10 U.S. Cities Where Home Prices Are Plummeting the Fastest Right Now

WASHINGTON—The U.S. housing market in July 2025 offered buyers more options than in recent years, but signs of slowing momentum emerged, according to the July 2025 Monthly Housing Market Trends Report from Realtor.com.

The report found that active listings rose 24.8% compared with July 2024, marking the 21st consecutive month of annual inventory growth and the third straight month with over 1 million homes for sale. That said, the pace of expansion has tapered compared with earlier this year, and total listings remain 13.4% below pre-pandemic norms from 2017–2019.

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Including homes under contract, the total number of unsold properties increased 16.9% year over year. However, pending sales declined by 3% from last July, indicating softer buyer activity.

Regional Variations Inventory gains were recorded in all four major regions, but at varying rates. The West led with a 32.5% increase, followed by the South at 25.4%, the Midwest at 18.1%, and the Northeast at 15.5%. The report noted that the South and West are seeing slower sales and more frequent price reductions than other areas, while the Midwest and Northeast remain relatively tighter markets.

Among large metropolitan areas, Las Vegas, Washington, D.C., and Raleigh posted the steepest year-over-year inventory growth, with increases of 65.7%, 56.5%, and 45.4%, respectively.

Homes Spending Longer on the Market Realtor.com’s data showed that the median time on market nationwide rose to 58 days in July, up seven days from a year earlier and five days from June. This is the first time since 2020 that the national median has exceeded pre-pandemic norms. The West and South recorded the largest increases, with homes taking 10 and 8 additional days to sell, respectively.

Metros with the most pronounced slowdowns included Nashville, where homes lingered 20 days longer than last year, and Orlando, Miami, and Phoenix, each up by 16 days.

Price Trends Diverge by Region Nationally, the median list price was $439,450 in July, 0.5% higher than the same month last year and largely unchanged from recent months. While prices were stable or slightly higher in the Northeast and Midwest, they declined in the South and West.

The report highlighted that 33 of the 50 largest metros saw year-over-year price drops, with the steepest declines in Austin (-4.9%), Miami (-4.7%), Chicago (-4.4%), and Los Angeles (-4.2%). In 19 of those markets—primarily in the South and West—prices have fallen below their 2022 peaks. Miami’s median list price is now 17.8% lower than its July 2022 level, while Providence, R.I., is up 26.1% over the same period, illustrating what the report called a “clear geographic divergence.”

Fewer Price Cuts but Rising Delistings Price reductions appeared on 20.6% of listings, down slightly from June, marking the first monthly decline in 2025. However, the share of price cuts remained higher in the South and West (about 23% of listings) than in the Northeast (12.4%).

At the same time, more sellers are pulling their homes from the market altogether. The report indicated that in June 2025, there were 21 delistings for every 100 new listings nationwide, up from 13 the previous month. Miami stood out with 59 delistings per 100 new listings.

Outlook The report concluded that while the market continues its gradual shift toward balance, uneven conditions persist, with the South and West cooling more quickly than the Northeast and Midwest. Slowing inventory growth could maintain some competitive pressure for buyers, even as time on market increases and price growth moderates.

• Top 10 Cities Where Home Prices Are Dropping the Most
• Austin, TX – Median List Price: $510,950 — Year-over-Year Change: -4.9% — Change Since 2022 Peak: -14.8%

• Miami, FL – Median List Price: $509,950 — Year-over-Year Change: -4.7% — Change Since 2022 Peak: -17.8%
• Chicago, IL – Median List Price: $377,000 — Year-over-Year Change: -4.4% — Change Since 2022 Peak: +7.7%
• Los Angeles, CA – Median List Price: $1,148,483 — Year-over-Year Change: -4.2% — Change Since 2022 Peak: +18.4%
• Denver, CO – Median List Price: $600,000 — Year-over-Year Change: -4.0% — Change Since 2022 Peak: -7.7%
• Phoenix, AZ – Median List Price: $505,000 — Year-over-Year Change: -3.8% — Change Since 2022 Peak: -3.8%
• Sacramento, CA – Median List Price: $625,000 — Year-over-Year Change: -3.8% — Change Since 2022 Peak: -0.8%
• Nashville, TN – Median List Price: $544,950 — Year-over-Year Change: -3.5% — Change Since 2022 Peak: -0.9%
• Minneapolis, MN – Median List Price: $435,000 — Year-over-Year Change: -3.2% — Change Since 2022 Peak: +2.4%
• Cincinnati, OH – Median List Price: $349,950 — Year-over-Year Change: -3.1% — Change Since 2022 Peak: +9.7%