The pandemic housing boom is yesterday's news, along with the intense buying competition it fueled, subdued by a relentless increase in mortgage rates. It means two things for prospective homebuyers: First, more sellers are likely to slash listing prices to attract buyers. Second, buyers now hold an advantage over sellers.
In states such as Florida and Texas, where an influx of buyers seeking relatively affordable homes and larger living spaces has led to more new home construction than anywhere else in the US, several metros in March saw the highest shares of price drops and the softest median sale-price growth compared with elsewhere in the country, according to a new report from Redfin.
Eric Auciello, a Redfin sales manager from Florida, said the price cuts were partly a result of home sellers facing stiff competition from home builders who were offering concessions — such as money for home repairs or mortgage-rate buydowns — to sweeten their deals.
"My advice to sellers is to price your home fairly; the comps from six months ago don't exist now," Auciello said in the Redfin report. "And if you're a buyer, know that the odds of getting an offer accepted below market value are pretty high."
With builders and sellers competing for buyers' attention by offering concessions and slashing prices, there's a growing possibility that homebuyers previously unable to afford a home may now have an opportunity to purchase one this year — and it may already be happening. According to Census Bureau data, new home sales for March 2024 were at 693,000, which is 8.8% above the revised February rate, and 8.3% above the March 2023 estimate.
To calculate which metros have the highest share of sellers reducing list prices, Redfin analyzed home-price data from 85 US metros with populations of at least 750,000.
Notably, not all of these metros have experienced median sale-price declines; instead, many have observed a softening in price growth. Below are the 10 metros with the largest share of price drops in March, according to Redfin — with a three-way tie to start us off.
8. (tie) Jacksonville, Florida
Jacksonville, Florida.
Joe Daniel Price/Getty Images
Percentage of listings with price cuts: 33%
Median sale price in March: $315,000
8. (tie) San Antonio
San Antonio.
Sean Pavone/Getty Images
Percentage of listings with price cuts: 33%
Median sale price in March: $269,000
8. (tie) Houston
Houston.
John Coletti/Getty Images
Percentage of listings with price cuts: 33%
Median sale price in March: $339,000
7. Portland, Oregon
Portland, Oregon.
James Bentley Photography/Shutterstock
Percentage of listings with price cuts: 34%
Median sale price in March: $498,750
6. Orlando
Orlando.
Gabriele Maltinti/Getty Images
Percentage of listings with price cuts: 35%
Median sale price in March: $395,000
5. Denver
Downtown Denver.
Kevin Ruck/Shutterstock
Percentage of listings with price cuts: 37%
Median sale price in March: $600,000
4. Cape Coral, Florida
Cape Coral, Florida.
Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images
Castro said cabins for its upcoming winter itineraries in the Caribbean are "off to a very healthy start" and are being booked earlier than usual. Its upcoming Kaia is shown in a render.
The all-inclusive vessel, which Emerald calls a "yacht," would accommodate up to 128 people.
Emerald, known for river cruises, has been investing more in its ocean-based business.
Over the last few years, the mass-market cruise industry's larger-than-life mega-ships — outfitted with loud waterparks and more dining options than you could eat in a week — have dominated the spotlight.
But in the ultra-luxury cruise market, it's been the opposite. The smaller and more exclusive the vessel, the better. So much so that Emerald Cruises' next ocean-based ship, launching in 2026, plans to accommodate no more than 128 travelers.
It's a far cry from Royal Caribbean's new 7,600-guest cruise liner. And the price difference is just as steep: almost $250 per night on Royal Caribbean's Icon of the Seas versus more than $720 per night on the upcoming ultra-luxury Emerald Kaia.
"When people think of cruising now, they automatically think of these large ships," Robert Castro, the vice president of marketing for Scenic Group, Emerald's parent company, told Business Insider. "There's a market for that, but we're in a unique position."
If you’re familiar with river cruises, Emerald might ring a bell.
Emerald launched Emerald Sakara in 2023.
Scenic Group
The cruise line, owned by Scenic Group, only offered river cruises for its first nine years.
But lately, its biggest growth and investments have been in oceans, not rivers.
