These US cities are seeing the biggest drop in house prices

It’s not your imagination: everything is so expensive now – houses included. Not only do potential homebuyers have to deal with rising mortgage interest rates and inflation, but there are also fewer options available at the moment. This means that some people who were in a position to buy a home a few years ago now find themselves out of the market.

But while it all goes up, there are some Cities where the average cost of buying a home is decreasing. Here’s what you need to know.

Why are housing prices dropping in these cities?

For some context, here’s George Ratio, Director of Economic Research at Realtor.com:

“Many of the central areas that have seen have experienced a moderate drop in list prices [influx] Of the tiny homes that are being put on the market, which carry low price tags. At the same time, many cities suffer from unemployment rates that are higher than the national level although they are still historically low. [This indicates] Buyers may face greater challenges in affordability from higher mortgage rates.”

Where do home prices fall?

A note before we get into the list: These are the cities where homes cost the most — not the cities with the least expensive homes. So, if you couldn’t buy a home in Los Angeles before, that probably hasn’t changed. But it is still useful to know which urban areas are bucking the national trend of rising prices.

Here are the 10 cities where with the steepest drops in housing prices, according to search from Realtor.com:

1. Toledo, Ohio

* Average list price: $115,000
* Average List Price Change: -18.7%

2. Rochester, New York

* Average list price: $149,900
* Average List Price Change: -17.0%

3. Detroit, Michigan

* Average list price: $75,000
* Average List Price Change: -15.4%

4. Pittsburgh, Pennsylvania

* Average list price: 230 thousand dollars
* Average List Price Change: -13.7%

5. Springfield, Massachusetts

* Average list price: $239,900
* Average List Price Change: -5.8%

6. Tulsa, okay

* Average list price: 220 thousand dollars
* Average List Price Change: -5.0%

7. Los Angeles

* Average list price: $985,000
* Average List Price Change: -5.0%

8. Memphis, Tennessee

* Average list price: 173,500 dollars
* Average List Price Change: -4.6%

9. Chicago

* Average list price: 399,000 dollars
* Average List Price Change: -3.7%

10. Richmond, Virginia

* Average list price: $310,000
* Average List Price Change: -3.4%

Comments

Add comment

Oh ya 2 year ago

The USA plus the rest of the world is heading for a down turn. So just hang tight prices will drop and deals will pop up everywhere as those in debt need to dump assets. Be sure you lowball anyone forced to sell. They got themselves into the problem not you the cautions spender

View all comments (1)Add comment

Survivor Recounts Family's Murder in Guatemala's Genocide Trial; Former Army Head Charged with Crimes Against Indigenous Maya Ixil

A mass genocide trial was held in Guatemala this week, reopening old wounds from the country's 36-year-long civil war.

Stabbing rampage terror attack in Sydney, at least four people killed, early reports that a baby was among those stabbed.

Iran fired more than 300 drones and missiles at Israel overnight. Israel Reports Light Damage After Iran Launches Large Strike.

The U.S. military shot dozens of them down, but most were intercepted by Israel’s military.

I will never get enough of his videos and the pure joy and beauty of these women!!

Scientists at the University of Maryland have developed an "invisibility cloak", for AI using adversarial patterns on a sweater, making the wearer nearly undetectable to standard object detection methods.

Lamborghini Bids Farewell to Its Best-Selling Sports Car: The Huracán

Lamborghini is bidding farewell to its best-selling sports car, the Huracán, the last of its models to feature a pure gasoline engine without electric assistance. This final ver...

PanamaTimes

These US cities are seeing the biggest drop in house prices

Why are housing prices dropping in these cities?

Where do home prices fall?

Comments

Newsletter

Related Articles

Ecuador's Former Vice President Begins Hunger Strike in Prison After Embassy Raid Controversy

Chilean Report: LATAM Flight 800's Sudden Descent Caused by Captain's Seat Movement; Investigation Ongoing

Creative menu of a Pizza restaurant..

You can be a very successful player, but a player with character is another level!

Experience the Future of Dining: My Visit to an AI-Powered Burger Joint

Haiti Forms Transitional Council to Choose New Leadership Amid Crisis