10 Fastest-Cooling Housing Markets in the U.S. — 6 Are in Florida

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The housing market in some cities is still heating up — namely those with affordable homes. But many cities around the U.S. are now cooling down, particularly markets in Florida, a recent Redfin study found. According to the study, among the 10 cities where the real estate markets are cooling the quickest, six are on Florida’s west coast. This is due to a number of factors, including a boom in new construction, intensifying natural disasters and increasing home insurance costs, and a decrease in demand.

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Here’s a look at the 10 U.S. cities with the fastest-cooling housing markets, as identified by Redfin.

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1. North Port, Florida

• Median price per square foot: $271.42

• Year-over-year change in median price per square foot: -1.2%

• Percent of sellers dropping their asking price: 42.6%

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2. Tampa, Florida

• Median price per square foot: $229.88

• Year-over-year change in median price per square foot: 3.7%

• Percent of sellers dropping their asking price: 43.1%

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3. Cape Coral, Florida

• Median price per square foot: $243.70

• Year-over-year change in median price per square foot: -2.9%

• Percent of sellers dropping their asking price: 37.5%

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4. Orlando, Florida

• Median price per square foot: $228.74

• Year-over-year change in median price per square foot: 4.3%

• Percent of sellers dropping their asking price: 34.2%

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5. Denver

• Median price per square foot: $286.77

• Year-over-year change in median price per square foot: 4.2%

• Percent of sellers dropping their asking price: 42.2%

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6. Houston

• Median price per square foot: $166.91

• Year-over-year change in median price per square foot: 2.7%

• Percent of sellers dropping their asking price: 36.3%

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7. Minneapolis

• Median price per square foot: $198.84

• Year-over-year change in median price per square foot: 1.9%

• Percent of sellers dropping their asking price: 28.2%

Read More: Cheapest Places To Buy a Home in Every State

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8. Jacksonville, Florida

• Median price per square foot: $214.49

• Year-over-year change in median price per square foot: 3.3%

• Percent of sellers dropping their asking price: 34.7%

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9. Lakeland, Florida

• Median price per square foot: $186.20

• Year-over-year change in median price per square foot: 1.6%

• Percent of sellers dropping their asking price: 34.3%

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10. Dallas

• Median price per square foot: $207.05

• Year-over-year change in median price per square foot: 2.3%

• Percent of sellers dropping their asking price: 33.2%

Data is sourced from Redfin and is accurate as of June 11, 2024.

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This article originally appeared on GOBankingRates.com: 10 Fastest-Cooling Housing Markets in the U.S. — 6 Are in Florida