Since surging in 2020, home prices in the United States have continued to trend upward through 2025. The median list price for a single family home in the U.S. hit a 2025 high of $440,950 in June. While list prices have fallen since, at $425,000 in September, they are still nearly $25,000 higher than they were at the start of the year, according to data from Realtor.com.
Rising home prices are largely driven by a mismatch between supply and demand. Not only does the U.S. have a long-standing shortage of available homes, but in recent years, rising mortgage rates have made homeowners hesitant to sell, further adding to the inventory shortage.
According to the Federal Home Loan Mortgage Corporation, or Freddie Mac, the average interest on a 30-year fixed rate mortgage has been above 6% since September 2022 — levels not seen since 2008. Today’s borrowing costs are more than double what they were as recently as 2021, and homeowners locked into lower rates do not appear eager to give them up.
Importantly, location matters when it comes to real estate, and the national housing price trend is not necessarily indicative of local markets. In fact, there are dozens of communities across the country where list prices have fallen by tens of thousands of dollars so far in 2025.
Using historical list price data from Realtor.com, 24/7 Wall St. identified the markets where home prices have fallen the most in 2025. We reviewed home sale data for over 3,100 U.S. counties and county equivalents and ranked them on the relative change in median list price between January and September 2025. Only counties where median list prices are down by at least 12% since January were considered. Counties flagged by Realtor.com for possible data quality issues were excluded from analysis. All supplemental data in this story is also from Realtor.com.
Among the 45 counties and county equivalents on this list, home prices have decreased by anywhere from 12.1% to nearly 50% since January. The largest share of these places — 20 out of 45 — are located in the South, including four in Texas alone. Another 12 counties on this list are in the Midwest and nine are in the West, while only four are located in the Northeast.
Falling prices in these places may be due, at least in part, to the kinds of homes that are being put up for sale. Within any given market, larger homes often command higher prices, and in a majority of counties on this list, the typical listed home is smaller than the typical home on the market at the beginning of the year.
It is important to note that, despite recent declines, the median list price in several of these counties is still prohibitively high for millions of Americans. In eight of the counties on this list, the median list price exceeds the national median — in most cases, by hundreds of thousands of dollars.
These are the markets where home prices have fallen the most in 2025.
Why it Matters
Since the start of the COVID-19 pandemic, median home list prices have surged by 33%. While aggregate prices have not changed significantly in recent months, the price of a typical home remains well beyond the budget of most Americans. Still, location matters when it comes to housing markets, and some parts of the country are reporting substantial decreases in home prices. According to Realtor.com, list prices have fallen by over 10% in dozens of U.S. counties since January.
45. Madison County, Missouri
- Change in median list price in 2025: -12.1% (-$22,450)
- Median home list price: $163,700 in Sept. 2025, $186,150 in Jan. 2025