In 2022 and 2023, the Switzerland-based company launched its first two ocean cruise ships, which it calls "yachts." Each accommodates a maximum of 100 guests. And so far, they've been hits, with the cruise line experiencing record-high bookings in 2023.
Yes, the ships look like yachts. And yes, they're marketed as such.
Emerald's travelers, who fall in the "40 plus" age range, skew younger than the guests with its sister cruise line, Scenic. Its upcoming ship, Kaia, is shown in a rendering.
Scenic Group
But because Emerald's vessels operate group itineraries, they still technically count as cruise ships, albeit really nice ones.
So instead of paying hundreds of thousands of dollars a week to charter a yacht, as is traditional with these high-end vessels, travelers can spend less than $800 a day for a traditional cruise on said yacht-like ship.
While it's not nearly as exclusive, it sure is a hell of a lot cheaper, "bringing the charter yacht experience to reach for people who would never even imagine," Castro said.
Emerald’s upcoming 393-foot-long, 128-guest Kaia would be perfect for fans of small, high-end ships.
About 88% of Kaia's, shown in a render, 64 cabins would be suites with balconies. The other eight would be non-suite staterooms up to 247 square feet.
Scenic Group
The 64-cabin Emerald Kaia would have a larger guest capacity than its two predecessors but would still be tiny compared to most cruise ships, including some of the most luxurious ones.
Even Four Season's upcoming vessel — with fares up to $350,000 a week — would have a larger guest capacity of up to 222 people. However, it would be almost 290 feet longer than Emerald Kaia.
Like traditional cruise ships, Kaia would have amenities like a spa, two lounges, and three dining options.
Compared to Emerald's previous two ships, Kaia, shown in a render, would have a larger top deck, gym, and marina. Its ceilings would also be 10 feet tall — a foot taller than its predecessors.
Scenic Group
The top deck would also have a cabana and bar-lined pool, one of three swimming holes on the ship.
But unlike its mass-market competitors, Kaia would have an open-air marina that would give travelers direct access to the water.
The marina, shown in a render, would have an interior lounge and water toys like stand-up paddleboards and water scooters.
Scenic Group
Water platforms are typically only common on yacht-marketed ships, such as Emerald's, Ritz-Carlton's, and, someday, Four Seasons'.
This means guests on the upcoming Kaia could dip in the Mediterranean, Adriatic, and Aegean seas — as is included in its 2026 and 2027 itineraries — without disembarking the ship.
Unlike the industry's biggest vessels, Kaia, shown in a render, could fit into ports most mega-ships can't go.
Scenic Group
According to the cruise line, Emerald Kaia's future itineraries include an 11-day sailing from Cyprus to Greece and a 20-day one from Seychelles to Kenya.
Its cheapest itinerary is currently an eight-day roundtrip Seychelles vacation in 2027, starting at $5,055 per person.
As an all-inclusive cruise line, amenities like alcohol, WiFi, and excursions would be included in the base fare. However, unlike all-inclusive competitor Regent Seven Seas, guests must pay for their flights to and from the ship.
To compare, itineraries of the same length on Regent's Seven Seas Grandeur and Ritz-Carlton's Ilma would be $36 cheaper and $120 more expensive, respectively, per day.
Emerald Kaia, shown in a render, would accommodate 128 guests and 92 crew.
Scenic Group
But the fares aren't stopping travelers from gravitating toward Emerald. Before it unveiled Kaia, its parent company announced a record number of bookings in January — up 67% compared to its previous record in January 2020.
Castro said about 20% to 35% of its guests are American, typically well-acquainted with luxury travel.
The rest of Emerald's travelers are typically Canadian, European, Australian, and British. Emerald Kaia is shown in a render.
Scenic Group
The company's goal has been to increase its number of American customers. So far, it's working and is now "on track to be Emerald's No. 1 market," Castro told BI.
The new vessel is being built at a great time for the cruise line.
Castro said cabins for its upcoming winter itineraries in the Caribbean are "off to a very healthy start" and are being booked earlier than usual. Its upcoming Kaia is shown in a render.
