{"id":175140,"date":"2024-07-11T15:30:47","date_gmt":"2024-07-11T21:30:47","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=175140"},"modified":"2024-08-12T02:15:21","modified_gmt":"2024-08-12T08:15:21","slug":"11-formerly-hot-markets-that-are-not-so-hot-anymore","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/11-formerly-hot-markets-that-are-not-so-hot-anymore","title":{"rendered":"These 11 Markets Used to Be America&#8217;s Hot Spots. Now They&#8217;ve Gone Cold."},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC4214945359\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><em>This article is presented by<\/em>&nbsp;<em><a href=\"https:\/\/www.nmbnow.com\/BP\" target=\"_blank\" rel=\"noreferrer noopener\">Nationwide Mortgage Bankers<\/a>. Read our&nbsp;<a href=\"https:\/\/www.biggerpockets.com\/blog\/editorial-blog-guidelines\" target=\"_blank\" rel=\"noreferrer noopener\">editorial guidelines<\/a>&nbsp;for more information.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">High interest rates and escalating prices could only go on for so long before prospective buyers gave up, resigned themselves to remain renters, or simply stayed where they were.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Now, many U.S. cities are flipping. Formerly hot markets with limited inventory that once entertained <\/span><span data-preserver-spaces=\"true\">frenzied<\/span><span data-preserver-spaces=\"true\"> bidding wars are seeing price drops as sellers attempt to lure buyers back into the market.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Here&#8217;s Where House Prices Are Falling Fastest<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Not surprisingly, some of the other cities on the list are also where prices have recently been falling fastest. According to <a href=\"https:\/\/www.realtor.com\/research\/may-2024-data\/\" data-type=\"link\" data-id=\"https:\/\/www.realtor.com\/research\/may-2024-data\/\" target=\"_blank\" rel=\"noopener\">realtor.com data<\/a>, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Miami-Fort%20Lauderdale-Pompano%20Beach%2C%20FL&amp;city=Miami&amp;state=FL\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Miami<\/span><\/a><span data-preserver-spaces=\"true\"> tops the list of fastest-depreciating cities, as it has conversely done on fastest-appreciating home prices over four years. This year, the median home price plummeted 11.2% from a year earlier to $439,000.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The other 10 cities on the list include, with the percentage change year over year and current median home price:<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th>City<\/th><th>Percentage Change, Year Over Year<\/th><th>Current Median Home Price<\/th><\/tr><\/thead><tbody><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Miami-Fort%20Lauderdale-Pompano%20Beach%2C%20FL&amp;city=Miami&amp;state=FL\" target=\"_blank\">Miami, Florida<\/a><\/td><td>-11.2%<\/td><td>$439,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Denver-Aurora-Lakewood%2C%20CO&amp;city=Denver&amp;state=CO\" target=\"_blank\">Denver, Colorado<\/a><\/td><td>-6.3%<\/td><td>$639,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Seattle-Tacoma-Bellevue%2C%20WA&amp;city=Seattle&amp;state=WA\" target=\"_blank\">Seattle, Washington<\/a><\/td><td>-5.5%<\/td><td>$777,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Kansas%20City%2C%20MO-KS&amp;city=Kansas%20City&amp;state=MO\" target=\"_blank\">Kansas City, Missouri<\/a><\/td><td>-4.9%<\/td><td>$440,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Oklahoma%20City%2C%20OK&amp;city=Oklahoma%20City&amp;state=OK\" target=\"_blank\">Oklahoma City, Oklahoma<\/a><\/td><td>-4.3%<\/td><td>$339,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=San%20Jose-Sunnyvale-Santa%20Clara%2C%20CA&amp;city=San%20Jose&amp;state=CA\" target=\"_blank\">San Jose, California<\/a><\/td><td>-4%<\/td><td>$1,469,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Tampa-St.%20Petersburg-Clearwater%2C%20FL&amp;city=Tampa&amp;state=FL\" target=\"_blank\">Tampa, Florida<\/a><\/td><td>-3.2%<\/td><td>$425,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Austin-Round%20Rock-Georgetown%2C%20TX&amp;city=Austin&amp;state=TX\" target=\"_blank\">Austin, Texas<\/a><\/td><td>-3.1%<\/td><td>$565,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Detroit-Warren-Dearborn%2C%20MI&amp;city=Detroit&amp;state=MI\" target=\"_blank\">Detroit, Michigan<\/a><\/td><td>-3%<\/td><td>$260,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=San%20Antonio-New%20Braunfels%2C%20TX&amp;city=San%20Antonio&amp;state=TX\" target=\"_blank\">San Antonio, Texas<\/a><\/td><td>-2.6%<\/td><td>$348,000<\/td><\/tr><tr><td><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Raleigh-Cary%2C%20NC&amp;city=Raleigh&amp;state=NC\" target=\"_blank\">Raleigh, North Carolina<\/a><\/td><td>-2.6%<\/td><td>$462,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">To put the numbers in context,<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/buyers-income-needed-33755\/#:~:text=The%20income%20needed%20to%20comfortably,risen%2023%25%20in%20that%20time.&amp;text=Home%20shoppers%20today%20need%20to,to%20comfortably%20afford%20a%20home.