7 Locations Where Housing Prices Are Plummeting Post-Pandemic
The COVID-19 pandemic created new migration trends, leading many Americans to leave big cities. So-called Zoom towns — named after the pandemic communication platform and symbol of that era — were cities that saw a tremendous growth due to people moving there to work remotely.
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A few years post-pandemic, though, have led to some of these previously-booming locations to see their housing prices plummet.
“Nationally, the housing market remains overvalued, with prices exceeding their estimated fundamental value by more than 12% in February,” Matthew Walsh, Moody’s Analytics economist said in a recent report, adding however, that this is the lowest level of overvaluation since the spring of 2021. “House prices decreased in 17 states in February, and from a year ago, the strongest performance has been concentrated in the Midwest, where house prices are relatively more affordable.”
Here are some of the cities where housing prices are decreasing.
1. Miami, Florida
Once a pandemic hotspot, Miami saw its housing prices skyrocket, but now prices are starting to cool down.
The median listing home price in Miami is $635,000, according to Realtor.com, down -2.3% year-over-year.
2. Provo, Utah
According to Business Insider, citing Moody’s data, the projected annualized home price appreciation through August 2026 is -6.11%.
The median listing home price in Provo is $495,000, according to Realtor.com.
3. Lake Havasu City, Arizona
The projected annualized home price appreciation through August 2026 is -6.15%, according to Moody’s.
The median listing home price in Lake Havasu City is $550,000 trending up 5.9% year-over-year, yet, Moody’s placed it on its list of cities where home prices will decline the most over the next three years, according to Business Insider.
4. Oklahoma City, Oklahoma
The median listing home price in Oklahoma is $299,000, trending down -6% year-over-year, according to Realtor.com.
5. San Antonio, Texas
The median listing home price in San Antonio is $300,000, according to Realtor.com.
6. San Jose, Calif.
The median listing home price in San Jose is $1.3 million.
7. Pocatello, Idaho.
The median listing home price in Pocatello is $377,400, trending down -3%, according to Realtor.com.
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The projected annualized home price appreciation through August 2026 is -7.85%, according to Business Insider, citing Moody’s data.
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This article originally appeared on GOBankingRates.com: 7 Locations Where Housing Prices Are Plummeting Post-Pandemic
