Since the onset of the COVID-19 pandemic, home values have been appreciating at a rapid rate, leaving many Americans wondering when and where they might see a slowdown in home prices. In a recent report, housing market research platform Parcl Labs analyzed 1,000 U.S. housing markets and found 15 that are seeing signs of price corrections. Interestingly, 13 of these markets are in Florida. The others are in South Carolina and Alabama.
11 markets are starting to show initial price declines: Lakeland, FL (+51.36% since 2020, currently -4.63% from peak), Sebastian, FL (+61.43%, -4.14%), Gainesville, FL (+50.21%, -2.28%), Deltona, FL (+55.46%, -1.96%), Myrtle Beach, SC (+56.65%, -1.06%), Homosassa Springs, FL (+67.03%, -0.96%), Tampa, FL (+66.55%, -0.92%), Ocala, FL (+60.38%, -0.90%), Port St. Lucie, FL (+65.50%, -0.49%), Miami, FL (+63.73%, -0.42%), and Orlando, FL (+56.10%, -0.31%).
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