Currently Reading

98 of 100 Largest Markets Saw Steep Price Drops in September

Housing Markets

98 of 100 Largest Markets Saw Steep Price Drops in September

The housing market is rebalancing after a competitive period of low interest rates, huge buyer demand, and competitive home prices

November 1, 2022
Model of house made of wood with stacks of coins next to it in decreasing size
Photo: stock.adobe.com

According to Forbes, more cities are expected to see home prices decline by the end of 2023 as the market shifts to favor buyers instead of sellers. The recently released Knock Buyer-Seller Market Index found home prices in 98 of the 100 largest housing markets had lower prices than last spring, with only Providence, RI, and Salisbury, Md., seeing steady home prices throughout 2022. By September 2023, home prices in 42 major markets are expected to fall further than their 2022 record highs, with Bridgeport, Conn., seeing the largest price drop (-7.8%) and Springfield, Mo., leading the Midwest with an expected price decrease of 3.9%.

In a sign of the current market where high home prices and rising interest rates have pushed many buyers to the sidelines, just over 1.8 million homes had traded hands across the nation’s largest 100 housing markets through the first nine months of 2022 — less than during the same time frame in each of the past four years. Although still low, the supply of homes for sale has grown steadily throughout 2022 as median days on market increased to 20 in September – up by one full week from a year ago.

Knock co-founder and CEO Sean Black said that based on the findings, the shift to a more balanced market is still in its early stages. “We expect that this much-needed reset will persist through much of 2023, and although prices will again begin to rebound they likely won’t return to their peaks for the foreseeable future,” he said.

Read more


Related Stories

Housing Markets

More Homebuyers Are Relocating for Affordability and Remote Work

A record number of homebuyers are relocating in search of more affordable homes. But where are they going?

Housing Markets

Tracking Tool Shows Home Price Gains Over Past 5 Years

This interactive tool reveals 5-year home price changes in the priciest U.S. counties

Housing Markets

Florida Is Now the Second Most Valuable US Real Estate Market

Housing markets such as Florida are seeing substantial growth driven by an uptick in new construction


Top Articles


More in Category

COVID-19 may be easing its grip on the U.S. after a disastrous two years, but lingering supply chain disruptions have builders holding onto their pandemic business tactics

An archive of NHQA-winning companies that represent home building's best in Total Quality Management

Don’t let the current hype about single-family B2R communities obscure the need to create long-term sustainability and asset value


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.