- Median size of a listed home: 1,587 sq. ft. in Sept. 2025, 1,536 sq. ft. in Jan. 2025
- Median time on market for a listed home: 44 days in Sept. 2025, 62 days in Jan. 2025
- Total number of homes for sale: 50 in Sept. 2025, 35 in Jan. 2025
44. Taylor County, Kentucky
- Change in median list price in 2025: -12.1% (-$34,525)
- Median home list price: $249,975 in Sept. 2025, $284,500 in Jan. 2025
- Median size of a listed home: 1,695 sq. ft. in Sept. 2025, 1,673 sq. ft. in Jan. 2025
- Median time on market for a listed home: 69 days in Sept. 2025, 98 days in Jan. 2025
- Total number of homes for sale: 142 in Sept. 2025, 107 in Jan. 2025
43. Vanderburgh County, Indiana
- Change in median list price in 2025: -12.3% (-$30,022)
- Median home list price: $213,450 in Sept. 2025, $243,472 in Jan. 2025
- Median size of a listed home: 1,610 sq. ft. in Sept. 2025, 1,793 sq. ft. in Jan. 2025
- Median time on market for a listed home: 39 days in Sept. 2025, 73 days in Jan. 2025
- Total number of homes for sale: 808 in Sept. 2025, 518 in Jan. 2025
42. Anderson County, Texas
- Change in median list price in 2025: -12.3% (-$35,000)
- Median home list price: $248,750 in Sept. 2025, $283,750 in Jan. 2025
- Median size of a listed home: 1,810 sq. ft. in Sept. 2025, 1,801 sq. ft. in Jan. 2025
- Median time on market for a listed home: 76 days in Sept. 2025, 97 days in Jan. 2025
- Total number of homes for sale: 239 in Sept. 2025, 186 in Jan. 2025
41. Rappahannock County, Virginia
- Change in median list price in 2025: -12.4% (-$91,750)
- Median home list price: $647,250 in Sept. 2025, $739,000 in Jan. 2025
- Median size of a listed home: 2,168 sq. ft. in Sept. 2025, 2,624 sq. ft. in Jan. 2025
- Median time on market for a listed home: 83 days in Sept. 2025, 101 days in Jan. 2025
- Total number of homes for sale: 50 in Sept. 2025, 40 in Jan. 2025
40. Valley County, Idaho
- Change in median list price in 2025: -12.5% (-$124,500)
- Median home list price: $875,000 in Sept. 2025, $999,500 in Jan. 2025
- Median size of a listed home: 1,867 sq. ft. in Sept. 2025, 1,817 sq. ft. in Jan. 2025
- Median time on market for a listed home: 97 days in Sept. 2025, 116 days in Jan. 2025
- Total number of homes for sale: 397 in Sept. 2025, 289 in Jan. 2025
39. Esmeralda County, Nevada
- Change in median list price in 2025: -12.6% (-$36,000)
- Median home list price: $249,000 in Sept. 2025, $285,000 in Jan. 2025
- Median size of a listed home: 957 sq. ft. in Sept. 2025, 1,018 sq. ft. in Jan. 2025
- Median time on market for a listed home: 52 days in Sept. 2025, 215 days in Jan. 2025
- Total number of homes for sale: 6 in Sept. 2025, 5 in Jan. 2025
38. Johnson County, Arkansas
- Change in median list price in 2025: -12.8% (-$29,350)
- Median home list price: $199,900 in Sept. 2025, $229,250 in Jan. 2025
- Median size of a listed home: 1,680 sq. ft. in Sept. 2025, 1,698 sq. ft. in Jan. 2025
- Median time on market for a listed home: 91 days in Sept. 2025, 109 days in Jan. 2025
- Total number of homes for sale: 147 in Sept. 2025, 121 in Jan. 2025
37. Grand County, Colorado
- Change in median list price in 2025: -12.8% (-$124,750)
- Median home list price: $849,000 in Sept. 2025, $973,750 in Jan. 2025
- Median size of a listed home: 1,702 sq. ft. in Sept. 2025, 1,779 sq. ft. in Jan. 2025
- Median time on market for a listed home: 96 days in Sept. 2025, 108 days in Jan. 2025
- Total number of homes for sale: 781 in Sept. 2025, 430 in Jan. 2025
36. Collier County, Florida
- Change in median list price in 2025: -12.9% (-$101,800)
- Median home list price: $689,950 in Sept. 2025, $791,750 in Jan. 2025
