These Once-Hot Housing Markets Are Cooling Off
Some real estate markets are seeing significant slowdowns.
1. Pueblo, Colorado
- 2017 median home list price: $183,250
- 2018 median home list price: $224,900
- 2019 median home list price: $210,000
- 2017-18 year-over-year home price change: 22.73%
- 2018-19 year-over-year home price change: -6.63%
- Average number of days on market: 63.0
- Percentage of listed homes with price cuts: 17.98%
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Methodology: GOBankingRates analyzed the 500 largest housing markets in the U.S. according to Zillow. To find formerly hot housing markets, GOBankingRates looked at the change in median list prices from November 2017 to November 2018 and found the markets that saw higher year-over-year growth in 2017-18 compared to the national average. The resulting 136 markets were further narrowed down based on the change in their median list prices between November 2018 and November 2019; GOBankingRates found the markets that witnessed below-average year-over-year growth in 2018-19 compared to the national average. These qualifying markets were then ranked in terms of the difference between the year-over-year home price growth in 2017-18 and 2018-19. The 50 housing markets with the biggest drop in year-over-year growth were included in the final list. For supplemental data, GOBankingRates added foreclosure rates based on November 2019 data from RealtyTrac, as well as the percentage of homes with negative equity, average number of days on the market since October 2019 and percentage of listed homes with price cuts, sourced from Zillow. All median list price data was sourced from Zillow's November 2019 data. All data used to conduct this study was compiled and verified on Jan. 3, 2020, and is subject to change.
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