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These US cities are seeing the biggest drop in house prices




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It’s not your imagination: Everything is expensive right now – including housing. Not only do potential home buyers have to deal with rising mortgage rates and inflation, but there are also fewer options available at the moment. This means that some people who could have been in a position to buy a home a few years ago now find themselves priced out of the market.

But in a time where everything is going up, there are some cities where the median cost of buying a home decreases. Here’s what you should know.

Why are house prices going down in these cities?

For some context, here is George Ratiu, head of economic research for Realtor.com:

“Many of the metropolitan areas that are seeing median list price declines have seen one [influx] of smaller homes come on the market, which have lower price tags. At the same time, several of the cities have unemployment, which, although still historically low, is above the national level. [This indicates] that buyers can face steeper reasonableness challenges from rising mortgage rates. “

Where do house prices go down?

A note before we get on the list: These are the cities where housing costs fall the most – not the cities with the least expensive housing. So if you could not afford a home in Los Angeles before, it probably has not changed. But it is still useful to know which metropolitan areas are counteracting the national trend of rising prices.

Here are the 10 cities there with the steepest fall in house prices, according to research from Realtor.com:

1. Toledo, OH

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

2. Rochester, NY

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

3. Detroit, MI

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

4. Pittsburgh, PA

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

5. Springfield, MA

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

6. Tulsa, OK

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

7. Los Angeles

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

8. Memphis, TN

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

9. Chicago

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

10. Richmond, VA

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



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