The 4 Major US Cities Where Home Prices Actually Dropped in 2024

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While most Americans watched home prices keep climbing last year, something weird happened in Texas and Florida. In these sunny spots that were red-hot during the COVID-19 pandemic, prices actually went down, according to data from the Redfin Home Price Index.

Here are four major U.S. cities where home prices actually dropped in 2024.

Next, find out where home prices are expected to drop in 2025.

Austin, Texas

• Housing Price Index Change: -3.72%

Remember when everyone and their cousin was moving to Austin? Well, the music city’s housing party is officially cooling off. After hitting a wild peak of $667,000 in 2022, prices have dropped to a median of $550,000. But don’t pack your bags just yet — housing costs are still 6% above the national average, and you’ll shell out about $1,611 for a typical apartment.

Tampa, Florida

• Housing Price Index Change: -3.52%

Tampa’s doing something interesting — home prices are dropping while the cost of living stays pretty reasonable. It’s actually 3% cheaper to live here than the national average. The median home will run you $450,000, and monthly rent hovers around $1,455. Not bad for a beach town.

San Antonio

• Housing Price Index Change: -3.03%

This might be the sweet spot. Not only did prices drop, but San Antonio’s still a bargain — living costs are 9% below national average. Houses go for about $269,900 at the median, and you can rent for around $1,204. Plus, groceries and utilities run cheaper than most places.

Fort Lauderdale, Florida

• Housing Price Index Change: -1.55%

Here’s the catch — even with prices dropping, Fort Lauderdale isn’t exactly cheap. In fact, it’s 20% pricier than the national average, with housing a whopping 61% higher. The median home sells for $524,950.

What’s Behind All This?

While most other cities are seeing prices climb about 5.4% on average, these towns are feeling a cool down.

But why? It’s pretty simple — these cities got super popular during the pandemic, builders went nuts putting up new houses, and now there’s actually enough to go around. Plus, fewer people are moving in. In places like Austin, Fort Lauderdale and San Antonio, more than 60% of homes are sitting on the market for two months or longer. Add it all up, and you have slower markets where prices have dropped.

Editor’s note: Median housing prices were sourced from Redfin, and cost-of-living data was sourced from Payscale. Data is accurate as of Jan. 15, 2025.

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