GOBankingRates

These Once-Hot Housing Markets Are Cooling Off

Vito Palmisano / Getty Images/iStockphoto

Vito Palmisano / Getty Images/iStockphoto

The housing market is expected to cool off in 2020, according to real estate experts. If you’re a buyer, don’t get too excited yet — that doesn’t mean home prices will start falling nationwide.

“Real estate is on firm ground with little chance of price declines,” said Lawrence Yun, chief economist at the National Association of Realtors, in a press release.

Instead, what the cool-off means is that home prices won’t continue to rise as quickly as before. In 2019, the median sale price for homes in the U.S. rose by 5%. For 2020, home sale prices are forecasted to rise by just 3.6%, according to economists surveyed by the National Association of Realtors. However, some housing markets across the U.S. have already seen a significant slowdown in home price growth, a new GOBankingRates study found. That could be good news for buyers in those areas.

GOBankingRates analyzed the 500 largest housing markets in the U.S. to determine which ones have cooled off the most over the past year. Using data from real estate marketplace Zillow, the study identified housing markets that saw higher growth in median home list prices from 2017 to 2018 compared to the national average. The 136 markets with faster-than-average growth were then narrowed down to the ones that experienced below-average growth between 2018 and 2019. Ranked from the smallest slowdown to the biggest, the final list from GOBankingRates includes the 50 housing markets with the largest drop in year-over-year growth, indicating once-hot markets that have cooled off considerably.

The majority of these housing markets are located in the South and the West — in fact, 10 are in California alone. Unfortunately for buyers, however, you won’t find many of the hottest California real estate markets on this list. If you’re looking to sell or buy a home, proceed with caution: These housing markets could be headed for trouble.

Last updated: Jan. 21, 2020

Building Wealth
Trong Nguyen / Shutterstock.com

50. Carrollton, Texas

  • 2017 median home list price: $299,900
  • 2018 median home list price: $322,450
  • 2019 median home list price: $319,000
  • 2017-18 year-over-year home price change: 7.52%
  • 2018-19 year-over-year home price change: -1.07%
  • Average number of days on market: 58.0
  • Percentage of listed homes with price cuts: 15.38%
Jon Bilous / Shutterstock.com

49. Missoula, Montana

  • 2017 median home list price: $329,998
  • 2018 median home list price: $354,950
  • 2019 median home list price: $349,900
  • 2017-18 year-over-year home price change: 7.56%
  • 2018-19 year-over-year home price change: -1.42%
  • Average number of days on market: 64.0
  • Percentage of listed homes with price cuts: 12.68%
DenisTangneyJr / Getty Images

48. Merced, California

  • 2017 median home list price: $255,900
  • 2018 median home list price: $279,450
  • 2019 median home list price: $279,000
  • 2017-18 year-over-year home price change: 9.20%
  • 2018-19 year-over-year home price change: -0.16%
  • Average number of days on market: 84.0
  • Percentage of listed homes with price cuts: 14.26%
Sherry Smith / Getty Images

47. Oceanside, California

  • 2017 median home list price: $509,500
  • 2018 median home list price: $559,500
  • 2019 median home list price: $560,495
  • 2017-18 year-over-year home price change: 9.81%
  • 2018-19 year-over-year home price change: 0.18%
  • Average number of days on market: 56.0
  • Percentage of listed homes with price cuts: 12.36%
Grant Wylie / Getty Images/iStockphoto

46. Medford, Oregon

  • 2017 median home list price: $305,000
  • 2018 median home list price: $330,000
  • 2019 median home list price: $324,990
  • 2017-18 year-over-year home price change: 8.20%
  • 2018-19 year-over-year home price change: -1.52%
  • Average number of days on market: 72.0
  • Percentage of listed homes with price cuts: 18.17%

Building Wealth
©Shutterstock.com

45. Hampton, Virginia

  • 2017 median home list price: $175,000
  • 2018 median home list price: $189,900
  • 2019 median home list price: $187,500
  • 2017-18 year-over-year home price change: 8.51%
  • 2018-19 year-over-year home price change: -1.26%
  • Average number of days on market: 78.0
  • Percentage of listed homes with price cuts: 17.53%

Is It Time To Buy? In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities

VidaHawaii / Shutterstock.com

44. Everett, Washington

  • 2017 median home list price: $362,450
  • 2018 median home list price: $399,000
  • 2019 median home list price: $400,000
  • 2017-18 year-over-year home price change: 10.08%
  • 2018-19 year-over-year home price change: 0.25%
  • Average number of days on market: 49.0
  • Percentage of listed homes with price cuts: 8.41%
SunflowerMomma / Shutterstock.com

