Updated July 22, 2026. Same method as our state ranking: for each metro, take the highest Zillow ZHVI reading from January 2021 through June 2026, then compare it with June 2026.
This list is limited to the 100 largest U.S. metros so the ranking reflects markets people actually search for — not tiny oil towns with wild percentage swings. Ranked by percent below peak.
Browse every metro on Home Prices by Metro. City deep-dives: Austin, Florida, Phoenix. Explainer: Are home prices still below peak in 2026?
Top 25 major metros still below peak
| # | Metro | Peak month | Peak ZHVI | June 2026 | $ below peak | % from peak |
|---|---|---|---|---|---|---|
| 1 | Austin, TX | 2022-06 | $581,636 | $426,944 | $154,692 | -26.6% |
| 2 | Cape Coral, FL | 2022-08 | $415,554 | $338,436 | $77,118 | -18.6% |
| 3 | North Port, FL | 2022-08 | $486,276 | $404,078 | $82,198 | -16.9% |
| 4 | New Orleans, LA | 2022-07 | $299,629 | $264,891 | $34,738 | -11.6% |
| 5 | Phoenix, AZ | 2022-07 | $501,854 | $447,054 | $54,800 | -10.9% |
| 6 | San Antonio, TX | 2022-08 | $310,529 | $280,370 | $30,159 | -9.7% |
| 7 | San Francisco, CA | 2022-06 | $1,261,163 | $1,142,320 | $118,843 | -9.4% |
| 8 | Denver, CO | 2022-06 | $630,134 | $572,682 | $57,453 | -9.1% |
| 9 | Stockton, CA | 2022-07 | $583,497 | $531,811 | $51,686 | -8.9% |
| 10 | Boise City, ID | 2022-06 | $544,533 | $497,239 | $47,293 | -8.7% |
| 11 | Dallas, TX | 2022-08 | $400,690 | $366,701 | $33,989 | -8.5% |
| 12 | Tampa, FL | 2024-05 | $393,467 | $361,156 | $32,311 | -8.2% |
| 13 | Colorado Springs, CO | 2022-07 | $496,771 | $457,057 | $39,715 | -8.0% |
| 14 | Lakeland, FL | 2022-09 | $324,782 | $298,822 | $25,960 | -8.0% |
| 15 | Deltona, FL | 2022-09 | $361,292 | $332,408 | $28,884 | -8.0% |
| 16 | Sacramento, CA | 2022-06 | $631,437 | $584,122 | $47,315 | -7.5% |
| 17 | Palm Bay, FL | 2024-04 | $367,259 | $344,486 | $22,773 | -6.2% |
| 18 | Orlando, FL | 2024-05 | $411,559 | $387,301 | $24,258 | -5.9% |
| 19 | Jacksonville, FL | 2022-09 | $374,300 | $353,742 | $20,558 | -5.5% |
| 20 | Seattle, WA | 2022-06 | $786,694 | $745,263 | $41,432 | -5.3% |
| 21 | Portland, OR | 2022-06 | $584,232 | $553,092 | $31,140 | -5.3% |
| 22 | Miami, FL | 2024-09 | $502,355 | $476,598 | $25,757 | -5.1% |
| 23 | Raleigh, NC | 2022-08 | $460,497 | $438,138 | $22,359 | -4.9% |
| 24 | San Jose, CA | 2025-01 | $1,662,258 | $1,583,961 | $78,297 | -4.7% |
| 25 | Atlanta, GA | 2024-06 | $400,979 | $383,050 | $17,928 | -4.5% |
Highlights
1. Austin, TX — -26.6%
$581,636 (2022-06) → $426,944 (June 2026) · $154,692 below peak
The clearest big-metro reset. Austin roughly doubled into mid-2022, then gave back more than a quarter of that peak value. June 2026 is still well above 2019 — but peak-era buyers are the ones who feel stuck.
2. Cape Coral, FL — -18.6%
$415,554 (2022-08) → $338,436 (June 2026) · $77,118 below peak
Southwest Florida's insurance and migration hangover shows up in home values as well as rents. Cape Coral peaked in August 2022 and remains nearly 19% below that high.
3. North Port, FL — -16.9%
$486,276 (2022-08) → $404,078 (June 2026) · $82,198 below peak
The Sarasota-area boom market that cooled hard after the remote-work surge. Still one of the largest percentage gaps among major metros.
4. New Orleans, LA — -11.6%
$299,629 (2022-07) → $264,891 (June 2026) · $34,738 below peak
A slower-growth market that peaked in 2022 and never fully regained that level. Dollar prices are lower than Sun Belt boomtowns, but the percentage gap is real.
5. Phoenix, AZ — -10.9%
$501,854 (2022-07) → $447,054 (June 2026) · $54,800 below peak
Phoenix was a national poster child for the pandemic buying frenzy. Values peaked in July 2022 and remain about 11% lower in June 2026.
6. San Antonio, TX — -9.7%
$310,529 (2022-08) → $280,370 (June 2026) · $30,159 below peak
Peak in 2022-08; June 2026 typical value is $280,370, -9.7% below the post-2021 high.
7. San Francisco, CA — -9.4%
$1,261,163 (2022-06) → $1,142,320 (June 2026) · $118,843 below peak
Peak in 2022-06; June 2026 typical value is $1,142,320, -9.4% below the post-2021 high.
8. Denver, CO — -9.1%
$630,134 (2022-06) → $572,682 (June 2026) · $57,453 below peak
Peak in 2022-06; June 2026 typical value is $572,682, -9.1% below the post-2021 high.
What this does not mean
- It does not mean these cities are cheap. Austin at ~$427K is still far above its 2019 level.
- It does not mean every 2021 buyer is underwater. Purchase timing, neighborhood, and loan size matter more than the metro average.
- Smaller metros can show larger percentage drops; we excluded them here on purpose. The full file covers 894 metros.
Method
Source: Zillow Home Value Index (ZHVI), all homes, middle tier, seasonally adjusted, metro level. Peak = maximum monthly value from January 2021 through June 2026. Current = June 2026. Universe = metros with Zillow SizeRank ≤ 100. Sorted by percent below peak; included if at least 2% below peak.
Related: States still below peak, Home Price Index, Rent vs Buy.