96 Housing Markets Seeing Home Price Declines

National home price growth is slowing, but in some local markets, prices are actually declining. According to an analysis of Zillow data from the ResiClub blog, 96 (or 32%) of the 300 largest housing markets are currently experiencing year-over-year home price declines. Comparatively, from January 2024 to January 2025, just 31 (10%) of those markets were experiencing year-over-year price declines.

Recording a 5.5% year-over-year decline, Austin, Tex., saw home prices fall the most. This was followed by Tampa, Fla., where home prices fell by 5.4%, as well as Dallas and Phoenix, which both recorded declines of 3.4%. 

Home prices are still climbing in many regions where active inventory remains well below pre-pandemic 2019 levels, such as pockets of the Northeast and Midwest. In contrast, some pockets in states like Arizona, Texas, Florida, Colorado, and Louisiana—where active inventory exceeds pre-pandemic 2019 levels—are seeing modest home price corrections.