43. El Cajon, California

  • 2017 median home list price: $489,000
  • 2018 median home list price: $539,888
  • 2019 median home list price: $540,000
  • 2017-18 year-over-year home price change: 10.41%
  • 2018-19 year-over-year home price change: 0.02%
  • Average number of days on market: 50.0
  • Percentage of listed homes with price cuts: 15.05%
©Shutterstock.com

42. Vancouver, Washington

  • 2017 median home list price: $340,000
  • 2018 median home list price: $379,900
  • 2019 median home list price: $383,900
  • 2017-18 year-over-year home price change: 11.74%
  • 2018-19 year-over-year home price change: 1.05%
  • Average number of days on market: 62.0
  • Percentage of listed homes with price cuts: 15.12%

Building Wealth
Juanmonino / Getty Images/iStockphoto

41. Hialeah, Florida

  • 2017 median home list price: $285,000
  • 2018 median home list price: $320,000
  • 2019 median home list price: $324,900
  • 2017-18 year-over-year home price change: 12.28%
  • 2018-19 year-over-year home price change: 1.53%
  • Average number of days on market: 70.0
  • Percentage of listed homes with price cuts: 11.68%
MISHELLA / Shutterstock.com

40. Delray Beach, Florida

  • 2017 median home list price: $274,000
  • 2018 median home list price: $295,000
  • 2019 median home list price: $285,000
  • 2017-18 year-over-year home price change: 7.66%
  • 2018-19 year-over-year home price change: -3.39%
  • Average number of days on market: 92.0
  • Percentage of listed homes with price cuts: 16.83%

Check Out These Buyer’s Markets: 50 Cities With the Most Underpriced Homes

GeorgeColePhoto / Shutterstock.com

39. Auburn, Washington

  • 2017 median home list price: $359,950
  • 2018 median home list price: $399,950
  • 2019 median home list price: $400,000
  • 2017-18 year-over-year home price change: 11.11%
  • 2018-19 year-over-year home price change: 0.01%
  • Average number of days on market: 45.0
  • Percentage of listed homes with price cuts: 6.62%
MG_Photos / Shutterstock.com

38. Coral Springs, Florida

  • 2017 median home list price: $350,000
  • 2018 median home list price: $379,900
  • 2019 median home list price: $369,950
  • 2017-18 year-over-year home price change: 8.54%
  • 2018-19 year-over-year home price change: -2.62%
  • Average number of days on market: 85.0
  • Percentage of listed homes with price cuts: 16.12%

Building Wealth
RiverNorthPhotography / Getty Images

37. Fort Collins, Colorado

  • 2017 median home list price: $390,000
  • 2018 median home list price: $425,000
  • 2019 median home list price: $415,000
  • 2017-18 year-over-year home price change: 8.97%
  • 2018-19 year-over-year home price change: -2.35%
  • Average number of days on market: 75.5
  • Percentage of listed homes with price cuts: 15.19%
Sundry Photography / Shutterstock.com

36. Santa Clara, California

  • 2017 median home list price: $1,100,000
  • 2018 median home list price: $1,225,000
  • 2019 median home list price: $1,221,800
  • 2017-18 year-over-year home price change: 11.36%
  • 2018-19 year-over-year home price change: -0.26%
  • Average number of days on market: 51.5
  • Percentage of listed homes with price cuts: 9.69%
Pikachu Ink / Shutterstock.com

35. Redmond, Washington

  • 2017 median home list price: $739,000
  • 2018 median home list price: $825,000
  • 2019 median home list price: $825,000
  • 2017-18 year-over-year home price change: 11.64%
  • 2018-19 year-over-year home price change: 0%
  • Average number of days on market: 49.0
  • Percentage of listed homes with price cuts: 10.60%

See: 50 Places Where Home Prices Are Rising Faster Than Rent

peeterv / Getty Images/iStockphoto

34. East Los Angeles, California

  • 2017 median home list price: $415,000
  • 2018 median home list price: $472,500
  • 2019 median home list price: $479,900
  • 2017-18 year-over-year home price change: 13.86%
  • 2018-19 year-over-year home price change: 1.57%
  • Average number of days on market: 70.0
  • Percentage of listed homes with price cuts: 11.66%