- Median size of a listed home: 1,771 sq. ft. in Sept. 2025, 1,804 sq. ft. in Jan. 2025
- Median time on market for a listed home: 114 days in Sept. 2025, 70 days in Jan. 2025
- Total number of homes for sale: 6,309 in Sept. 2025, 7,802 in Jan. 2025
35. Prentiss County, Mississippi
- Change in median list price in 2025: -13.4% (-$28,725)
- Median home list price: $186,175 in Sept. 2025, $214,900 in Jan. 2025
- Median size of a listed home: 1,770 sq. ft. in Sept. 2025, 1,680 sq. ft. in Jan. 2025
- Median time on market for a listed home: 87 days in Sept. 2025, 86 days in Jan. 2025
- Total number of homes for sale: 66 in Sept. 2025, 53 in Jan. 2025
34. Allen County, Kansas
- Change in median list price in 2025: -13.7% (-$24,000)
- Median home list price: $151,000 in Sept. 2025, $175,000 in Jan. 2025
- Median size of a listed home: 1,676 sq. ft. in Sept. 2025, 1,505 sq. ft. in Jan. 2025
- Median time on market for a listed home: 71 days in Sept. 2025, 92 days in Jan. 2025
- Total number of homes for sale: 71 in Sept. 2025, 48 in Jan. 2025
33. Daviess County, Missouri
- Change in median list price in 2025: -14.0% (-$53,300)
- Median home list price: $328,700 in Sept. 2025, $382,000 in Jan. 2025
- Median size of a listed home: 1,831 sq. ft. in Sept. 2025, 2,132 sq. ft. in Jan. 2025
- Median time on market for a listed home: 62 days in Sept. 2025, 109 days in Jan. 2025
- Total number of homes for sale: 60 in Sept. 2025, 30 in Jan. 2025
32. Franklin County, Arkansas
- Change in median list price in 2025: -14.2% (-$36,213)
- Median home list price: $218,725 in Sept. 2025, $254,938 in Jan. 2025
- Median size of a listed home: 1,690 sq. ft. in Sept. 2025, 1,918 sq. ft. in Jan. 2025
- Median time on market for a listed home: 87 days in Sept. 2025, 81 days in Jan. 2025
- Total number of homes for sale: 104 in Sept. 2025, 78 in Jan. 2025
31. Onondaga County, New York
- Change in median list price in 2025: -14.3% (-$50,050)
- Median home list price: $299,900 in Sept. 2025, $349,950 in Jan. 2025
- Median size of a listed home: 1,734 sq. ft. in Sept. 2025, 1,686 sq. ft. in Jan. 2025
- Median time on market for a listed home: 43 days in Sept. 2025, 83 days in Jan. 2025
- Total number of homes for sale: 1,580 in Sept. 2025, 1,075 in Jan. 2025
30. Orange County, Vermont
- Change in median list price in 2025: -14.5% (-$72,000)
- Median home list price: $425,000 in Sept. 2025, $497,000 in Jan. 2025
- Median size of a listed home: 2,081 sq. ft. in Sept. 2025, 2,030 sq. ft. in Jan. 2025
- Median time on market for a listed home: 67 days in Sept. 2025, 103 days in Jan. 2025
- Total number of homes for sale: 148 in Sept. 2025, 61 in Jan. 2025
29. Lasalle Parish, Louisiana
- Change in median list price in 2025: -14.6% (-$29,250)
- Median home list price: $171,250 in Sept. 2025, $200,500 in Jan. 2025
- Median size of a listed home: 1,791 sq. ft. in Sept. 2025, 1,908 sq. ft. in Jan. 2025
- Median time on market for a listed home: 81 days in Sept. 2025, 100 days in Jan. 2025
- Total number of homes for sale: 44 in Sept. 2025, 40 in Jan. 2025
28. Todd County, Kentucky
- Change in median list price in 2025: -14.7% (-$41,275)
- Median home list price: $239,900 in Sept. 2025, $281,175 in Jan. 2025
- Median size of a listed home: 1,558 sq. ft. in Sept. 2025, 1,680 sq. ft. in Jan. 2025
- Median time on market for a listed home: 78 days in Sept. 2025, 67 days in Jan. 2025
- Total number of homes for sale: 52 in Sept. 2025, 32 in Jan. 2025
27. Mcintosh County, Oklahoma
- Change in median list price in 2025: -14.8% (-$53,538)
- Median home list price: $307,250 in Sept. 2025, $360,788 in Jan. 2025
