Home prices are soaring in many parts of the US, but in some areas prices could actually drop over the next eight months
Jan. 28, 2025
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Despite nationwide trends, some markets should actually see home prices fall during the next few months.
The housing market has been challenging for homebuyers throughout 2024, but in some areas, homebuyers could see a reprieve. While most places will continue to see home prices soar throughout 2025, there are some pockets of the U.S. that should see prices drop over the next eight months. GOBankingRates rounded up 10 cities that are expected to see prices drop the most. These include: Hobbs, N.M., where prices are expected to drop by 10%; Lake Charleston, La., where prices should drop by 9.6%; Houma, La., where prices could drop by 7.8%; and Ukiah, Calif., where prices may drop by 6.2%; among others.
It’s no secret that the American housing market is in a slump, with The New York Times reporting that the country is locked in an unprecedented housing crisis that is the worst in decades. In fact, CNN has reported that only 2.5% of homes in the United States were sold from the previous homeowner to a new one in the first eight months of 2024, which adds up to the absolute lowest home turnover rate in the last 30 years.Read more
