At the height of the pandemic, housing prices boomed around 2021 – 2022 in many cities around the U.S.
In some of these cities, housing prices stayed elevated.
However, in other cities the prices came crashing back down well below the pandemic prices.
In this article I use public data from Zillow Housing Market trends to take a look at which housing markets have experienced the biggest drops in median house prices in the years following the pandemic.
I found some of the cities on this list surprising and the amount by which prices have dropped is pretty staggering in some places.
So without further ado, here are the 21 cities where homebuyers have had the most regrets due to buying houses at prices that are much higher than they are at today.
21. Honolulu, Hawaii
Coming in at #21 on the list is Honolulu Hawaii.
At the peak of the pandemic, the median sale price for a home was $807,000.
Today, the median sale price is about $767,000.
That’s a 5% drop in price.
As we will see in this article, a 5% drop in prices from the peak isn’t too bad compared to some other cities on this list but it’s still a tough pill to swallow for homebuyers who now own a home that is potentially worth tens of thousands of dollars less than the purchase price.
20. Boise, Idaho
Next up on the list is Boise, Idaho.
At the height of the pandemic, the median sale price for a home was $543,000.
Today, the median sale price sits at $508,000.
That’s a 6% drop in price.
For the typical homebuyer who bought a house in Boise at the peak of the pandemic, that translates to a $35,000 drop in home value. That’s not a great feeling.
19. Dallas, Texas
Coming in at number 19 is Dallas, Texas.
At the peak of the pandemic, the median sale price for a home was $335,000.
Today, the median sale price sits at $311,000.
That’s about a 7% drop in price.
Some blame this drop on overdevelopment, which has led to an oversupply in housing and a resulting drop in median home prices.
Perhaps prices will climb back higher over the years, but for those who bought during the peak of the pandemic they can’t be happy about the current downward trend of prices.
18. Jacksonville, Florida
Number 18 on the list is Jacksonville, Florida.
At the peak of the pandemic, the median sale price for a home was $310,000.
Today, the median sale price sits at $287,000.
That’s about a 7% drop in price.
Similar to areas of Texas, some people blame the drop in home prices in Jacksonville on overdevelopment, which has led to lower prices overall.
17. Atlanta, Georgia
Coming in at number 17 on the list is Atlanta, Georgia.
At the height of the pandemic, the median sale price for a home was $422,000.
Today, the median sale price sits at $387,000.
That’s about an 8% drop in price.
For many individuals that bought a home in the middle of 2022, their home value has unfortunately declined quite a bit.
16. Colorado Springs, Colorado
The next city on the list is Colorado Springs, Colorado.
At the peak of the pandemic, the median sale price for a home was $492,000.
Today, the median sale price sits at $450,000.
That translates to a 9% drop in price.
For the typical homebuyer in Colorado Springs during the pandemic peak, they’ve lost over $40,000 in home value in just a few short years.
15. Sacramento, California
Coming in at number 15 is Sacramento, California.
At the peak of the pandemic, the median sale price for a home was $530,000.
Today, the median sale price is about $482,000.
That equates to a 9% drop in price.
It’s reasonable to say that many households that bought a home at the peak of the pandemic in the The Big Tomato are regretting their decision to buy at the top.
14. Mesa, Arizona
Next up on the list is Mesa, Arizona.
At the peak of the pandemic, the median sale price for a home was $478,000.
Today, the median sale price is $434,000.
That’s a 9% drop in price.
In dollar terms, the typical household that bought a home in Mesa during the height of the pandemic has watched their home value drop by over $40,000.
13. Seattle, Washington
Coming in at number 13 on the list is Seattle, Washington.
Coming in at number 13 is Seattle, Washington.
At the peak of the pandemic, the median sale price for a home was $944,000.
Today, the median sale price is $856,000.
That’s roughly a 9% drop in price.
For a city that doesn’t receive much sunlight year-round, it’s easy for homeowners in Seattle to feel gloomy about the drop in housing prices since the pandemic.
12. Boulder, Colorado
The award for number 12 on the list goes to Boulder, Colorado.
At the peak of the pandemic, the median sale price for a home was $1,079,000.
Today, the median sale price is $972,000.
That’s about a 10% drop in price.
In dollar terms, that’s over $100,000 in lost home value in just a few short years.
