After three frenetic years of double‑digit appreciation, the U.S. housing market is finally showing pockets of weakness.
ResiClub Analytics’ latest metro‑level figures reveal 10 areas where prices are retreating fastest, in many cases because pandemic‑era demand has cooled while new supply keeps hitting the market.
The following slides count down the top 10 housing markets that have seen the largest decline.
No. 10: Texarkana, TX‑AR (‑4.87%)
Straddling the Texas–Arkansas line, Texarkana never saw the wild spikes of coastal boomtowns, but elevated mortgage rates have still sidelined many first‑time buyers. Inventories are up roughly 25 % from a year ago, and sellers are cutting prices to compete with a steady stream of new construction south of the state line.
No. 9: Houma‑Thibodaux, LA (‑4.95%)
The heart of Louisiana’s bayou country is grappling with an energy‑sector slowdown and hurricane‑driven insurance costs. Both factors have cooled demand, pushing median listing times above 60 days—double the pre‑pandemic norm.
No. 8: Deltona‑Daytona Beach‑Ormond Beach, FL (‑5.02%)
Volusia County’s Atlantic shoreline benefited from a “Zoom‑town” surge in 2021‑22. Now, higher rates and an insurance affordability crisis have clipped second‑home purchases; price cuts are most common in inland golf‑course communities built during the last cycle.
No. 7: Kahului‑Wailuku‑Lahaina, HI (‑5.22%)
Maui’s market was already cooling before the August 2023 fires. Post‑disaster rebuilding costs and a pause in vacation‑rental demand have kept would‑be buyers on the sidelines, even as tight land constraints limit major price collapses.
No. 6: Sebastian‑Vero Beach, FL (‑5.68%)
Treasure Coast prices soared when South Florida remote workers sought affordability. With borrowing costs near 7 %, many of those households are staying put, swelling local inventory to a four‑year high and prompting sellers to trim expectations.
No. 5: Tampa‑St. Petersburg‑Clearwater, FL (‑5.70%)
The Tampa Bay metro was one of the nation’s hottest markets in 2021. Construction cranes never stopped, and the supply overhang—combined with rising flood‑insurance premiums—has shifted negotiating power back to buyers. Average concessions now top $14,000.
No. 4: Austin‑Round Rock‑Georgetown, TX (‑5.80%)
Austin’s pandemic‑era bidding wars pushed prices up nearly 50 % in two years. As tech layoffs mounted and thousands of new homes hit the northern suburbs, the metro posted the state’s sharpest correction. Still, prices remain 35 % above 2019 levels.
No. 3: North Port‑Sarasota‑Bradenton, FL (‑8.52%)
Southwest Florida’s luxury‑tilted Gulf Coast saw an influx of cash buyers in 2021‑22; many are now looking to offload second homes amid higher carrying costs. The median time on market has tripled since last summer, forcing sizable list‑price reductions.
No. 2: Cape Coral‑Fort Myers, FL (‑9.56%)
Hurricane Ian’s 2022 destruction temporarily constrained supply, but rebuild‑driven price spikes have faded. Rapid permit issuance has unleashed a wave of new single‑family inventory, and insurance hikes are deterring newcomers, fueling the nearly 10 % drop.
No. 1: Punta Gorda, FL (‑11.88%)
The deepest decline in the nation belongs to Punta Gorda, a retirement‑oriented market just north of Fort Myers. Elevated construction activity, combined with retirees pausing relocation plans until borrowing costs fall, has produced the steepest discounts—even on waterfront listings that once sold in hours.
Takeaways & Outlook
- Regional clustering: Six of the 10 hardest‑hit metros are in Florida, reflecting the state’s sensitivity to insurance and climate‑risk costs.
- Pandemic high‑fliers cool fastest: Austin and Maui exemplify “reversion to the mean” after outsized gains.
- Opportunities for buyers: Those with cash may find the most negotiable prices in years, especially on homes that linger past 60 days.
- Wildcards: A sharp drop in mortgage rates, major policy changes on insurance, or supply‑chain relief could stabilize prices; absent that, modest further declines are likely through early 2026.