Scenic Group
Strong demand, compounded by a small fleet of small ships, has led to fewer available cabins for its upcoming summer Mediterranean cruises.
Several of these sailings are now fully reserved. The cheapest remaining fares start at $4,570 per person for an eight-day November sailing from Athens, Greece, to Dubrovnik, Croatia.
It's great news for Emerald as it considers a future with more ocean "yachts." "The sooner we fill the ships, the sooner we start building new ones," Castro said.
Milan Novak and his wife moved from Florida to Mammoth Spring, Arkansas, a decade ago.
Milan Novak
Milan Novak moved from Florida's Atlantic Coast to rural Arkansas, citing the quiet of small-town life.
Novak's transition to rural life was made difficult by limited job opportunities.
He recently retired and loves the slow pace of life, though he said there's very little to do.
Milan Novak, 67, decided over a decade ago that Florida's Atlantic Coast wasn't right anymore for him. So he decided to move from his city of 24,000 along the beach to a town of just 900 in rural Arkansas.
It took him years to adjust to the pace of life and to live on a limited income due to a lack of jobs in his new home. Still, he's valued the quiet of his community and the simplicity of life in a small town.
"I had no idea what the hell we were going to run into once we moved here," Novak told Business Insider. "We knew nothing of the area."
While many older Americans continue moving to Florida, some have told BI that Florida has lost its feeling of "paradise." Some have cited rising home and insurance prices as motivations for leaving, despite acknowledging they'll never find weather as consistently good. One couple who recently moved to rural Missouri said they moved due to a population influx and political changes, seeking a lower cost of living.
Leaving Florida and settling in Arkansas
Novak was born in New Jersey but moved to Florida at 19. When he first moved, he said his small town had one traffic light and plenty of farmland, though he noticed more strip malls began to open up with worsening traffic.
His father opened a small beer and wine bar, though it didn't pull in enough to support the whole family, so Novak worked at a gas station in town. He ended up working at a car dealership, building his way up to service manager at two Chrysler Dodge stores.
Novak lived in Edgewater, about 20 miles south of Daytona Beach on Florida's east coast. He bought his house in the early 2000s for $181,000. He said the area became more touristy and commercialized, contributing to "ungodly" traffic, and he suspected it would be challenging to make ends meet as his area became more expensive.
"If I had a little more income by retirement age, I may have been able to stick it out, but I doubt it," Novak said.
Eventually, he quit the car business in 2009 — though not after being persuaded back in for another two years — and wanted to shift to something entirely different. He knew he would retire within the next decade, and he wanted to start life anew in a different part of the country, even if it meant not having a job lined up.
His wife wanted to sell his 4,000-square-foot Florida home, as their kids had moved out, and he and his wife wanted to downsize.
They put the house up for sale in 2011, though nobody wanted to buy it. He said they "practically gave it away" in 2012 for $185,000.
They decided to look in the South Central US to be closer to family. They looked into Willow Springs, a rural city in Missouri's Ozark Mountains, though every property they found was between 10 and 20 acres. Realtors also told them the area had a drug problem, though they thought the beauty of the Ozarks would be calming as he approached retirement, especially after decades of working with cars.
Milan Novak bought his small home for $38,000 a decade ago in Mammoth Spring, Arkansas.
Milan Novak
He stumbled upon a home in Mammoth Spring, Arkansas, and within a week, he signed an offer. The about 1,000-square-foot, two-story home was just $38,000 with an acre of land, on which they built a barn and workshop. They moved in six months later.
"We just knew we bought a house three miles down a gravel road in the middle of nowhere," he said. "I knew we didn't have internet, and everything was dial-up at the time."
Adjusting to rural life
He knew moving from coastal Florida would come with colder temperatures. In his first two months, he got a foot of snow, followed by another two feet over the next two months. Eventually, they invested in changing their heating system and installing different doors.
"This house was very poorly insulated, and I went through a full tank of propane in less than a month in December," Novak said. "I was like, oh my god, did I make the right move? This is unbelievable, and at this rate, I can't afford to keep this house."
