by Douglas Katz – 06/12/2022
Axios and Home.LLC just released the results of a study that they did in recently in 100 of the biggest markets.
Key points to remember:
- This is not surprising as many of the cities mentioned were the most high flying during the housing boom.
- These markets were the most overpriced and price outstripped buyer capability to get funding and afford the homes.
- Some of the markets were in less regulated areas that allowed more rapid construction to meet demand.
- This is a red flag not a panic button and, while important for considerations and planning, it is not Doomsday.
- If you bought a home and the market drops, do not fret. You will recover and, though you may not make as much when you sell, you can still have a great life and make great memories in your home.
UPDATE: After publishing this article, CNBC reported on the same topic using Redfin’s data.
From their data:
10 fastest-cooling U.S. housing markets
Here are the U.S. markets that have cooled the most over the past year, according to Redfin, and their median sale price as of May 2022.
- San Jose, California — $1,560,000
- Sacramento, California — $610,000
- Oakland, California — $1,070,000
- Seattle, Washington — $850,000
- Stockton, California — $576,000
- Boise, Idaho — $550,000
- Denver, Colorado — $612,000
- San Diego, California — $875,000
- Tacoma, Washington — $575,000
- San Francisco, California — $1,620,000
10 slowest-cooling U.S. housing markets
Here are the U.S. markets that have been slowest to cool over the past year, according to Redfin, and their median sale price as of May 2022.
- Albany, New York — $289,000
- El Paso, Texas — $238,000
- Bridgeport, Connecticut — $570,000
- Lake County, Illinois — $324,400
- Rochester, New York — $212,100
- New Brunswick, New Jersey — $465,000
- Cincinnati, Ohio — $265,000
- Akron, Ohio — $200,000
- New Haven, Connecticut — $310,000
- Virginia Beach, Virginia — $325,000