Currently Reading

Where Will Home Prices Drop the Most During the Pandemic?


Where Will Home Prices Drop the Most During the Pandemic?

April 21, 2020
Las Vegas Sign
By littlestocker

While virtual tours have been the life preserver that the housing market needs to stay afloat in the current economic climate, the market is still drifting further and further away from its strong showing earlier in the year. At the beginning of March, listings were up 5 percent from the prior year. By mid-April, they fell 47 percent, and the price growth was slowing down dramatically as well, even with low housing inventory. Though the nationwide crisis will be felt in most cities, some will be hit harder with steep drops in housing prices thanks to unstable conditions even before the pandemic hit. Find out how the coronavirus will affect housing prices in your city. 

Both homebuyer and seller demand have weakened dramatically in the last month, as Americans hunker down to help stop the spread of the coronavirus.

While some are still shopping online, doing virtual tours, the spring season was essentially over before it started. Although sales are way down, home values may not suffer as much, except in certain markets.

Home prices were very hot at the beginning of this year and heading into the crisis, and the expectation is that while the gains in values will likely slow, prices will not fall nationally. That is because unlike during the subprime mortgage crisis, when there was a serous glut of homes for sale, there is now an increasingly severe shortage. Home values fell as much as 50% in some markets a decade ago, but market dynamics are far different now, and the supply-demand imbalance favors stronger prices.

Read More

Related Stories


Zillow’s Year-End Sales and Home Value Forecast

Zillow is forecasting stronger growth in home sales through the end of the year while the rate of home value appreciation will be slower.


Home Appraisals Are Messing With Sales

"I don’t remember any time where the frequency of buyers being willing to pay so much more than the market data was this high."


Home Prices Probably Won’t Fall, But the Frenzy is Over

“It’s not like the market is soft. It’s just moving away from that extreme frenzy.”


More in Category


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.