- Median size of a listed home: 1,680 sq. ft. in Sept. 2025, 1,704 sq. ft. in Jan. 2025
- Median time on market for a listed home: 84 days in Sept. 2025, 108 days in Jan. 2025
- Total number of homes for sale: 165 in Sept. 2025, 118 in Jan. 2025
26. Hawaii County, Hawaii
- Change in median list price in 2025: -14.9% (-$107,821)
- Median home list price: $617,179 in Sept. 2025, $725,000 in Jan. 2025
- Median size of a listed home: 1,351 sq. ft. in Sept. 2025, 1,446 sq. ft. in Jan. 2025
- Median time on market for a listed home: 94 days in Sept. 2025, 88 days in Jan. 2025
- Total number of homes for sale: 1,376 in Sept. 2025, 1,389 in Jan. 2025
25. Mcpherson County, Kansas
- Change in median list price in 2025: -15.0% (-$41,993)
- Median home list price: $238,375 in Sept. 2025, $280,368 in Jan. 2025
- Median size of a listed home: 1,905 sq. ft. in Sept. 2025, 1,894 sq. ft. in Jan. 2025
- Median time on market for a listed home: 60 days in Sept. 2025, 82 days in Jan. 2025
- Total number of homes for sale: 84 in Sept. 2025, 89 in Jan. 2025
24. Logan County, Colorado
- Change in median list price in 2025: -15.5% (-$49,025)
- Median home list price: $266,975 in Sept. 2025, $316,000 in Jan. 2025
- Median size of a listed home: 1,816 sq. ft. in Sept. 2025, 1,990 sq. ft. in Jan. 2025
- Median time on market for a listed home: 68 days in Sept. 2025, 85 days in Jan. 2025
- Total number of homes for sale: 121 in Sept. 2025, 68 in Jan. 2025
23. Sagadahoc County, Maine
- Change in median list price in 2025: -15.8% (-$93,200)
- Median home list price: $496,250 in Sept. 2025, $589,450 in Jan. 2025
- Median size of a listed home: 1,752 sq. ft. in Sept. 2025, 2,025 sq. ft. in Jan. 2025
- Median time on market for a listed home: 54 days in Sept. 2025, 86 days in Jan. 2025
- Total number of homes for sale: 115 in Sept. 2025, 50 in Jan. 2025
22. Halifax County, North Carolina
- Change in median list price in 2025: -16.1% (-$39,900)
- Median home list price: $207,500 in Sept. 2025, $247,400 in Jan. 2025
- Median size of a listed home: 1,442 sq. ft. in Sept. 2025, 1,630 sq. ft. in Jan. 2025
- Median time on market for a listed home: 69 days in Sept. 2025, 90 days in Jan. 2025
- Total number of homes for sale: 149 in Sept. 2025, 105 in Jan. 2025
21. Hutchinson County, Texas
- Change in median list price in 2025: -16.6% (-$27,652)
- Median home list price: $139,250 in Sept. 2025, $166,902 in Jan. 2025
- Median size of a listed home: 1,541 sq. ft. in Sept. 2025, 1,671 sq. ft. in Jan. 2025
- Median time on market for a listed home: 68 days in Sept. 2025, 66 days in Jan. 2025
- Total number of homes for sale: 109 in Sept. 2025, 103 in Jan. 2025
20. Armstrong County, Pennsylvania
- Change in median list price in 2025: -16.6% (-$32,975)
- Median home list price: $165,950 in Sept. 2025, $198,925 in Jan. 2025
- Median size of a listed home: 1,663 sq. ft. in Sept. 2025, 1,605 sq. ft. in Jan. 2025
- Median time on market for a listed home: 47 days in Sept. 2025, 77 days in Jan. 2025
- Total number of homes for sale: 160 in Sept. 2025, 115 in Jan. 2025
19. Metcalfe County, Kentucky
- Change in median list price in 2025: -16.8% (-$41,300)
- Median home list price: $204,700 in Sept. 2025, $246,000 in Jan. 2025
- Median size of a listed home: 1,427 sq. ft. in Sept. 2025, 1,684 sq. ft. in Jan. 2025
- Median time on market for a listed home: 60 days in Sept. 2025, 126 days in Jan. 2025
- Total number of homes for sale: 35 in Sept. 2025, 26 in Jan. 2025
18. Summit County, Utah
- Change in median list price in 2025: -16.8% (-$323,000)