11. Portland, Oregon
Next up on the list is Portland, Oregon.
At the height of the pandemic, the median sale price for a home was $600,000.
Today, the median sale price is $540,000.
That’s about a 10% drop in price.
For the typical household that bought a home at the peak of the pandemic, that translates to a loss of $60,000 in home value.
10. Naples, Florida
The number 10 spot on our list goes to Naples, Florida.
At the height of the pandemic, the median sale price for a home was $612,000.
Today, the median sale price is $548,000.
That’s roughly a 10% drop in price.
Similar to other areas of Florida, the drop in prices in Naples is mostly blamed on overdevelopment combined with rising insurance costs, which has led to an overall decline in median housing prices.
9. Saint George, Utah
Next up on our list is Saint George, Utah.
At the peak of the pandemic, the median sale price for a home was $561,000.
Today, the median sale price is $500,000.
That’s about an 11% drop in price.
Saint George might offer beautiful landscapes around it, but there’s nothing beautiful about that drop in housing prices for homebuyers.
8. Phoenix, Arizona
Coming in at number 8 is Phoenix, Arizona.
At the peak of the pandemic, the median sale price for a home was $462,000.
Today, the median sale price sits at just $410,000.
That’s about an 11% drop in price.
In dollar terms, the typical homebuyer during the pandemic has seen their house lose over $50,000 in value.
7. Denver, Colorado
The award for the number 7 spot on our list goes to Denver, Colorado.
At the peak of the pandemic, the median sale price for a home was $617,000.
Today, the median sale price sits at just $538,000.
That’s about a 13% drop in price.
House prices got pretty wild in The Mile High City during the pandemic but unfortunately for those who bought during the peak, the prices are coming back down to Earth.
6. Sarasota, Florida
Next up on the list is Sarasota, Florida.
At the peak, the median sale price for a home was $483,000.
Today, the median sale price sits at just $413,000.
That’s about a 14% drop in price.
Sticking with the trend of overdevelopment and rising insurance costs in the Sunshine State, home prices have dropped significantly in Sarasota in just a few years.
5. New Orleans, Louisiana
Coming in at number 5 on the list is New Orleans, Louisiana.
At the height of the pandemic, the median sale price for a home was $305,000.
Today, the median sale price is just $250,000.
That’s a whopping 18% drop in price.
For the typical homebuyer who bought a house at the peak of the pandemic in The Big Easy, they’ve seen their home value fall by over $50,000.
4. Cape Coral, Florida
Next up on the list is Cape Coral, Florida.
At the height of the pandemic, the median sale price for a home was $431,000.
Today, the median sale price is just $337,000.
That’s a massive 22% drop in price.
For a city that receives plenty of sun year-round, the housing market is not bright in Cape Coral at all currently.
3. Punta Gorda, Florida
Sticking with the theme of Florida cities, the number 3 spot on the list goes to Punta Gorda, Florida.
At the peak of the pandemic, the median sale price for a home was $439,000.
Today, the median sale price is just $335,000.
That’s about a 24% drop in price.
This is the city in Florida that has been hit the hardest with housing price drops likely due rising insurance costs and property taxes due to recent hurricanes.
For households that bought a home here at the peak of the pandemic, they’ve experienced a pretty huge decline in home value.
2. Oakland, California
The number 2 spot on our list goes to Oakland, California.
At the peak of the pandemic, the median sale price for a home was $967,000.
Today, the median sale price is just $720,000.
That’s about a 26% drop in price.
In dollar terms, the typical homebuyer who bought a house at the peak of the pandemic has seen their house decline in value by nearly a quarter of a million dollars. That’s mind-blowing.
1. Austin, Texas
And coming in at number 1 on our list is Austin, Texas.
At the peak of the pandemic, the median sale price for a home was $695,000.
Today, the median sale price is just $507,000.
That’s a mind-boggling 27% drop in price.
Although the population is still increasing rapidly in Austin, the home prices that appeared on the market at the peak of the pandemic hit outer space levels.
Prices are finally coming down now, but for most individuals who bought a house at the peak of the market, their home value has dropped significantly.
Closing Thoughts
That rounds out the list of the 21 markets where homebuyers have experienced the most regret from buying houses at prices that were much higher a few years ago than they currently are today.
Were you surprised by any of the cities on this list?
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