![\"AdobeStock_289614730\"](\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2022\/12\/AdobeStock_289614730.jpg\")
<\/figure>\nReno, Nevada<\/h2>\n
Known as \u201cThe Biggest Little City in the World,\u201d Reno, Nevada, has been a hub for everything from railway expansion to gambling to divorce settlements. The city was named after Civil War Union Major General Jesse L. Reno, who was killed in action during the Battle of South Mountain at nearby Fox\u2019s Gap. It has become a major technology center as it is home to offices for Amazon, Tesla, Panasonic, Microsoft, Apple and Google. Accompanying the influx of tech companies has been an influx of tech workers, causing home prices in the metro area to rise rapidly. \u201cWe have seen tremendous growth,\u201d Mike Wood, a local RE\/MAX agent, said. \u201cSince May of 2020 we have seen growth accelerating faster than the national average and this happened as well from 2003 to 2007, but then our decline was also accelerated. It is like a roller coaster: the steeper the climb, the faster the drop.\u201d According to Wood, this latest market shift is no exception to the rule. \u201cI would say our price decrease should probably rank within the 10 highest in the nation, percentage-wise,\u201d he said. \u201cAnd our buyers that do get under contract are a little bit more skittish and quicker to cancel, so I have seen a high number of back-on-markets.\u201d Looking ahead, Wood said making sure homes are well staged and presented and priced fairly will be key to getting to the closing table. <\/p>\n In November 2021, the median home sales price in Destin soared to $650,000, a year-over-year increase of 28.1%, according to Redfin. Since then, prices have cooled considerably, dropping to a median of $605,000 in August 2022, just 1.0% higher than a year ago. But with beautiful beaches and great amenities, it appears that Destin\u2019s popularity is here to stay. Family circumstances forced Destin, Florida-based Corcoran Group agent and leader of The Ketchersid Team Jodi Ketchersid to take a step back from her real estate career in May. When she returned to the industry in late summer, the housing market looked different. A lot different. \u201cIt was like, \u2018Holy cow! What happened to the market?\u2019\u201d Ketchersid said. \u201cIt felt like it happened overnight, but it wasn\u2019t like the light shut off. I think this area was being really undervalued for so long \u2014 prices were low \u2014 and then everything went crazy and house prices became almost hyperinflated as people were willing to pay well over list price.\u201d<\/p>\n Boise, Idaho, made quite a few headlines over the past few years as homebuyers flocked to the state\u2019s capital city. In June 2022, the Boise housing market was the most overpriced in the U.S., according to an analysis of 100 markets conducted by researchers at Florida Atlantic University and Florida International University. The study found that property prices in the Boise metro area were 69% higher than they should have been given Boise\u2019s long-term pricing pattern. But the rapidly appreciating home prices and rising mortgage rates have taken a toll on buyers\u2019 purchase power, causing listings to sit on the market longer. \u201cHouses aren\u2019t flying off the shelf like they were last year with multiple offers,\u201d Christina Ward, a local Keller Williams agent<\/a>, said. Ward said this slowdown has led to an increase in housing inventory. In September, she said the metro area had about double the number of houses for sale as it did a year prior. \u201cWe have about 2.6 months of inventory and that is still a seller\u2019s market.\u201d Ward also noted that she is seeing fewer out-of-town buyers. \u201cThe buyers we are seeing need to move because they have to \u2014 they got a divorce or have an addition to the family, or a new job or are empty nesters wanting to downsize.\u201d<\/p>\n Like so many other markets across the country, rising mortgage rates have taken a toll on the San Diego housing market. According to the San Diego Association of Realtors, the median price of a single-family home in the county dropped 5% in August to $910,000. While still pricy compared to the national median sales price of $389,500, according to the National Association of Realtors, it is a significant decrease. \u201cI have a lot of buyers that are popping back up out of the woodwork,\u201d Alanna Strei, a local eXp Realty agent, said. \u201cThey don\u2019t like the interest rates, but it is not stopping them, they just aren\u2019t happy about it.\u201d Despite the slowdown, Strei said home price growth year over year was still at about 15% in September. \u201cThe fact that we are considering that as slow is kind of insane,\u201d she said. \u201cIt is still a great time to sell.\u201d<\/p>\n This article was originally published in the December\/January issue of HousingWire Magazine, click here <\/a>to read the full magazine.<\/em><\/p>\n<\/div>\n<\/div>\n![\"AdobeStock_80643819\"](\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2022\/12\/AdobeStock_80643819.jpg?w=1024\")
<\/figure>\nDestin, Florida<\/h2>\n
![\"AdobeStock_190591772\"](\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2022\/12\/AdobeStock_190591772.jpg?w=1024\")
<\/figure>\nBoise, Idaho<\/h2>\n
![\"AdobeStock_295221113\"](\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2022\/12\/AdobeStock_295221113.jpg?w=1024\")
<\/figure>\nSan Diego, California<\/h2>\n
![\"AdobeStock_116545394\"](\"https:\/\/www.housingwire.com\/wp-content\/uploads\/2022\/12\/AdobeStock_116545394.jpg?w=1024\")
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