- Median home list price: $1,599,500 in Sept. 2025, $1,922,500 in Jan. 2025
- Median size of a listed home: 2,570 sq. ft. in Sept. 2025, 2,834 sq. ft. in Jan. 2025
- Median time on market for a listed home: 88 days in Sept. 2025, 104 days in Jan. 2025
- Total number of homes for sale: 1,246 in Sept. 2025, 847 in Jan. 2025
17. Washington County, North Carolina
- Change in median list price in 2025: -17.0% (-$34,750)
- Median home list price: $169,500 in Sept. 2025, $204,250 in Jan. 2025
- Median size of a listed home: 1,426 sq. ft. in Sept. 2025, 1,678 sq. ft. in Jan. 2025
- Median time on market for a listed home: 54 days in Sept. 2025, 98 days in Jan. 2025
- Total number of homes for sale: 38 in Sept. 2025, 36 in Jan. 2025
16. Faribault County, Minnesota
- Change in median list price in 2025: -17.1% (-$32,500)
- Median home list price: $157,450 in Sept. 2025, $189,950 in Jan. 2025
- Median size of a listed home: 2,151 sq. ft. in Sept. 2025, 2,551 sq. ft. in Jan. 2025
- Median time on market for a listed home: 55 days in Sept. 2025, 78 days in Jan. 2025
- Total number of homes for sale: 53 in Sept. 2025, 33 in Jan. 2025
15. Newton County, Mississippi
- Change in median list price in 2025: -17.6% (-$34,500)
- Median home list price: $162,000 in Sept. 2025, $196,500 in Jan. 2025
- Median size of a listed home: 2,093 sq. ft. in Sept. 2025, 2,463 sq. ft. in Jan. 2025
- Median time on market for a listed home: 83 days in Sept. 2025, 102 days in Jan. 2025
- Total number of homes for sale: 31 in Sept. 2025, 30 in Jan. 2025
14. Bayfield County, Wisconsin
- Change in median list price in 2025: -18.4% (-$90,000)
- Median home list price: $399,000 in Sept. 2025, $489,000 in Jan. 2025
- Median size of a listed home: 1,685 sq. ft. in Sept. 2025, 1,820 sq. ft. in Jan. 2025
- Median time on market for a listed home: 62 days in Sept. 2025, 130 days in Jan. 2025
- Total number of homes for sale: 129 in Sept. 2025, 86 in Jan. 2025
13. Moultrie County, Illinois
- Change in median list price in 2025: -18.4% (-$40,250)
- Median home list price: $178,000 in Sept. 2025, $218,250 in Jan. 2025
- Median size of a listed home: 1,948 sq. ft. in Sept. 2025, 2,030 sq. ft. in Jan. 2025
- Median time on market for a listed home: 42 days in Sept. 2025, 77 days in Jan. 2025
- Total number of homes for sale: 29 in Sept. 2025, 26 in Jan. 2025
12. Sussex County, Virginia
- Change in median list price in 2025: -18.5% (-$60,050)
- Median home list price: $264,450 in Sept. 2025, $324,500 in Jan. 2025
- Median size of a listed home: 1,680 sq. ft. in Sept. 2025, 1,577 sq. ft. in Jan. 2025
- Median time on market for a listed home: 56 days in Sept. 2025, 92 days in Jan. 2025
- Total number of homes for sale: 36 in Sept. 2025, 26 in Jan. 2025
11. Shelby County, Ohio
- Change in median list price in 2025: -20.7% (-$56,175)
- Median home list price: $214,800 in Sept. 2025, $270,975 in Jan. 2025
- Median size of a listed home: 1,609 sq. ft. in Sept. 2025, 1,648 sq. ft. in Jan. 2025
- Median time on market for a listed home: 64 days in Sept. 2025, 65 days in Jan. 2025
- Total number of homes for sale: 142 in Sept. 2025, 98 in Jan. 2025
10. Gaines County, Texas
- Change in median list price in 2025: -20.9% (-$83,000)
- Median home list price: $314,500 in Sept. 2025, $397,500 in Jan. 2025
- Median size of a listed home: 2,070 sq. ft. in Sept. 2025, 2,150 sq. ft. in Jan. 2025
- Median time on market for a listed home: 59 days in Sept. 2025, 78 days in Jan. 2025
- Total number of homes for sale: 95 in Sept. 2025, 70 in Jan. 2025
9. Phillips County, Colorado
- Change in median list price in 2025: -21.4% (-$75,000)
