$233 Billion in Value Lost

The U.S. housing market has seen dramatic swings since the pandemic sent home prices soaring nationwide. A recent Inman News analysis, backed by Zillow data, shows that from June 2024 to June 2025, the 10 hardest-hit real estate markets collectively lost $233 billion in value. But while some metros are cooling, others continue to surge, painting a tale of two very different markets.

The Hardest-Hit Markets

Seven of the 10 metros with the biggest losses are in the South, with the remaining concentrated in California. Here’s a look at the steepest pullbacks:

• San Francisco, CA: –$52 billion

• Dallas, TX: –$37 billion

• Miami, FL: –$25 billion

• Austin, TX: –20% from peak values

• San Antonio, TX: –5% from peak

• Jacksonville, FL: –2.2% from peak

• Cape Coral, FL: –11% over two years

• Southwest Florida & Suncoast Counties (Sarasota, Manatee, Charlotte, Pinellas): –4% to –8%

These declines are particularly sharp in pandemic boomtowns, where affordability pressures and new inventory are resetting prices.

Markets Still Growing Strong

While some metros are cooling off, others are gaining momentum:

• New York City, NY: +$260 billion in value (the nation’s biggest gainer)

• Midwest and Northeast Metros: Showing steady, sustainable growth

• Seattle, WA: The only West Coast city among top gainers

Altogether, these gains helped push national housing value to a record $55.1 trillion, more than offsetting the losses in struggling markets.

How North Carolina Compares

Here in North Carolina, the housing market has performed more steadily compared to the steep declines seen in Texas and Florida. While prices in metro areas like Raleigh, Durham, and Charlotte have cooled slightly from their pandemic peaks, the adjustments have been modest and far from the double-digit declines in places like Austin or Cape Coral.

North Carolina remains attractive thanks to:

• Strong job growth in technology, finance, and healthcare

• Continued in-migration from higher-cost states (especially California, New York, and Florida)

• Desirable suburban and lifestyle communities such as Clayton, Cary, and Holly Springs

This consistent demand, fueled by people relocating from more expensive or volatile markets, has positioned North Carolina as one of the South’s most resilient real estate environments.

What’s Driving the Shift?

1. Pandemic Overheating: Southern and Sun Belt metros saw explosive growth during the pandemic. Now, prices are correcting as demand normalizes.

2. Affordability Challenges: Rising mortgage rates and stretched household budgets are cooling activity in high-growth markets.

3. Sustainable Growth Elsewhere: Midwestern and Northeastern cities, along with New York, have maintained healthier levels of demand and affordability.

4. Migration Trends: Buyers from high-cost states like California, New York, and Florida continue moving to North Carolina for its affordability, strong job market, and lifestyle options.

What This Means for Buyers and Sellers

• Buyers: Cooling markets like Austin, Dallas, and Cape Coral may present new opportunities for value-driven purchases. In North Carolina, buyers benefit from more measured pricing shifts and strong long-term fundamentals.
• Sellers: Stronger markets in the Northeast and Midwest—and resilient hubs like NYC, Seattle, and North Carolina metros—still offer excellent conditions to list at competitive prices.

Final Takeaway

The market is no longer moving in one direction nationwide. While some Southern and Californian metros are giving back gains, others are seeing fresh momentum. North Carolina’s market stands out as a steady performer, fueled by migration from costlier states and continued job growth. Whether buying or selling, understanding your local market is key, check out our latest Market Report. 

👉 Want to know how these shifts impact your real estate goals? Let’s connect.