He bought two four-wheelers for himself and his wife to ride around in, as many roads near him are dirt. One day, he took a ride to a creek and introduced himself to a group of locals. The group already knew him and his wife as "the two people from Florida who have got to be on the witness protection program because nobody moves from Florida to Mammoth Spring."
Milan Novak bought a four-wheeler, which he uses to get around his area.
Milan Novak
Fulton County, where he lives, is a dry county, which he said was an interesting transition, though many who drive by his house carry alcohol.
Without a job set up, Novak said the first few years were difficult, as the only jobs in his area paid minimum wage — which was $6.25 when he first moved. He worked for a few years at local restaurants to afford his living costs.
He worked the night shift at Walmart before going back into the car business as a salesman, which he hated. His neighbor successfully ran for county judge and got him a job as his assistant, though he soon after retired as his back issues worsened. He was able to collect Social Security at 62 while his wife took a job as an administrative assistant for a flooring company, which supplied them with health insurance.
"There is no work around here; it's all rural. If you don't have a farm, you're not eating," Novak said. "We struggled for many years until now, and we're doing good."
Now, in addition to "soaking in the quiet," he does woodworking projects and maintains his property. He said there's always something to fix or tend to, especially with having three dogs and five cats.
It keeps him busy, though he said there's little to do in his area — there isn't even a grocery store, convenience store, or gas station near him. There are a handful of restaurants in the downtown, some of which get foot traffic from tourists visiting the spring. There's a small state park near him with beautiful trails, though he acknowledged it often doesn't compare to the beach.
"In the bank, there's a picture of Main Street back in 1914, and you'd swear you're looking at the same picture now," Novak said.
He has no intention of moving, though he said his property is worth about $150,000 now, more than triple what he bought it for. His goal is just to live peacefully and try to stay healthy and active.
"I can't make any long plans, and I'd be lucky if we're all here tomorrow," Novak said.
Have you recently moved to a new state or left the United States for a new country? Reach out to this reporter at nsheidlower@businessinsider.com.
The Walmart-owned warehouse club says it has helped get shoppers out the door 23% faster.
Earlier this month, Amazon pulled Just Walk Out from its larger grocery stores in favor of smart carts.
Sam's Club's new verification tech, which ditches physical receipt checks for an AI-powered scan of shoppers' carts, has now been rolled out to more than 120 locations across the US.
The Walmart-owned warehouse club told Business Insider that more than half of customers at locations with the tech use the option to pay and go, helping all the store's shoppers get out the door 23% faster.
First unveiled in January at the Consumer Electronics Show, the futuristic gantries were tested at a handful of Sam's Clubs before rolling out more widely. The locations currently using the tech are in Texas, the Southwest, and parts of the South and Midwest, Sam's Club told BI, with more stores in the South and Midwest coming soon.
The tech taps into the Sam's Club app's Scan and Go feature, allowing shoppers to ring up their orders themselves as they fill their cart and pay in the app.
Shoppers then roll their carts through the big blue gateway where an array of cameras takes pictures of the products and compares them to the order — all without having to stop for the traditional physical receipt check by an associate.
"Both exit technology and Scan & Go are driving new levels of convenience and raising member satisfaction among members," Sam's Club chief product officer Todd Garner said in a statement. "What distinguishes Sam's Club from our competitors is our ability to seamlessly deploy this technology at scale across our nearly 600 clubs nationwide. Whether it's a single item or a cartful, we're revolutionizing the checkout experience."
Earlier this month, The Information reported that Amazon was pulling its Just Walk Out technology from its larger grocery stores, including Fresh and Whole Foods, in favor of sensor-packed Dash Carts.
Amazon said it would continue to deploy the friction-free JWO system in smaller-format locations.
"It's one thing to enable this easy kind of exit tech in a small-footprint store for a handful of items," Sam's Club US's chief merchant, Megan Crozier, said in the company's CES presentation in January. "But we're doing it at scale."
Sam's Club says it still plans to deploy the big blue gates to all of its 599 US locations by the end of the year.
Do you work at Walmart or Sam's Club? Contact Dominick Reuter via email or text/call/Signal at 646-768-4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out.
Stock Pick 