These U.S. Cities Are Seeing the Biggest Drops in Home Prices

It’s not your imagination: everything is expensive now, including houses. Not only are potential homebuyers having to deal with rising mortgage interest rates and inflation, there are also fewer options available at the moment. This means that some people who could have bought a house a few years ago are now out of the market.

But at a time when things are going up, there are cities where the average cost of buying a house is going down . Here’s what you need to know.

Why are house prices falling in these cities?

For some context, here is George Ratiu, economic research manager at Realtor.com :

“In many urban areas where the average list price has been declining, there has been an [influx] of small homes coming on the market that have lower price tags. At the same time, in some cities the unemployment rate, although historically low, is above the national level. [This indicates] that buyers may face greater affordability issues due to rising mortgage rates.”

Where are house prices falling?

Note before we get to the list: These are the cities where home values ​​drop the most, not the cities with the least expensive homes. So if you couldn’t afford a home in Los Angeles before, the situation probably hasn’t changed. But it’s still useful to know which metropolitan areas are resisting the national trend of skyrocketing prices.

Here are the 10 cities with the sharpest house price drops, according to a study by Realtor.com :

1. Toledo, Ohio

  • Average listing price: $115,000
  • Change in average listing price: -18.7%

2. Rochester, New York

  • Average listing price: $149,900
  • Change in median listing price: -17.0%

3. Detroit, Michigan

  • Average listing price: $75,000
  • Change in average listing price: -15.4%

4. Pittsburgh, Pennsylvania

  • Average listing price: $230,000
  • Change in average listing price: -13.7%

5. Springfield, Massachusetts

  • Average listing price: $239,900
  • Change in average listing price: -5.8%

6. Tulsa, OK

  • Average listing price: $220,000
  • Change in average listing price: -5.0%

7. Los Angeles

  • Average listing price: $985,000
  • Change in average listing price: -5.0%

8. Memphis, Tennessee

  • Average Listing Price : $173,500
  • Change in median listing price: -4.6%

9. Chicago

  • Average listing price: $399,000
  • Change in average listing price: -3.7%

10. Richmond, Virginia

  • Average listing price: $310,000
  • Change in median listing price: -3.4%

More…

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