These US cities are seeing the biggest drop in home prices

It’s not your imagination. Everything is expensive now, including the house. Not only do potential homebuyers have to deal with rising mortgage rates and inflation, but there are fewer options available at this time. This means that some people who may have been in a position to buy a home a few years ago are now aware that they themselves are being priced from the market.

But when everything is rising, there are some Cities with a declining median home purchase.. Here’s what you need to know:

Why are home prices falling in these cities?

For some contexts, here is George Latiu, Manager of Economic Studies Realtor.com:

“In many metropolitan areas where the median list price is declining, [influx] Low-priced homes are on the market. At the same time, the unemployment rate in some cities is historically low, but above national levels. [This indicates] With rising mortgage rates, buyers may face steeper and more affordable challenges. “

Where are home prices falling?

Before entering the list: These are the cities with the lowest housing costs, not the cities with the cheapest housing. So if you couldn’t afford a home in Los Angeles before, that’s probably not the case. However, it is still useful to know which metropolitan areas are going against the national trend of rising prices.

According to, the 10 cities with the most plunge in house prices are: Survey from Realtor.com:

1. Toledo, Ohio

• Median listing price: $ 115,000
• Median change in listing price: -18.7%

2. Rochester, NY

• Median listing price: $ 149,900
• Median change in listing price: -17.0%

3. Detroit, Michigan

• Median listing price: $ 75,000
• Median change in listing price: -15.4%

4. Pittsburgh, Pennsylvania

• Median listing price: $ 230,000
• Median change in listing price: -13.7%

5. Springfield, Massachusetts

• Median listing price: $ 239,900
• Median change in listing price: -5.8%

6. Tulsa, OK

• Median listing price: $ 220,000
• Median change in listing price: -5.0%

7. Los Angeles

• Median listing price: $ 985,000
• Median change in listing price: -5.0%

8. Memphis, Tennessee

• Median listing price: $ 173,500
• Median change in listing price: -4.6%

9. Chicago

• Median listing price: $ 399,000
• Median change in listing price: -3.7%

10. Richmond, Virginia

• Median listing price: $ 310,000
• Median change in listing price: -3.4%