Building Wealth
vesperstock / Shutterstock.com

33. Burbank, California

  • 2017 median home list price: $757,000
  • 2018 median home list price: $837,000
  • 2019 median home list price: $822,000
  • 2017-18 year-over-year home price change: 10.57%
  • 2018-19 year-over-year home price change: -1.79%
  • Average number of days on market: 57.0
  • Percentage of listed homes with price cuts: 14.57%
Makedonski / Wikimedia Commons

32. Warren, Michigan

  • 2017 median home list price: $115,000
  • 2018 median home list price: $124,900
  • 2019 median home list price: $119,900
  • 2017-18 year-over-year home price change: 8.61%
  • 2018-19 year-over-year home price change: -4.00%
  • Average number of days on market: 68.0
  • Percentage of listed homes with price cuts: 20.57%
Christopher Boswell / Shutterstock.com

31. North Las Vegas, Nevada

  • 2017 median home list price: $239,900
  • 2018 median home list price: $275,000
  • 2019 median home list price: $279,800
  • 2017-18 year-over-year home price change: 14.63%
  • 2018-19 year-over-year home price change: 1.75%
  • Average number of days on market: 81.0
  • Percentage of listed homes with price cuts: 17.96%
PaulDaniel5010 / Shutterstock.com

30. Gainesville, Georgia

  • 2017 median home list price: $274,840
  • 2018 median home list price: $301,450
  • 2019 median home list price: $291,357
  • 2017-18 year-over-year home price change: 9.68%
  • 2018-19 year-over-year home price change: -3.35%
  • Average number of days on market: 76.0
  • Percentage of listed homes with price cuts: 16.83%
Frank Bach / Shutterstock.com

29. Flagstaff, Arizona

  • 2017 median home list price: $427,000
  • 2018 median home list price: $459,950
  • 2019 median home list price: $435,000
  • 2017-18 year-over-year home price change: 7.72%
  • 2018-19 year-over-year home price change: -5.42%
  • Average number of days on market: 91.0
  • Percentage of listed homes with price cuts: 11.89%

Don’t Miss: The Best Place To Buy a Home in Every State

Building Wealth
Gau Meo / Shutterstock.com

28. Norman, Oklahoma

  • 2017 median home list price: $207,913
  • 2018 median home list price: $239,900
  • 2019 median home list price: $244,058
  • 2017-18 year-over-year home price change: 15.38%
  • 2018-19 year-over-year home price change: 1.73%
  • Average number of days on market: 75.0
  • Percentage of listed homes with price cuts: 15.71%
RiverNorthPhotography / iStock.com

27. Lincoln, Nebraska

  • 2017 median home list price: $215,000
  • 2018 median home list price: $242,250
  • 2019 median home list price: $239,700
  • 2017-18 year-over-year home price change: 12.67%
  • 2018-19 year-over-year home price change: -1.05%
  • Average number of days on market: 56.0
  • Percentage of listed homes with price cuts: 16.71%
KingWu / Getty Images

26. Idaho Falls, Idaho

  • 2017 median home list price: $209,950
  • 2018 median home list price: $239,980
  • 2019 median home list price: $241,250
  • 2017-18 year-over-year home price change: 14.30%
  • 2018-19 year-over-year home price change: 0.53%
  • Average number of days on market: 52.0
  • Percentage of listed homes with price cuts: 17.97%
Eric Urquhart / Shutterstock.com

25. Allen, Texas

  • 2017 median home list price: $371,448
  • 2018 median home list price: $416,990
  • 2019 median home list price: $409,900
  • 2017-18 year-over-year home price change: 12.26%
  • 2018-19 year-over-year home price change: -1.70%
  • Average number of days on market: 79.0
  • Percentage of listed homes with price cuts: 22.77%
RiverNorthPhotography / Getty Images

24. Tallahassee, Florida

  • 2017 median home list price: $199,999
  • 2018 median home list price: $220,000
  • 2019 median home list price: $210,000
  • 2017-18 year-over-year home price change: 10.00%
  • 2018-19 year-over-year home price change: -4.55%
  • Average number of days on market: 84.0
  • Percentage of listed homes with price cuts: 12.89%

Also Read: Houses Are Selling the Fastest in These 30 Real Estate Markets

Sergnt / Shutterstock.com

23. Jersey City, New Jersey

  • 2017 median home list price: $529,566
  • 2018 median home list price: $599,000
  • 2019 median home list price: $590,000
  • 2017-18 year-over-year home price change: 13.11%
  • 2018-19 year-over-year home price change: -1.50%
  • Average number of days on market: 117.0
  • Percentage of listed homes with price cuts: 11.43%
hartfordphoto / Getty Images/iStockphoto

