You are probably aware that the housing market in the U.S. experienced significant changes this summer. In past blog posts, we have discussed some of the impacts on the Austin, Texas market. If you're curious about what has been happening around the rest of the U.S., read on for the 10 housing markets that are cooling the fastest, and the 10 housing markets that are cooling the slowest, along with their median sales price as of May 2022. It is important to note that cooling does not necessarily mean that the prices are dropping. One of the reasons for the cooling, in some instances, is a significant rise in home inventory. In other instances, cooling may indicate that prices are still rising, although at a much slower pace than before.
Markets Cooling the Fastest in the U.S.
San Jose, California — $1,560,000
Sacramento, California — $610,000
Oakland, California — $1,070,000
Seattle, Washington — $850,000
Stockton, California — $576,000
Boise, Idaho — $550,000
Denver, Colorado — $612,000
San Diego, California — $875,000
Tacoma, Washington — $575,000
San Francisco, California — $1,620,000
Markets Cooling the Slowest in the U.S.
Albany, New York — $289,000
El Paso, Texas — $238,000
Bridgeport, Connecticut — $570,000
Lake County, Illinois — $324,400
Rochester, New York — $212,100
New Brunswick, New Jersey — $465,000
Cincinnati, Ohio — $265,000
Akron, Ohio — $200,000
New Haven, Connecticut — $310,000
Virginia Beach, Virginia — $325,000
Source:
https://www.cnbc.com/2022/07/12/us-real-estate-markets-that-are-cooling-the-fastest.html