Check the settings in “Preferences > Devices” and try both “MME” and “WASAPI” as the “host” setting. (Close and restart Audacity after changing).
Ensure that “buffer” is set to 100, and “latency correction” to -130 (negative 130) - you may need to tweak the latency compensation when overdubbing is working, but these settings should be “safe”, whereas “unsafe” settings can cause the problem that you have described.
If no success with either, go to “Preferences > Quality” and try changing the sample rate from 44100 to 48000. (Close and restart Audacity after changing).