Since the COVID-19 pandemic, home prices have surged in the United States. According to the Case-Shiller Home Price Index, home values increased by 42% between mid 2020 and mid 2022. More recently, despite some modest, short-lived declines, home prices rose by another 5% in the last two and a half years.
We expect the housing market to go up each year, and as a whole it generally does. However, there are some states that have seen a drop in median house price when comparing April 2024 to April of 2025.
24/7 Wall St. Key Points:
- America’s housing affordability crisis has continued into 2025, and according to a recent study, an estimated 75% of U.S. households are unable to afford a typical home in today’s market.
- Still, location matters when it comes to real estate, and in certain parts of the country, home prices have come down in the last year.
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The substantial increase in home prices over the last half decade has been precipitated, in large part, by a supply shortage. According to Zillow, the U.S. may need at least another 4.5 million housing units to meet current demand. Limited housing inventory, in conjunction with historically high mortgage rates, has resulted in a housing affordability crisis. Currently, estimates from the National Association of Home Builders show that 75% of households cannot afford a typical home in the United States. (This is how Baby Boomers impacted the housing market for younger buyers.)
Real estate markets, however, are highly localized, and while home prices have been trending upwards for years, there are certain parts of the country where list prices have fallen over the last 12 months.
Using data from Realtor.com, 24/7 Wall St. identified the states where home prices are actually falling. States are ranked on the change in median list price between April 2024 and April 2025. All supplemental data is also from Realtor.com.
Among the states on this list, the typical listed home is anywhere from 0.03% to 16.6% less expensive now than it was a year ago. In monetary terms, home prices in some of these states have fallen by tens of thousands of dollars over the last 12 months.
This post was updated on June 1, 2025 to include up-to-date information as of April 2025.
Why It Matters
Rising demand, in conjunction with limited supply, have sent home prices surging by 50% since the start of the COVID-19 pandemic in the United States. However, recent housing list price data shows that in some parts of the country, this trend may finally be reversing. This is welcome news for the country’s housing affordability crisis, as well as prospective home buyers. Those in the market for a new home may want to check out the states on this list. Here are 10 states where a typical home now costs less than it did only a year ago.
10. Colorado
- 1-year change in median list price: -0.03%
- Median list prices by year: $561,462 in April 2025; $561,633 in April 2024
- Median list price per square foot: $292 in April 2025; data not available for April 2024
- Total number of listed homes in Colorado: 27,459 in April 2025; data not available for April 2024
9. Arizona
- 1-year change in median list price: -0.15%
- Median list prices by year: $474,333 in April 2025; $475,028 in April 2024
- Median list price per square foot: $270 in April 2025; $273 in April 2024
- Total number of listed homes in Arizona: 38,012 in April 2025; data not available in April 2024
8. Louisiana
- 1-year change in median list price: -1.1%
- Median list prices by year: $251,400 in April 2025; $254,200 in April 2024
- Median size of a listed home: 1846 sq. ft. in April 2025; data not available for April 2024
- Total number of listed homes in Colorado: 16,316 in April 2025; 15,307 for April 2024
7. Texas
- 1-year change in median list price: -1.1%
- Total number of listed homes in Colorado: 177,829 in April 2025; 150,700 for April 2024
6. Utah
- 1-year change in median list price: -1.3%
- Median list prices by year: $595,000 in April 2025; $603,000 in April 2024
- Median list price per square foot: $276 in April 2025; data not available for April 2024
- Median size of a listed home: 2,435 sq. ft. in April 2025; data not available for April 2024
- Total number of listed homes in Utah: 12,967 in March 2025; data not available for April 2024
5. Kentucky
- 1-year change in median list price: -1.8%
- Median list prices by year: $265,400 in April 2025; $270,200 in April 2024
- Median list price per square foot: $171 in April 2025; $174 in April 2024
- Median size of a listed home: 1,811 sq. ft. in April 2025; 1,844 sq. ft. in April 2024
- Total number of listed homes in Kentucky: 9,547 in April 2025; 7,282 in April 2024
4. Florida
- 1-year change in median list price: -4.0%
- Median list prices by year: $412,734 in April 2025; $429,900 in April 2024
- Median list price per square foot: $269 in April 2025; $273 in April 2024
- Median size of a listed home: 1,624 sq. ft. in April 2025; 1,624 sq. ft. in April 2024
- Total number of listed homes in Florida: 182,589 in April 2025; 135,300 in April 2024
3. Georgia
- 1-year change in median list price: -8.4%
- Median list prices by year: $379,900 in April 2025; $415,000 in April 2024
2. New Hampshire
- 1-year change in median list price: -12.1%
- Median list prices by year: $511,667 in April 2025; $582,000 in April 2024
- Median list price per square foot: $315 in April 2025; $308 in April 2024
- Median size of a listed home: 1887 sq. ft. in April 2025; 1,896 sq. ft. in April 2024
- Total number of listed homes in Colorado: 1,962 in April 2025; data not available for April 2024
1. Connecticut
- 1-year change in median list price: -16.6%
- Median list prices by year: $444,300 in April 2025; $532,500 in April 2024
- Median list price per square foot: data not available in April 2025; $285 in April 2024
- Total number of listed homes in Connecticut: 9,723 in April 2025; data not available in 2024
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