Home Prices Are Falling in More Than Half of Major Cities

It’s a headline that would have seemed unthinkable just a couple of years ago: home prices are dropping in more than half of the major cities across North America. For years, the housing market has been defined by skyrocketing prices, bidding wars, and fierce competition. But now, the tide is turning—and it’s happening in places you might not expect.

What’s Behind the Shift?

Several factors are converging to cool the once-scorching real estate market. Higher mortgage rates have made monthly payments less affordable for many buyers, causing demand to slow. At the same time, more homeowners are listing their properties, hoping to cash in before prices dip further. The result? More inventory, fewer bidding wars, and prices starting to soften.

Which Cities Are Seeing the Biggest Drops?

While every city’s story is unique, some of the most significant declines are showing up in markets that saw the largest surges during the pandemic. Cities like Austin, Phoenix, and Toronto—where remote work fueled a buying frenzy—are now experiencing price corrections as the market normalizes. Meanwhile, some traditionally steady markets are seeing only modest changes or even holding steady.

What Does This Mean for Buyers and Sellers?

• For buyers: There’s good news! With less competition and more choices, it’s becoming easier to find a home that fits your needs—and maybe even negotiate a better deal.
• For sellers: It’s time to adjust expectations. Homes may take longer to sell, and pricing competitively is more important than ever.

Looking Ahead

The housing market is always evolving, and today’s trends could shift again as interest rates, economic conditions, and buyer preferences change. Whether you’re buying, selling, or just watching from the sidelines, staying informed is key to making smart decisions in this new landscape.

Curious about what’s happening in Moore County? Let’s connect and explore the latest numbers together!