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> Zillow revealed<\/span><\/a><span data-preserver-spaces=\"true\"> earlier this year that the average household would need to earn $47,000 more this year to afford a home <\/span><span data-preserver-spaces=\"true\">than a mere<\/span><span data-preserver-spaces=\"true\"> four years ago.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Prices Cool as Active Listings Jump 37%<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">For the four weeks <\/span><span data-preserver-spaces=\"true\">that ended on<\/span><span data-preserver-spaces=\"true\"> June 23, the typical home in America sold for below its asking price.<\/span><span data-preserver-spaces=\"true\"> That&#8217;s an epic stat from <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/investors.redfin.com\/news-events\/press-releases\/detail\/1126\/redfin-reports-the-typical-home-is-selling-for-less-than\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Redfin<\/span><\/a><span data-preserver-spaces=\"true\">, considering the ongoing narrative since the pandemic has been a lack of inventory and high rates causing price escalations.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">According to Redfin&#8217;s data, nearly 7% of home sellers dropped their asking price, the highest number since November 2022.<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.realtor.com\/research\/june-2024-data\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> Realtor.com<\/span><\/a><span data-preserver-spaces=\"true\"> data shows similar numbers. In the meantime, the large amount of new inventory in the Sunbelt states and Midwest has tipped the supply-and-demand balance.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Here are some key takeaways:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Pending home sales are down 4.3% year over year, the <\/span><span data-preserver-spaces=\"true\">biggest<\/span><span data-preserver-spaces=\"true\"> decline in four months. (Redfin)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">60% of homes <\/span><span data-preserver-spaces=\"true\">are listed<\/span><span data-preserver-spaces=\"true\"> for at least a month without going under contract. (Redfin)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">The total number of unsold homes, including those under contract, increased by 22.4% compared with last year. (Realtor.com)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Listings are up 37% year over year, reflecting eight straight months of growth. (Realtor.com).<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Inventory in the $200,000 to $350,000 price range outpaced all others, growing 50% compared with last year. (Realtor.com)<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Smaller, more affordable homes in the South are fueling inventory growth. (Realtor.com)<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why Are Prices Falling?<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">There&#8217;s no doubt that <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/federal-reserve-stalls-as-inflation-numbers-improve-may-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">interest rates<\/span><\/a><span data-preserver-spaces=\"true\"> have <\/span><span data-preserver-spaces=\"true\">a lot<\/span><span data-preserver-spaces=\"true\"> to do with it. Along with home prices, the double whammy of unaffordability has pushed many would-be buyers to their limit.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That doesn&#8217;t mean we&#8217;re about to enter a real estate crash because many houses in different parts of the country <\/span><span data-preserver-spaces=\"true\">are <\/span><span data-preserver-spaces=\"true\">still<\/span><span data-preserver-spaces=\"true\"> sold<\/span><span data-preserver-spaces=\"true\"> above asking. However, with <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2024\/06\/25\/housing-affordability-price-mortgage-rates.html#:~:text=The%20housing%20cost%20burden%20has,income%2C%20according%20to%20the%20study.\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">house prices now 47% higher than in 2020<\/span><\/a><span data-preserver-spaces=\"true\">, the upward push can only go on for so long before buyers drop out and sellers get a reality check.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">According to the various reports highlighted by<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2024\/06\/27\/home-prices-begin-to-cool-as-active-listings-jump-35percent.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> CNBC<\/span><\/a><span data-preserver-spaces=\"true\">, the general trend is a cooling market, with inventory slowly normalizing but still down 32.4% compared with typical 2017 to 2019 levels.