Recently, a report from research Black Knight revealed a chasm in the U.S. real estate market. According to Black Knight, January was the fourth consecutive month for declines in the for-sale inventory of homes, but it was also the seventh consecutive month for falling home prices.

The research also showed a big difference between what’s happening in East Coast versus West Coast real estate markets.

The West Coast has been hit hard regarding pricing declines, although it might offer some breathing room for buyers who were otherwise priced out of the market. Prices have risen recently in many parts of the East Coast. Analysts aren’t sure if these trends will continue to hold, but if they do, it could mean a vastly different real estate market depending on where you are in the country.

So where are prices plummeting the most?

Overall, every major market in the West saw prices go down by 6% or more through December, with seasonal adjustments.

In 14 of the 50 largest markets, home prices went down by 6% or more from 2022 peak levels.

Cities seeing the biggest drops in home prices include:

San Francisco

San Francisco had the biggest drop in prices of any other market in the country. The median home price is down more than 6% from a year ago but is still $1,230,000. Home prices in the city were down 21% for the fourth quarter from the peak median price of the second quarter, which was $1,550,000.

San Jose

Much like San Francisco, the San Jose real estate market has been one of the country’s most competitive for years, and this was largely due to the tech companies in Santa Clara County. Unfortunately, the tech industry is being hard-hit by layoffs and other economic hurdles right now, and these are inevitably impacting the pricey housing markets that drew in high-paid tech employees.

The median home value in San Jose peaked in the summer of 2022 at around $1,313,000. Since then, there have been month-to-month declines, and as of February of this year, the median home price dropped to $1,242,000.

As of March 2023, according to Realtor.com, there’s been an increase in active listings in the area of about 30% over the past year.

Seattle

Seattle home prices have been declining, as is true with most other expensive West Coast markets, and that trend continues throughout this year. Home sale prices in Seattle were recently down 1.3% compared to the same month in 2022, but there are a couple of strong pockets in the city.

Central Seattle is one example. Capitol Hill and Madison Park have seen an 11% increase in home prices, and the Queen Anne and Magnolia neighborhoods have similarly seen rising prices.

The parts of the city where the prices have declined the most include Downtown, Belltown, and West Seattle. Greenlake also saw a 6.44% decline in prices recently.

Phoenix

The Phoenix real estate market has been frenzied in the past few years, but according to Redfin data, as of January 2023, housing prices have dropped 4.6% compared to the year before. The median home price in Phoenix was $425,000 in January, and inventory was up nearly 1% over last year. The amount of time homes are sitting on the market in Phoenix is going up, and they were on the market for a median of 73 days in January, representing a 40% increase.

Austin

During the pandemic, Austin was one of the most popular places for people to relocate. Many California residents moved to Austin to enjoy a lower cost of living and more bang for their buck in terms of the housing market. That drove housing prices up drastically, but now they’re coming off those highs in a big way.

The median home sales price in the Austin metro was $451,000 in January, down 6.6% compared to last January.

Despite dropping prices, affordability remains an issue in Austin, especially because inventory is still low.

Las Vegas

Finally, local home prices in Las Vegas continue to decline. By the start of this year, home prices had lost all of the gains they made in 2022. Fewer homes are being sold, and more are available in Las Vegas. Last year, home prices in Las Vegas set records and went up around 26% year-over-year. This year looks very different, although according to data, prices are still more than triple what they were from their bottom in 2012 following the Great Recession.

Other cities seeing declining price trends include Sacramento, San Diego, Los Angeles, and Salt Lake City.

For the most part, many of the cities that are seeing the most significant declines in prices were already the most expensive places to buy homes in the country, so they had farther to fall than more affordable markets, some of which are currently seeing increases by contrast.