Home values fell in half of the nation’s largest markets over the past year, according to the latest market report from Zillow®. Buyers are gaining leverage across the country, with more markets tipping toward balance, and sellers cutting prices at record rates to compete. But while buyers are making gains in the battle of negotiating power, they’re losing the war on affordability.

Home values rose over last year in 25 major markets, mostly in the Midwest and Northeast. Demand is high — especially in affordable areas — but building restrictions have put a damper on new and higher-density projects. Sellers have few options to move up to, and existing inventory is still below pre-pandemic averages in many metros.

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