The view at dusk of Jacksonville city residential district by St. Johns River. The Jacksonville area … More is one of the few markets that has witnessed a year-over-year decrease in its median sale price.
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It is old news at this point that home prices have risen at unprecedented rates over the last five years, from the pre-pandemic days to now. And if you were able to get a mortgage in the 2010s or in 2020-2021 before the inflation-combating rate hikes, you are really lucky. Home affordability is historically bad, with inflation-adjusted incomes stagnating since the 1970s and seriously falling behind the increase of home prices over the same period.
Thus, this study aims to identify the housing markets that have witnessed the largest year-over-year decreases in sale prices, from 2024 to 2025. Unfortunately, not a single one of America’s largest 100 metro areas has seen an absolute decrease over the last five years. The lowest rate, according to Redfin data, was the San Francisco metro area, at 3.23% from June 2020 to June 2025. Every other metro area has seen double-digit home price growth over that same period.
Read on to find out where home prices have declined the most over the last year.
1. North Port, FL metro area
Florida housing markets have seen some of the more notable price declines over the last one to two years. The North Port metro area ranks the No. 1 market for decline year over year. From June 2024, the median sale price in the North Port area went from $458,250, down to $415,240 in June 2025, for a year-over-year decrease of 9.39%. In the last five years, the median sale price in the North Port area peaked at $484,900 in October 2022. Since that point, the lowest sale price was reached in April 2025, when it got down to $409,495; before April 2025, the last month it was less than that was November 2021, when the median was $398,429.
2. Cape Coral, FL metro area
Here’s another Florida housing market to witness a year-over-year decrease. The Cape Coral metro area isn’t too far southeast of the North Port area. Over the last year, the median sale price fell by 6.53%, from $390,500 in June 2024, down to $365,000. The most expensive month in the last five years was May 2022, when the median got up to $419,000. Each year since 2022, from June to June, home price growth has been negative. However, the average year-over-year price change since 2020 is positive, though comparatively low, at 3.46%. Not coincidentally, inventory has risen markedly, by 80.7% over the last five years, and by 15.1% from June 2024 to June 2025.
3. Durham, NC metro area
The Durham area has seen its prices decline year over year at the third-largest rate. Crucially, Durham’s available inventory has risen the most over the course of the last year, witnessing a 45.8% increase. From June 2024 to June 2025, the median sale price declined by 5.32%, from $480,000 down to $454,450. Over the last five years, the median sale price rose by 52.08%. Compare that to the 33.33% growth rate from 2015 to 2020. In the one-year period from June 2021 to June 2022, the median grew by 16.59%, from $381,265 to $444,535.
4. Honolulu, HI metro area
Finally, there’s a non-Florida housing market on this list. Hawaii’s Honolulu metro area is interesting in that it’s one of the few metro areas where the rate of growth was greater in the five-year period 2015 to 2020 than it was from 2020 to 2025, 27.91% versus 23.12%. Over the last year, the median sale price declined by 4.4%: From $785,000 in June 2024 to $750,423 in June 2025. That year-over-year decrease, though, isn’t much since June 2024’s median sale price was the highest it’s been since January 2020. New listings have increase in the Honolulu area, by 5.5%, from 889 listings in June 2024 to 938 in June 2025. The Honolulu housing market had the 11th largest increase in available inventory over the same period, at 27%.
5. Jacksonville, FL metro area
Black to Florida housing markets. Last June, the median sale price in the Jacksonville area was $385,000; that month was actually the most expensive month in the last five years. So, unfortunately, that makes the year-over-year decline of 3.9%, down to $370,000, not too reassuring. Over that same period, the months supply of available homes rose by 10.3%, from 4 months to 4.3 months. In June 2024, 13.2% of homes sold above their list price. A year later, that had declined slightly to 11.4% in June 2025. The biggest jump occurred from June 2021—$310,188— to June 2022—$380,995, for a year-over-year rate of 22.83%.
15 Housing Markets With Biggest Decrease