% -0.7% $410,000 2.5% 26.2% 5.5% 0 3.5Minneapolis-St. Paul-Bloomington, MN-WI 10.8% -1.9% $435,000 -3.2% 2.4% -1.3% 1 2.2Nashville-Davidson–Murfreesboro–Franklin, TN 29.5% 20.7% $544,950 -3.5% -0.9% -1.7% 20 -1.3New York-Newark-Jersey City, NY-NJ 9.4% 4.6% $775,000 0.0% 15.8% -4.4% 2 0.3Oklahoma City, OK 24.9% -2.9% $325,000 0.2% 3.0% 0.4% 4 0.6Orlando-Kissimmee-Sanford, FL 26.4% -5.2% $426,950 -3.0% -8.0% -3.0% 16 1.1Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 18.8% N/A $384,950 -1.2% 11.6% 1.0% -1 -0.1Phoenix-Mesa-Chandler, AZ 37.3% -0.8% $505,000 -3.8% -3.8% -1.2% 16 2.0Pittsburgh, PA 11.0% 4.4% $252,278 0.9% 7.4% 2.3% 5 0.2Portland-Vancouver-Hillsboro, OR-WA 26.3% -7.6% $599,995 -2.8% 0.2% -2.1% 8 3.4Providence-Warwick, RI-MA 23.6% -1.6% $604,950 3.2% 26.1% 4.6% 5 2.7Raleigh-Cary, NC 45.4% 21.3% $460,000 -1.1% -7.1% -0.8% 9 4.3Richmond, VA 20.9% 6.4% $449,900 -2.1% 14.4% 0.3% 2 1.4Riverside-San Bernardino-Ontario, CA 38.1% 1.9% $599,900 0.0% 0.7% -1.7% 11 2.1Sacramento-Roseville-Folsom, CA 37.0% 7.4% $625,000 -3.8% -0.8% -2.6% 10 3.3St. Louis, MO-IL 18.3% -5.7% $300,000 -2.4% 9.1% -2.0% 5 2.2San Antonio-New Braunfels, TX 14.7% 0.5% $339,700 -2.7% -10.6% -2.3% 9 -1.6San Diego-Chula Vista-Carlsbad, CA 43.5% -1.9% $987,500 -1.2% 9.7% -3.6% 7 3.2San Francisco-Oakland-Fremont, CA 21.3% -2.3% $990,000 -0.5% -9.8% -3.9% 7 2.1San Jose-Sunnyvale-Santa Clara, CA 28.7% -11.3% $1,373,750 -2.5% -1.9% -3.7% 7 4.2Seattle-Tacoma-Bellevue, WA 36.7% 0.0% $785,463 0.8% -0.6% 1.5% 4 3.6Tampa-St. Petersburg-Clearwater, FL 22.2% -6.2% $415,000 -1.3% -6.7% -2.2% 12 -2.5Tucson, AZ 41.0% -0.2% $385,000 -2.5% -3.7% -1.2% 15 1.2Virginia Beach-Chesapeake-Norfolk, VA-NC 24.5% 4.0% $415,000 4.5% 18.6% 3.6% 4 4.0Washington-Arlington-Alexandria, DC-VA-MD-WV 56.5% 1.3% $612,500 -0.8% 4.7% -3.9% 2 1.9

*Note: Changes in the underlying source data for the Washington, DC; Philadelphia; and Baltimore metro areas may mean that growth in active and new listings counts is slightly over or understated, depending on the season, and time on market is slightly lower in 2025 relative to previous years. Unfortunately, there is not an adjustment mechanism for these changes, but data trends should be viewed with caution.

MethodologyRealtor.com housing data as of July 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.

With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.

About Realtor.com®Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Mallory Micetich, press@realtor.com

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