- Median home list price: $275,000 in Sept. 2025, $350,000 in Jan. 2025
- Median size of a listed home: 2,200 sq. ft. in Sept. 2025, 2,228 sq. ft. in Jan. 2025
- Median time on market for a listed home: 107 days in Sept. 2025, 75 days in Jan. 2025
- Total number of homes for sale: 32 in Sept. 2025, 23 in Jan. 2025
8. Catahoula Parish, Louisiana
- Change in median list price in 2025: -22.6% (-$50,000)
- Median home list price: $171,250 in Sept. 2025, $221,250 in Jan. 2025
- Median size of a listed home: 1,512 sq. ft. in Sept. 2025, 1,731 sq. ft. in Jan. 2025
- Median time on market for a listed home: 79 days in Sept. 2025, 133 days in Jan. 2025
- Total number of homes for sale: 24 in Sept. 2025, 18 in Jan. 2025
7. Atoka County, Oklahoma
- Change in median list price in 2025: -23.0% (-$76,500)
- Median home list price: $256,500 in Sept. 2025, $333,000 in Jan. 2025
- Median size of a listed home: 1,671 sq. ft. in Sept. 2025, 1,771 sq. ft. in Jan. 2025
- Median time on market for a listed home: 87 days in Sept. 2025, 106 days in Jan. 2025
- Total number of homes for sale: 37 in Sept. 2025, 39 in Jan. 2025
6. Liberty County, Montana
- Change in median list price in 2025: -23.3% (-$55,000)
- Median home list price: $181,250 in Sept. 2025, $236,250 in Jan. 2025
- Median size of a listed home: 1,884 sq. ft. in Sept. 2025, 2,120 sq. ft. in Jan. 2025
- Median time on market for a listed home: 40 days in Sept. 2025, 103 days in Jan. 2025
- Total number of homes for sale: 10 in Sept. 2025, 7 in Jan. 2025
5. Custer County, South Dakota
- Change in median list price in 2025: -23.6% (-$209,000)
- Median home list price: $675,000 in Sept. 2025, $884,000 in Jan. 2025
- Median size of a listed home: 2,094 sq. ft. in Sept. 2025, 2,414 sq. ft. in Jan. 2025
- Median time on market for a listed home: 74 days in Sept. 2025, 103 days in Jan. 2025
- Total number of homes for sale: 81 in Sept. 2025, 40 in Jan. 2025
4. Baker County, Oregon
- Change in median list price in 2025: -24.3% (-$123,500)
- Median home list price: $385,000 in Sept. 2025, $508,500 in Jan. 2025
- Median size of a listed home: 1,871 sq. ft. in Sept. 2025, 2,207 sq. ft. in Jan. 2025
- Median time on market for a listed home: 77 days in Sept. 2025, 128 days in Jan. 2025
- Total number of homes for sale: 137 in Sept. 2025, 103 in Jan. 2025
3. Foster County, North Dakota
- Change in median list price in 2025: -30.2% (-$74,500)
- Median home list price: $172,500 in Sept. 2025, $247,000 in Jan. 2025
- Median size of a listed home: 1,990 sq. ft. in Sept. 2025, 2,496 sq. ft. in Jan. 2025
- Median time on market for a listed home: 93 days in Sept. 2025, 48 days in Jan. 2025
- Total number of homes for sale: 7 in Sept. 2025, 3 in Jan. 2025
2. Sterling County, Texas
- Change in median list price in 2025: -30.2% (-$150,900)
- Median home list price: $349,000 in Sept. 2025, $499,900 in Jan. 2025
- Median size of a listed home: 1,900 sq. ft. in Sept. 2025, 3,114 sq. ft. in Jan. 2025
- Median time on market for a listed home: 40 days in Sept. 2025, 86 days in Jan. 2025
- Total number of homes for sale: 8 in Sept. 2025, 3 in Jan. 2025
1. Thomas County, Kansas
- Change in median list price in 2025: -47.7% (-$191,250)
- Median home list price: $210,000 in Sept. 2025, $401,250 in Jan. 2025
- Median size of a listed home: 2,245 sq. ft. in Sept. 2025, 2,016 sq. ft. in Jan. 2025
- Median time on market for a listed home: 106 days in Sept. 2025, 72 days in Jan. 2025
- Total number of homes for sale: 15 in Sept. 2025, 10 in Jan. 2025
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