22. Minneapolis

  • 2017 median home list price: $269,900
  • 2018 median home list price: $305,000
  • 2019 median home list price: $300,000
  • 2017-18 year-over-year home price change: 13.00%
  • 2018-19 year-over-year home price change: -1.64%
  • Average number of days on market: 69.0
  • Percentage of listed homes with price cuts: 15.13%
Sundry Photography / Shutterstock.com

21. Redwood City, California

  • 2017 median home list price: $1,386,500
  • 2018 median home list price: $1,550,000
  • 2019 median home list price: $1,499,000
  • 2017-18 year-over-year home price change: 11.79%
  • 2018-19 year-over-year home price change: -3.29%
  • Average number of days on market: 41.5
  • Percentage of listed homes with price cuts: 11.04%
Kruck20 / Getty Images/iStockphoto

20. Columbia, South Carolina

  • 2017 median home list price: $162,720
  • 2018 median home list price: $186,650
  • 2019 median home list price: $185,000
  • 2017-18 year-over-year home price change: 14.71%
  • 2018-19 year-over-year home price change: -0.88%
  • Average number of days on market: 65.0
  • Percentage of listed homes with price cuts: 15.57%
Sean Pavone / Getty Images/iStockphoto

19. Baltimore

  • 2017 median home list price: $139,500
  • 2018 median home list price: $160,000
  • 2019 median home list price: $158,000
  • 2017-18 year-over-year home price change: 14.70%
  • 2018-19 year-over-year home price change: -1.25%
  • Average number of days on market: 108.0
  • Percentage of listed homes with price cuts: 18.54%
Kenneth C. Zirkel / Wikimedia Commons

18. Fall River, Massachusetts

  • 2017 median home list price: $222,400
  • 2018 median home list price: $259,000
  • 2019 median home list price: $259,900
  • 2017-18 year-over-year home price change: 16.46%
  • 2018-19 year-over-year home price change: 0.35%
  • Average number of days on market: 78.0
  • Percentage of listed homes with price cuts: 13.39%
Ron and Patty Thomas / Getty Images/iStockphoto

17. Dayton, Ohio

  • 2017 median home list price: $59,900
  • 2018 median home list price: $69,900
  • 2019 median home list price: $69,900
  • 2017-18 year-over-year home price change: 16.69%
  • 2018-19 year-over-year home price change: 0%
  • Average number of days on market: 77.0
  • Percentage of listed homes with price cuts: 13.69%
Joel Carillet / iStock.com

16. Johnson City, Tennessee

  • 2017 median home list price: $189,894
  • 2018 median home list price: $209,000
  • 2019 median home list price: $194,700
  • 2017-18 year-over-year home price change: 10.06%
  • 2018-19 year-over-year home price change: -6.84%
  • Average number of days on market: 70.0
  • Percentage of listed homes with price cuts: 15.53%
Darryl Brooks / Shutterstock.com

15. Woodstock, Georgia

  • 2017 median home list price: $319,900
  • 2018 median home list price: $355,450
  • 2019 median home list price: $333,990
  • 2017-18 year-over-year home price change: 11.11%
  • 2018-19 year-over-year home price change: -6.04%
  • Average number of days on market: 63.0
  • Percentage of listed homes with price cuts: 17.92%

Best Investments: These Housing Markets Have Beaten the S&P 500 Over the Last 5 Years

Todd A. Merport / Shutterstock.com

14. Richmond, California

  • 2017 median home list price: $449,000
  • 2018 median home list price: $525,000
  • 2019 median home list price: $519,000
  • 2017-18 year-over-year home price change: 16.93%
  • 2018-19 year-over-year home price change: -1.14%
  • Average number of days on market: 48.0
  • Percentage of listed homes with price cuts: 10.35%
Michael Gordon / Shutterstock.com

13. Glendale, California

  • 2017 median home list price: $789,000
  • 2018 median home list price: $895,000
  • 2019 median home list price: $842,944
  • 2017-18 year-over-year home price change: 13.43%
  • 2018-19 year-over-year home price change: -5.82%
  • Average number of days on market: 66.0
  • Percentage of listed homes with price cuts: 11.41%
©Shutterstock.com

