Some cities’ housing markets continue to heat up, particularly those with affordable properties. However, many cities in the United States are currently cooling, particularly in Florida, according to a recent Redfin report.
The survey found that six of the top ten locations with the fastest cooling real estate markets are located on Florida’s west coast. This is due to a number of causes, including a surge in new building, worsening natural disasters, rising home insurance rates, and a drop in demand.
Redfin has identified the ten US locations with the fastest-cooling housing markets.
1. North Port, Florida
- Median price per square foot: $271.42
- Year-over-year change in median price per square foot: -1.2%
- Percent of sellers dropping their asking price: 42.6%
2. Tampa, Florida
- Median price per square foot: $229.88
- Year-over-year change in median price per square foot: 3.7%
- Percent of sellers dropping their asking price: 43.1%
3. Cape Coral, Florida
- Median price per square foot: $243.70
- Year-over-year change in median price per square foot: -2.9%
- Percent of sellers dropping their asking price: 37.5%
4. Orlando, Florida
- Median price per square foot: $228.74
- Year-over-year change in median price per square foot: 4.3%
- Percent of sellers dropping their asking price: 34.2%
5. Denver
- Median price per square foot: $286.77
- Year-over-year change in median price per square foot: 4.2%
- Percent of sellers dropping their asking price: 42.2%
6. Houston
- Median price per square foot: $166.91
- Year-over-year change in median price per square foot: 2.7%
- Percent of sellers dropping their asking price: 36.3%
7. Minneapolis
- Median price per square foot: $198.84
- Year-over-year change in median price per square foot: 1.9%
- Percent of sellers dropping their asking price: 28.2%
8. Jacksonville, Florida
- Median price per square foot: $214.49
- Year-over-year change in median price per square foot: 3.3%
- Percent of sellers dropping their asking price: 34.7%
9. Lakeland, Florida
- Median price per square foot: $186.20
- Year-over-year change in median price per square foot: 1.6%
- Percent of sellers dropping their asking price: 34.3%
10. Dallas
- Median price per square foot: $207.05
- Year-over-year change in median price per square foot: 2.3%
- Percent of sellers dropping their asking price: 33.2%
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