Elaine Thompson/AP
Homes in Seattle, Washington.
- Hot real estate markets aren't forever.
- With changes in the way people work, live, and spend, some US markets that were once hot are cooling off.
- Markets seeing quick declines include neighborhoods in Silicon Valley, San Francisco, and Seattle, along with neighborhoods in Miami Beach, Florida and Chicago, Illinois.
- These changes probably mean you'll want to look elsewhere to invest in real estate in the near future, but markets are cyclical, and home values are changing all the time.
- Read more personal finance coverage.
Many people argue that buying a home is an investment. However, it doesn't always work out like that.
Consumer trends expert Beatrice de Jong of Opendoor says many factors influence the rise or fall of a neighborhood's value, including job availability, school districts, and affordability.
Data from Zillow shows which US housing markets are currently cooling the fastest, but there's no need to panic if you've been eyeing these locales. "The real estate market is always cyclical," de Jong says. "It's hyper-local, but it's also cyclical."
Here are the 13 US real estate markets losing value the quickest, along with their projected decrease in value over the next year and each area's median home price as calculated by Zillow.