{"id":180315,"date":"2025-01-04T13:53:22","date_gmt":"2025-01-04T20:53:22","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=180315"},"modified":"2025-01-06T08:59:52","modified_gmt":"2025-01-06T15:59:52","slug":"housing-market-update-january-2025","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/housing-market-update-january-2025","title":{"rendered":"January 2025 Housing Report: These Markets Saw a 1-Year Drop in Prices"},"content":{"rendered":"\n<p><span data-preserver-spaces=\"true\">It\u2019s officially 2025, and many investors may be waiting on the sidelines for prices to drop. Luckily, 59 out of 204 of the largest markets have seen a decrease in median closing price from December 2023 to December 2024, according to HouseCanary\u2019s market data.<\/span><\/p>\n\n\n<p><iframe title=\"Dec, 2023 to Dec, 2024 Change in Price\" aria-label=\"Map\" id=\"datawrapper-chart-jGurw\" src=\"https:\/\/datawrapper.dwcdn.net\/jGurw\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"452\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Some recognizable markets that may be good picks for <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-909\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">out-of-state investors<\/span><\/a><span data-preserver-spaces=\"true\"> include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Salt%20Lake%20City%2C%20UT\" target=\"_blank\">Salt Lake City, Utah<\/a>\n<ul class=\"wp-block-list\">\n<li><strong>Median Price: <\/strong>$543,900<\/li>\n\n\n\n<li><strong>YoY Decline: <\/strong>-2.7%<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Fort%20Wayne%2C%20IN\" target=\"_blank\">Fort Wayne, Indiana<\/a>\n<ul class=\"wp-block-list\">\n<li><strong>Median Price:<\/strong> $224,000<\/li>\n\n\n\n<li><strong>YoY Decline:<\/strong> -1.3%<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Raleigh-Cary%2C%20NC\" target=\"_blank\">Raleigh-Cary, North Carolina<\/a>\n<ul class=\"wp-block-list\">\n<li><strong>Median Price: <\/strong>$435,000<\/li>\n\n\n\n<li><strong>YoY Decline:<\/strong> -12.1%<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Tulsa%2C%20OK\" target=\"_blank\">Tulsa, Oklahoma<\/a>\n<ul class=\"wp-block-list\">\n<li><strong>Median Price: <\/strong>$242,500<\/li>\n\n\n\n<li><strong>YoY Decline:<\/strong> -1.2%<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><a href=\"https:\/\/www.biggerpockets.com\/markets?market=Huntsville%2C%20AL\" target=\"_blank\">Huntsville, Alabama<\/a>\n<ul class=\"wp-block-list\">\n<li><strong>Median Price:<\/strong> $334,000<\/li>\n\n\n\n<li><strong>YoY Decline:<\/strong> -1.2%<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">I wrote an article recently on why <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/north-carolina-could-be-the-next-boom-state\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">North Carolina<\/span><\/a><span data-preserver-spaces=\"true\"> might be the next boom state, with <\/span><span data-preserver-spaces=\"true\">the majority<\/span><span data-preserver-spaces=\"true\"> of its new growth likely to occur in the Raleigh-Durham-Chapel Hill Research Triangle metro.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">As an investor, I\u2019m <\/span><span data-preserver-spaces=\"true\">quite<\/span><span data-preserver-spaces=\"true\"> happy to see such a <\/span><span data-preserver-spaces=\"true\">large<\/span><span data-preserver-spaces=\"true\"> decline in the median sales price in the Raleigh MSA (-12.1%), as I believe home prices will continue to increase in the long run due to the outstanding job growth and solid fundamentals the market has. But please, do your <\/span><span data-preserver-spaces=\"true\">own<\/span><span data-preserver-spaces=\"true\"> research before making an investment decision.<\/span><\/p>\n\n\n<p><iframe title=\"Largest 1-Year Decline in Median Sales Price\" aria-label=\"Bar Chart\" id=\"datawrapper-chart-hWHWi\" src=\"https:\/\/datawrapper.dwcdn.net\/hWHWi\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"549\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">And while these markets may have seen a <\/span><span data-preserver-spaces=\"true\">decline in <\/span><span data-preserver-spaces=\"true\">price<\/span><span data-preserver-spaces=\"true\">, other markets have continued to see price increases despite higher inventory.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Days on Market (DOM), Listings Both Increased<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Out of the 204 markets analyzed 202 markets have seen an increase in DOM.<\/span><\/p>\n\n\n<p><iframe title=\"Dec, 2023 to Dec, 2024 Change in Days on Market\" aria-label=\"Map\" id=\"datawrapper-chart-bh6Gs\" src=\"https:\/\/datawrapper.dwcdn.net\/bh6Gs\/3\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"452\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> may have to do with the fact that there has been a relative increase in the amount of listings on the market <\/span><span data-preserver-spaces=\"true\">as well<\/span><span data-preserver-spaces=\"true\">. However, as you\u2019ll see, even if some markets saw a decline in total listings, their DOM may have still increased (such as <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=Kansas%20City%2C%20MO-KS\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Kansas City, Missouri<\/span><\/a><span data-preserver-spaces=\"true\">, and <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/markets?market=San%20Jose-Sunnyvale-Santa%20Clara%2C%20CA\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">San Jose, California<\/span><\/a><span data-preserver-spaces=\"true\">).<\/span><\/p>\n\n\n<p><iframe title=\"Dec, 2023 to Dec, 2024 Change in Listings on Market\" aria-label=\"Map\" id=\"datawrapper-chart-2sLRJ\" src=\"https:\/\/datawrapper.dwcdn.net\/2sLRJ\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"452\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">There were 58 markets that experienced<\/span><span data-preserver-spaces=\"true\"> an increase in DOM or <\/span><span data-preserver-spaces=\"true\">listings,<\/span><span data-preserver-spaces=\"true\"> and also saw price declines.<\/span><\/p>\n\n\n<p><iframe title=\"Markets with Higher Inventory and Lower Prices\" aria-label=\"Table\" id=\"datawrapper-chart-j9Y1I\" src=\"https:\/\/datawrapper.dwcdn.net\/j9Y1I\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"650\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">What\u2019s interesting is that<\/span><span data-preserver-spaces=\"true\"> out of the 204 markets analyzed, 130 had increases in total listings and DOM and still managed to see price increases.<\/span><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">This<\/span><span data-preserver-spaces=\"true\"> is an example that just because inventory rises, prices may not necessarily fall, although it may slow the pace at which they grow.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">We\u2019ll keep track of this trend as we analyze next month\u2019s data, so stay tuned.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s officially 2025, and many investors may be waiting on the sidelines for prices to drop. Luckily, 59 out of 204 of the largest markets have seen a decrease in [&hellip;]<\/p>\n","protected":false},"author":613753,"featured_media":180313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7381],"tags":[],"class_list":["post-180315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-prices"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/180315","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\/613753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=180315"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/180315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/180313"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=180315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=180315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=180315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}