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Wages Haven&#8217;t Increased Fast Enough<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">While wages have tended to<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.statista.com\/statistics\/1351276\/wage-growth-vs-inflation-us\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> mirror inflation<\/span><\/a><span data-preserver-spaces=\"true\"> since 2020, the same cannot <\/span><span data-preserver-spaces=\"true\">be said<\/span><span data-preserver-spaces=\"true\"> of wages&#8217; relationship to home prices. Generally speaking, since the 1960s, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/finance.yahoo.com\/news\/takes-134-000-salary-afford-212639513.html#\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">home prices have risen 2.4 times faster than inflation<\/span><\/a><span data-preserver-spaces=\"true\">. To buy an affordable home in 2024, comparable to what you would have had to spend in the mid-&#8217;80s, requires a household income of at least $134,000. The median household income in the U.S. is only $74,580.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Many metro areas have seen triple or quadruple home price increases since 2000, with some even seeing close to double since 2020. California and Florida dominate the list of fastest-appreciating homes between 2000 and 2023<\/span>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What This Means for Investors<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The places where house prices are falling fastest don&#8217;t correlate to where prospective landlords could look for cash flow, except <\/span><span data-preserver-spaces=\"true\">for<\/span><span data-preserver-spaces=\"true\"> possibly <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/detroit-beats-post-pandemic-downtown-doom-loop\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Detroit<\/span><\/a><span data-preserver-spaces=\"true\"> and some <\/span><span data-preserver-spaces=\"true\">of the<\/span><span data-preserver-spaces=\"true\"> Midwestern cities. However, for investors looking to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/real-estate-investing\/house-hacking-strategy\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">house hack<\/span><\/a><span data-preserver-spaces=\"true\"> or those who can afford to buy a personal residence <\/span><span data-preserver-spaces=\"true\">that has built<\/span><span data-preserver-spaces=\"true\"> equity, catching a city in the midst of a correction is always a prudent move.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Each city in the U.S. is markedly different, with house prices often fluctuating from one street to another. &#8220;Some buyers think they can get a deal because they&#8217;re hearing the market is cool, and some sellers think every home will sell for top dollar no matter the condition,&#8221; said Marije Kruythoff, a Los Angeles Redfin agent, in a press release. &#8220;In reality, everything depends on the house and the location.&#8221;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Ultimate Buyer&#8217;s Market<\/span> That Never Got Hot<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While everywhere else was exploding with growth during the pandemic, <a href=\"https:\/\/www.biggerpockets.com\/markets?market=New%20York-Newark-Jersey%20City%2C%20NY-NJ-PA&amp;city=New%20York&amp;state=NY\" data-type=\"link\" data-id=\"https:\/\/www.biggerpockets.com\/markets?market=New%20York-Newark-Jersey%20City%2C%20NY-NJ-PA&amp;city=New%20York&amp;state=NY\" target=\"_blank\">New York City<\/a> was one of the biggest losers and one of the few major markets to actually lose value in 2020. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, there&#8217;s an opportunity in the city if you can afford to cash in.<span data-preserver-spaces=\"true\"> In Manhattan, rising inventory has seen condo prices fall 3% to an average price of \u201cjust\u201d $2 million. That seems ludicrous to invest in, but according to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/video\/2024\/07\/03\/manhattan-real-estate-showing-signs-of-becoming-a-buyers-market.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">CNBC<\/span><\/a><span data-preserver-spaces=\"true\">, there is a 9.8-month backlog of inventory. Anything over six months constitutes a buyer&#8217;s market.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Interestingly, 62% of the deals in Manhattan were all-cash purchases, which signals that high interest rates are less of a factor here than <\/span><span data-preserver-spaces=\"true\">they are<\/span><span data-preserver-spaces=\"true\"> elsewhere. Rents have not risen in six months, with the average holding steady at $5,000 <\/span><span data-preserver-spaces=\"true\">a month<\/span><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">While Manhattan might be out of reach for many investors, for those who can afford it, it is one of the most lucrative markets in the country due to its limited size (Manhattan is an island, after all). For example, a recent article in <\/span><em><span data-preserver-spaces=\"true\">Bloomberg <\/span><\/em><span data-preserver-spaces=\"true\">reported NYC&#8217;s rental vacancy rate to be <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bloomberg.com\/graphics\/2024-nyc-apartment-development-housing-shortage\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">a meer<\/span><span data-preserver-spaces=\"true\"> 1.4%<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span> <span data-preserver-spaces=\"true\">On top of that, Manhattan real estate can be relied upon to increase significantly in value over time, so a temporary downturn is a golden opportunity to buy\u2014although, don&#8217;t expect any <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rental-property-cash-flow-analysis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cash flow<\/span><\/a><span data-preserver-spaces=\"true\"> if you&#8217;re financing. <\/span><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> is a market to park your cash and watch <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/equity-vs-cash-flow\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">equity<\/span><\/a><span data-preserver-spaces=\"true\"> increase.