Cities Where House Prices Are Falling the Most
Since it began in the spring of 2020, the COVID-19 pandemic has affected everything, including home prices. Early on, there was an influx of out-of-state buyers in parts of the country who lived in cities and were looking for a little more space. Their home prices have risen, but recently, thanks to inflation and higher mortgage rates, homes in some areas no longer have the record prices they had even a few months ago.
According to a Realtor.com report , these are the 10 cities where sellers cut home prices the most.
1. Reno, Nevada
Median list price for home: $677,500 Percentage of discounted offers: 32.6%.
- Between March 2020 and June 2022, house prices rose by more than 30%.
2. Austin, Texas
Median list price of home: $620,000 Percentage of discounted offers: 32.4%.
- Between March 2020 and June 2022, house prices rose by more than 66%.
3. Phoenix, Arizona
Median list price for home: $548,500 Percentage of discounted offers: 29.5%.
- Between March 2020 and June 2022, house prices rose by more than 35%.
4. Anchorage, Alaska
Average list price of a home: $436.00. Percentage of discounted offers: 28.5%.
- From March 2020 to June 2022, house prices rose by more than 36%.
5. Boise, Idaho
Median list price for home: $587,900 Percentage of discounted offers: 27.4%.
- Between March 2020 and June 2022, house prices rose by more than 53%.
6. Ogden, Utah
Median list price of home: $580,100 Percentage of discounted offers: 27.4%.
- About 40 minutes from Salt Lake City, but houses cost about $50,000 less.
7. Sacramento, California
Median list price for home: $642,500 Percentage of discounted offers: 25.2%.
- Between March 2020 and June 2022, house prices rose by more than 22%.
8. Colorado Springs, Colorado
Median list price of home: $550,000. Percentage of discounted offers: 25.1%.
- About an hour from Denver, but the houses cost about $130,000 less.
9. Evansville, Indiana
Median list price for home: $246,000 Percentage of discounted offers: 24.7%.
- Between March 2020 and June 2022, house prices rose by more than 43%.
10. Medford, Oregon
Median list price for home: $562,500 Percentage of discounted offers: 23.2%.
- Between March 2020 and June 2022, house prices rose by more than 28%.