Housing markets that saw the biggest home price gains during the Pandemic Housing Boom have been the most likely to experience price declines since 2022

Austin, TX home prices surged a staggering 72.5% between March 2020 and June 2022. As of October 2025, home prices in Austin—which is currently working through a correction—were 26% below the market’s 2022 peak.

There’s a moderate correlation (R² = 0.37) between a market’s post-boom home price shifts over the past three years and how much local home prices surged during the Pandemic Housing Boom. In other words, markets that surged the most during the Pandemic Housing Boom are more likely to have seen post-boom home price declines. Metros sized by population.
Chart: Lance LambertSource: ResiClub analysis of the 100 largest metro area housing markets using the Zillow Home Value Index—October 2025 reading published in November 2025Created with Datawrapper