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Though some previously inflated cities have seen price drops, the U.S. is a country of extremes, no more so than with real estate. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/smartasset.com\/data-studies\/family-minimum-income-state-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">According to a recent SmartAsset analysis<\/span><\/a><span data-preserver-spaces=\"true\">, <\/span><span data-preserver-spaces=\"true\">it&#8217;s still possible to live<\/span><span data-preserver-spaces=\"true\"> in<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2024\/07\/09\/us-states-with-lowest-cost-of-living-west-virginia-arkansas-oklahoma.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> many U.S. cities<\/span><\/a><span data-preserver-spaces=\"true\"> by earning the median American yearly wage for full-time workers of around<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bls.gov\/news.release\/pdf\/wkyeng.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"> $60,000<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><span data-preserver-spaces=\"true\"> It&#8217;s also still possible to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/best-real-estate-markets-for-cash-flow\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cash flow in many cities<\/span><\/a><span data-preserver-spaces=\"true\"> without making a <\/span><span data-preserver-spaces=\"true\">huge<\/span><span data-preserver-spaces=\"true\"> down payment on homes that generally cost below $240,000.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In short, don&#8217;t look for falling home prices as an absolute sign to invest in that market. Instead, calculate how much of a down payment you can afford, the type of neighborhood you want to be in, and the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-roi-in-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ROI<\/span><\/a><span data-preserver-spaces=\"true\"> that works for you. Increased inventory makes the search easier than it once was.<\/span><\/p>\n\n\n\n<div class=\"wp-block-group border border-gray-200 p-6 rounded-md has-slate-50-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n    \n  <div \n    id=\"segemnt-view-event-block_6aa97c4cc9faca638c7949b8cbbc32c3\" \n    class=\"  \"\n    x-intersect:enter.once=\"\n      analytics.track('DoorLoop Blog Sponsor View', {\n        referrer: 'https:\/\/www.biggerpockets.com\/blog\/11-formerly-hot-markets-that-are-not-so-hot-anymore',\n              })\n    \">\n    \n  <\/div>\n  \n\n\n<h3 class=\"wp-block-heading has-text-align-left mt-0\"><strong>This article is presented by Nationwide Mortgage Bankers<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"222\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/07\/NMB-logo.png\" alt=\"\" class=\"wp-image-175201\" style=\"width:491px;height:auto\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/07\/NMB-logo.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/07\/NMB-logo-300x87.png 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Founded in 2011, Nationwide Mortgage Bankers (NMB) is a top-rated mortgage company with an average rating of 4.85\/5 from over 13,000 reviews. Recognized for workplace excellence, we prioritize relationships, exceptional customer service, and cutting-edge technology to build a trusted community and craft mortgage loans that help make homeownership dreams come true.<\/p>\n\n\n\n<div id=button-custom-event-block_6f10656a0d8d81c16b8244ad07c9ba0f class='button-custom-event'>\n      <a href=\"http:\/\/www.nmbnow.com\/BP\" x-on:click=\"window.analytics.track(&#039;Sponsored Blog CTA Click&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/11-formerly-hot-markets-that-are-not-so-hot-anymore&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\" rel=\"noopener\">Learn more about NMB<\/a>\n  <\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The pandemic-fueled explosion of growth has waned, and now these real estate hot spots have gotten icy.<\/p>\n","protected":false},"author":613725,"featured_media":175207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7381,7119],"tags":[],"class_list":["post-175140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-prices","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/175140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613725"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=175140"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/175140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/175207"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=175140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=175140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=175140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}