Unveiling Cooling Markets: A Data-Driven Look at Declining Home Prices
The real estate market is constantly shifting, and understanding where prices are cooling can provide valuable insights for both buyers and sellers. This analysis dives into recent data to identify areas experiencing price reductions, offering a glimpse into potential opportunities and market trends.
Comparing Median Sale Prices Across Cities
Let's begin by comparing median sale prices across several key cities. In Charlotte, GA, the median sale price stands at $631,789. Contrast this with Dallas, TN, where the median price is $497,352. This represents a significant difference, highlighting the varying market dynamics between these two locations.
Further comparisons reveal that Raleigh, WA, has a median sale price of $456,127, while Phoenix, CA, shows a median price of $365,535. Atlanta, TN, boasts a higher median price of $677,001, exceeding even Charlotte's figures. Orlando, OR, presents a median price of $660,376, indicating a robust market in that area.
The data clearly shows a wide range of median sale prices across different cities, reflecting diverse economic conditions and housing demands.
Analyzing Homes Sold and Inventory Levels
Beyond median prices, the number of homes sold and the available inventory provide crucial context. San Antonio, NC, recorded a substantial 948 homes sold, while Charlotte, GA, saw 270 homes sold. This difference in sales volume can indicate varying levels of market activity and buyer interest.
Dallas, TN, reported 552 homes sold, while Raleigh, WA, had 498 homes sold. Phoenix, CA, recorded 680 homes sold, and Atlanta, TN, had 217 homes sold. Orlando, OR, saw 584 homes sold, and Portland, NC, had 801 homes sold. Houston, CO, had 222 homes sold, while Denver, FL, had 595 homes sold, and Miami, WA, had 946 homes sold.
Inventory levels also play a critical role. Charlotte, GA, has an inventory of 1016 homes, while Dallas, TN, has a higher inventory of 1699 homes. San Antonio, NC, has a relatively low inventory of 462 homes, potentially contributing to price stability or even increases.
Days on Market: A Measure of Market Speed
The median number of days a home stays on the market (DOM) is another key indicator of market conditions. Charlotte, GA, boasts a quick 14 days on market, suggesting high demand and fast sales. In contrast, Raleigh, WA, sees homes staying on the market for 68 days, indicating a slower pace.
Dallas, TN, has a median DOM of 56 days, while Phoenix, CA, has 38 days. San Antonio, NC, and Atlanta, TN, both have a median DOM of 66 days. Orlando, OR, has a median DOM of 65 days. Houston, CO, has a median DOM of 29 days, while Denver, FL, has 28 days. Miami, WA, has 41 days, and Portland, NC, has 19 days.
Data Table: Key Market Metrics
To provide a clear overview, here's a table summarizing the key market metrics discussed:
| City |
State |
Median Price |
Homes Sold |
Inventory |
Days on Market |
| Charlotte |
GA |
$631,789 |
270 |
1016 |
14 days |
| Dallas |
TN |
$497,352 |
552 |
1699 |
56 days |
| Raleigh |
WA |
$456,127 |
498 |
1968 |
68 days |
| Phoenix |
CA |
$365,535 |
680 |
273 |
38 days |
| San Antonio |
NC |
$386,658 |
948 |
462 |
66 days |
| Atlanta |
TN |
$677,001 |
217 |
857 |
66 days |
| Orlando |
OR |
$660,376 |
584 |
269 |
65 days |
| Houston |
CO |
$469,312 |
222 |
1336 |
29 days |
| Denver |
FL |
$491,070 |
595 |
815 |
28 days |
| Miami |
WA |
$578,436 |
946 |
947 |
41 days |
| Portland |
NC |
$371,835 |
801 |
1062 |
19 days |
Conclusion
By analyzing median sale prices, homes sold, inventory levels, and days on market, we can gain a clearer understanding of which markets are experiencing price cooling. Cities like Phoenix, CA, and San Antonio, NC, present different market dynamics compared to cities like Charlotte, GA, and Atlanta, TN. This data-driven approach provides valuable insights for anyone looking to navigate the ever-changing real estate landscape.