12. Holland, Michigan

  • 2017 median home list price: $233,900
  • 2018 median home list price: $283,950
  • 2019 median home list price: $288,900
  • 2017-18 year-over-year home price change: 21.40%
  • 2018-19 year-over-year home price change: 1.74%
  • Average number of days on market: 60.0
  • Percentage of listed homes with price cuts: 13.30%
Joni Struble / Wikimedia Commons

11. Hamilton, Ohio

  • 2017 median home list price: $205,000
  • 2018 median home list price: $224,900
  • 2019 median home list price: $200,000
  • 2017-18 year-over-year home price change: 9.71%
  • 2018-19 year-over-year home price change: -11.07%
  • Average number of days on market: 71.0
  • Percentage of listed homes with price cuts: 14.12%
Davel5957 / Getty Images/iStockphoto

10. Buffalo, New York

  • 2017 median home list price: $82,500
  • 2018 median home list price: $99,939
  • 2019 median home list price: $99,939
  • 2017-18 year-over-year home price change: 21.14%
  • 2018-19 year-over-year home price change: 0%
  • Average number of days on market: 91.0
  • Percentage of listed homes with price cuts: 15.62%
DenisTangneyJr / Getty Images/iStockphoto

9. Wichita Falls, Texas

  • 2017 median home list price: $119,900
  • 2018 median home list price: $142,950
  • 2019 median home list price: $138,900
  • 2017-18 year-over-year home price change: 19.22%
  • 2018-19 year-over-year home price change: -2.83%
  • Average number of days on market: 64.0
  • Percentage of listed homes with price cuts: 15.58%
ChrisBoswell / Getty Images/iStockphoto

8. Cleveland

  • 2017 median home list price: $72,900
  • 2018 median home list price: $85,000
  • 2019 median home list price: $80,000
  • 2017-18 year-over-year home price change: 16.60%
  • 2018-19 year-over-year home price change: -5.88%
  • Average number of days on market: 86.0
  • Percentage of listed homes with price cuts: 13.72%
DenisTangneyJr / Getty Images/iStockphoto

7. Odessa, Texas

  • 2017 median home list price: $196,450
  • 2018 median home list price: $245,000
  • 2019 median home list price: $250,000
  • 2017-18 year-over-year home price change: 24.71%
  • 2018-19 year-over-year home price change: 2.04%
  • Average number of days on market: 62.0
  • Percentage of listed homes with price cuts: 19.25%
jfrielmoore / Getty Images/iStockphoto

6. Louisville, Kentucky

  • 2017 median home list price: $175,000
  • 2018 median home list price: $207,990
  • 2019 median home list price: $199,950
  • 2017-18 year-over-year home price change: 18.85%
  • 2018-19 year-over-year home price change: -3.87%
  • Average number of days on market: 64.0
  • Percentage of listed homes with price cuts: 18.67%

Know Before You Buy: The 50 Hardest Places To Sell a Home

Apc106 / Wikimedia Commons

5. Lakewood Township, New Jersey

  • 2017 median home list price: $259,999
  • 2018 median home list price: $299,000
  • 2019 median home list price: $275,000
  • 2017-18 year-over-year home price change: 15.00%
  • 2018-19 year-over-year home price change: -8.03%
  • Average number of days on market: 175.0
  • Percentage of listed homes with price cuts: 13.51%
©Shutterstock.com

4. San Mateo, California

  • 2017 median home list price: $1,199,975
  • 2018 median home list price: $1,396,500
  • 2019 median home list price: $1,298,000
  • 2017-18 year-over-year home price change: 16.38%
  • 2018-19 year-over-year home price change: -7.05%
  • Average number of days on market: 42.0
  • Percentage of listed homes with price cuts: 10.78%
DenisTangneyJr / Getty Images/iStockphoto

3. Evansville, Indiana

  • 2017 median home list price: $128,000
  • 2018 median home list price: $149,900
  • 2019 median home list price: $139,000
  • 2017-18 year-over-year home price change: 17.11%
  • 2018-19 year-over-year home price change: -7.27%
  • Average number of days on market: 68.0
  • Percentage of listed homes with price cuts: 19.87%
Yanjipy / Wikimedia Commons

2. Sunrise, Florida

  • 2017 median home list price: $198,998
  • 2018 median home list price: $235,000
  • 2019 median home list price: $216,783
  • 2017-18 year-over-year home price change: 18.09%
  • 2018-19 year-over-year home price change: -7.75%
  • Average number of days on market: 78.0
  • Percentage of listed homes with price cuts: 12.82%
chapin31 / iStock.com

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%

More From GOBankingRates

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.